Economy - overview Financial services - banking, fund management, insurance, etc. - account for about 55% of total income in this tiny Channel Island economy. Tourism, manufacturing, and horticulture, mainly tomatoes and cut flowers, have been declining. Light tax and death duties make Guernsey a popular tax haven. The evolving economic integration of the EU nations is changing the rules of the game under which Guernsey operates.

GDP purchasing power parity - $1.3 billion (1999 est.)

GDP - real growth rate 5.7% (1999 est.)

GDP - per capita purchasing power parity - $20,000 (1999 est.)

GDP - composition by sector
agriculture: 3%
industry: 10%
services: 87% (2000)

Population below poverty line NA%

Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices) 3.99% (2000 est.)

Labor force 31,322 (2000)

Unemployment rate 0.5% (1999 est.)

Budget
revenues: $381.3 million
expenditures: $368.8 million, including capital expenditures of $NA (2000 est.)

Industries tourism, banking

Industrial production growth rate NA%

Electricity - production NA kWh

Electricity - production by source
fossil fuel: NA%
hydro: NA%
other: NA%
nuclear: NA%

Electricity - consumption NA kWh

Electricity - exports NA kWh

Electricity - imports NA kWh

Agriculture - products tomatoes, greenhouse flowers, sweet peppers, eggplant, fruit; Guernsey cattle

Exports $NA

Exports - commodities tomatoes, flowers and ferns, sweet peppers, eggplant, other vegetables

Exports - partners UK (regarded as internal trade)

Imports $NA

Imports - commodities coal, gasoline, oil, machinery and equipment

Imports - partners UK (regarded as internal trade)

Debt - external $NA

Economic aid - recipient $NA

Currency British pound (GBP); note - there is also a Guernsey pound

Currency code GBP

Exchange rates Guernsey pounds per US dollar - 0.6944 (January 2002), 0.6944 (2001), 0.6596 (2000), 0.6180 (1999), 0.6037 (1998), 0.6106 (1997); note - the Guernsey pound is at par with the British pound

Fiscal year calendar year

NOTE: The information regarding Guernsey on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guernsey Economy 2002 information contained here. All suggestions for corrections of any errors about Guernsey Economy 2002 should be addressed to the CIA.