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Jersey Economy 1996

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 1986 the finance sector overtook tourism as the main contributor to GDP, accounting for 40% of the island's output. 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.

National product:

GDP $NA

National product real growth rate:

8% (1987 est.)

National product per capita:

$NA

Inflation rate (consumer prices):

8% (1988 est.)

Unemployment rate:

NA%

Budget:

revenues:

$308 million

expenditures:

$284.4 million, including capital expenditures of $NA (1985)

Exports:

$NA

commodities:

light industrial and electrical goods, foodstuffs, textiles

partners:

Imports:

$NA

commodities:

machinery and transport equipment, manufactured goods, foodstuffs, mineral fuels, chemicals

partners:

External debt:

$NA

Industrial production:

growth rate NA%

Electricity:

capacity:

50,000 kW standby

production:

power supplied by France

consumption per capita:

NA kWh (1992)

Industries:

tourism, banking and finance, dairy

Agriculture:

potatoes, cauliflowers, tomatoes; dairy and cattle farming

Economic aid:

none

Currency:

1 Jersey pound (#J) = 100 pence

Exchange rates:

Jersey pounds (#J) per US$1 - 0.6250 (January 1995), 0.6529 (1994), 0.6658 (1993), 0.5664 (1992), 0.5652 (1991), 0.5603 (1990); the Jersey pound is at par with the British pound

Fiscal year:

1 April - 31 March

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