Jersey:
Economy

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Other pages in this profile of Jersey:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition Jersey's economy is based on international financial services, agriculture, and tourism. In 2005 the finance sector accounted for about 50% of the island's output. Potatoes, cauliflower, tomatoes, and especially flowers are important export crops, shipped mostly to the UK. The Jersey breed of dairy cattle is known worldwide and represents an important export income earner. Milk products go to the UK and other EU countries. Tourism accounts for one-quarter of GDP. In recent years, the government has encouraged light industry to locate in Jersey, with the result that an electronics industry has developed alongside the traditional manufacturing of knitwear. All raw material and energy requirements are imported, as well as a large share of Jersey's food needs. Light taxes and death duties make the island a popular tax haven. Living standards come close to those of the UK.
GDP (purchasing power parity)	Definition - World rank and map $5.1 billion (2005 est.)
GDP (official exchange rate)	Definition $5.1 billion (2005 est.)
GDP - real growth rate	Definition - World rank and map NA%
GDP - per capita	Definition - World rank and map $57,000 (2005 est.)
GDP - composition by sector	Definition agriculture: 1% industry: 2% services: 97% (2005)
Labor force	Definition 53,560 (June 2006)
Unemployment rate	Definition - World rank and map 2.2% (2006 est.)
Population below poverty line	Definition NA%
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 3.7% (December 2006)
Budget	Definition revenues: $829 million expenditures: $851 million (2005)
Agriculture - products	Definition potatoes, cauliflower, tomatoes; beef, dairy products
Industries	Definition tourism, banking and finance, dairy, electronics
Industrial production growth rate	Definition - World rank and map NA%
Electricity - consumption	Definition - World rank and map 630.1 million kWh (2004 est.)
Electricity - consumption per capita	Definition - World rank and map 6,883.9 kWh (2004 est.)
Electricity - imports	Definition NA kWh; note - electricity supplied by France
Exports	Definition - World rank and map $NA
Exports - commodities	Definition light industrial and electrical goods, dairy cattle, foodstuffs, textiles
Exports - partners	Definition UK (2006)
Imports	Definition - World rank and map $NA
Imports - commodities	Definition machinery and transport equipment, manufactured goods, foodstuffs, mineral fuels, chemicals
Imports - partners	Definition UK (2006)
Debt - external	Definition - World rank and map $NA
Market value of publicly traded shares	Definition $NA
Currency (code)	Definition Jersey pound note: the British pound is also legal tender
Exchange rates	Definition Jersey pounds per US dollar - 0.4993 (2007), 0.5418 (2006), 0.5493 (2005), 0.5462 (2004), 0.6125 (2003) note: the Jersey pound is at par with the British pound
Fiscal year	Definition 1 April - 31 March