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Guernsey (British crown dependency) Economy

    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: $NA

    GDP—real growth rate: NA%

    GDP—per capita: $NA

    GDP—composition by sector:
    agriculture: NA%
    industry: NA%
    services: NA%

    Population below poverty line: NA%

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

    Inflation rate (consumer prices): 7% (1988)

    Labor force: NA

    Unemployment rate: 3%-4% (1994 est.)

    Budget:
    revenues: $277.9 million
    expenditures: $248.8 million, including capital expenditures of $NA (1995 est.)

    Industries: tourism, banking

    Industrial production growth rate: NA%

    Electricity—production: NA kWh

    Electricity—production by source:
    fossil fuel: NA%
    hydro: NA%
    nuclear: NA%
    other: 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: 1 Guernsey (�G) pound = 100 pence

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

    Fiscal year: calendar year

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