extending to the edges of the flag and a yellow equal-armed cross of
William the Conqueror superimposed on the Saint George cross

Economy
Guernsey

Economy - overview:

Financial services - banking, fund management, insurance - account
for about 23% of employment and about 55% of total income in this
tiny, prosperous Channel Island economy. Tourism, manufacturing, and
horticulture, mainly tomatoes and cut flowers, have been declining.
Financial services, construction, retail, and the public sector have
been growing. Light tax and death duties make Guernsey a popular tax
haven. The evolving economic integration of the EU nations is
changing the environment under which Guernsey operates.

GDP (purchasing power parity):

$2.742 billion (2005)

GDP (official exchange rate):

$2.742 billion (2005)

GDP - real growth rate:

3% (2005 est.)

GDP - per capita (PPP):

$44,600 (2005)

GDP - composition by sector:

agriculture: 3%
industry: 10%
services: 87% (2000)

Labor force:

31,470 (March 2006)

Unemployment rate:

0.9% (March 2006 est.)

Population below poverty line:

NA%

Household income or consumption by percentage share:

lowest 10%: NA%
highest 10%: NA%

Budget:

revenues: $563.6 million
expenditures: $530.9 million (2005)

Fiscal year:

calendar year

Inflation rate (consumer prices):

3.4% (June 2006)

Agriculture - products:

tomatoes, greenhouse flowers, sweet peppers, eggplant, fruit;
Guernsey cattle

Industries:

tourism, banking

Industrial production growth rate:

NA%

Electricity - production:

NA kWh

Electricity - consumption:

NA kWh

Electricity - exports:

0 kWh (2002)

Electricity - imports:

0 kWh (2002)

Electricity - production by source:

fossil fuel: NA
hydro: NA
nuclear: NA
other: NA

Exports:

$NA

Exports - commodities:

tomatoes, flowers and ferns, sweet peppers, eggplant, other
vegetables

Exports - partners:

UK; note - regarded as internal trade (2006)

Imports:

$NA

Imports - commodities:

coal, gasoline, oil, machinery and equipment

Imports - partners:

UK; note - regarded as internal trade (2006)

Economic aid - recipient:

$NA

Debt - external:

$NA

Currency (code):

Guernsey pound
note: the British pound is also legal tender

Currency code:

GBP

Exchange rates:

Guernsey pound 0.4993 (2007), 0.5418 (2006),