Guernsey Economy - 2022

GEOGRAPHICAL NAMES 

Economic overview

Financial services accounted for about 21% of employment and about 32% of total income in 2016 in this tiny, prosperous Channel Island economy. Construction, manufacturing, and horticulture, mainly tomatoes and cut flowers, have been declining. Financial services, professional services, tourism, retail, and the public sector have been growing. Light tax and death duties make Guernsey a popular offshore financial center.

Real GDP (purchasing power parity)

$3.465 billion (2015 est.)

$3.451 billion (2014 est.)

$3.42 billion (2013 est.)

note: data are in 2015 dollars

Real GDP growth rate

0.4% (2015 est.)

1.2% (2014 est.)

4.2% (2012 est.)

Real GDP per capita

$52,500 (2014 est.)

GDP (official exchange rate)

$2.742 billion (2005 est.)

Inflation rate (consumer prices)

3.4% (June 2006 est.)

GDP - composition, by sector of origin

agriculture: 3% (2000)

industry: 10% (2000)

services: 87% (2000)

Agricultural products

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

Industries

tourism, banking

Industrial production growth rate

N/A

Labor force

31,470 (March 2006)

Unemployment rate

1.2% (2016 est.)

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 563.6 million (2005)

expenditures: 530.9 million (2005 est.)

Budget surplus (+) or deficit (-)

1.2% (of GDP) (2005)

Taxes and other revenues

20.6% (of GDP) (2005)

Fiscal year

calendar year

Exports

N/A

Exports - commodities

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

Imports

N/A

Imports - commodities

coal, gasoline, oil, machinery, and equipment

Debt - external

N/A

Exchange rates

Guernsey pound per US dollar

0.7836 (2017 est.)

0.738 (2016 est.)

0.738 (2015)

0.6542 (2014)

0.607 (2013)

NOTE: The information regarding Guernsey on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Guernsey 2022 information contained here. All suggestions for corrections of any errors about Guernsey 2022 should be addressed to the CIA or the source cited on each page.