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Jersey (British crown dependency) Economy

    Economy—overview: The economy is based largely on financial services, agriculture, and tourism. 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 earner. Milk products go to the UK and other EU countries. In 1996 the finance sector accounted for about 60% of the island's output. Tourism, another mainstay of the economy, accounts for 24% 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 tax and death duties make the island a popular tax haven.

    GDP: purchasing power parity—$NA

    GDP—real growth rate: NA%

    GDP—per capita: purchasing power parity—$NA

    GDP—composition by sector:
    agriculture: 5%
    industry: 2%
    services: 93% (1995)

    Population below poverty line: NA%

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

    Inflation rate (consumer prices): 3.7% (1996)

    Labor force: 57,050 (1996)

    Unemployment rate: 0.7% (1996)

    Budget:
    revenues: $666.9 million
    expenditures: $618.5 million, including capital expenditures of $128.4 million (1996 est.)

    Industries: tourism, banking and finance, dairy

    Industrial production growth rate: NA%

    Electricity—production: NA kWh

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

    Electricity—consumption: 467 million kWh (1995)

    Electricity—exports: 0 kWh

    Electricity—imports: NA kWh; note—much electricity supplied by France

    Agriculture—products: potatoes, cauliflowers, tomatoes; beef, dairy products

    Exports: $NA

    Exports—commodities: light industrial and electrical goods, foodstuffs, textiles

    Exports—partners: UK

    Imports: $NA

    Imports—commodities: machinery and transport equipment, manufactured goods, foodstuffs, mineral fuels, chemicals

    Imports—partners: UK

    Debt—external: none

    Economic aid—recipient: none

    Currency: 1 Jersey pound (�J) = 100 pence

    Exchange rates: Jersey pounds (�J) per US$1—0.6057 (January 1999), 0.6037 (1998), 0.6106 (1997), 0.6403 (1996), 0.6335 (1995), 0.6529 (1994); the Jersey pound is at par with the British pound

    Fiscal year: 1 April—31 March

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)