Jersey Economy - 2022

Economic overview

Jersey's economy is based on international financial services, agriculture, and tourism. In 2016, the financial services sector accounted for about 41% of the island's output. Agriculture represented about 1% of Jersey’s economy in 2016. Potatoes are an important export crop, shipped mostly to the UK. The Jersey breed of dairy cattle originated on the island and is known worldwide. The dairy industry remains important to the island with approximately $8.8 million gallons of milk produced in 2015. Tourism accounts for a significant portion of Jersey’s economy, with more than 700,000 total visitors in 2015. Living standards come close to those of the UK. All raw material and energy requirements are imported as well as a large share of Jersey's food needs. Light taxes and death duties make the island a popular offshore financial center. Jersey maintains its relationship with the EU through the UK. Therefore, in light of the UK’s decision to leave the EU, Jersey will also need to renegotiate its ties to the EU.

Real GDP (purchasing power parity)

$5.569 billion (2016 est.)

$5.514 billion (2015 est.)

$4.98 billion (2014 est.)

note: data are in 2015 US dollars

Real GDP growth rate

1% (2016 est.)

10.7% (2015 est.)

Real GDP per capita

$56,600 (2016 est.)

$49,500 (2015 est.)

GDP (official exchange rate)

$5.004 billion (2015 est.)

Inflation rate (consumer prices)

3.7% (2006)

GDP - composition, by sector of origin

agriculture: 2% (2010)

industry: 2% (2010)

services: 96% (2010)

Agricultural products

potatoes, cauliflower, tomatoes; beef, dairy products

Industries

tourism, banking and finance, dairy, electronics

Industrial production growth rate

N/A

Labor force

59,950 (2017 est.)

Labor force - by occupation

agriculture: 3%

industry: 12%

services: 85% (2014 est.)

Unemployment rate

4% (2015 est.)

4.6% (2014 est.)

Population below poverty line

N/A

Gini Index coefficient - distribution of family income

0.3 (2014 est.)

0.3 (2013 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 829 million (2005)

expenditures: 851 million (2005)

Budget surplus (+) or deficit (-)

-0.4% (of GDP) (2005)

Taxes and other revenues

16.6% (of GDP) (2005)

Fiscal year

1 April - 31 March

Exports

N/A

Exports - commodities

light industrial and electrical goods, dairy cattle, foodstuffs, textiles, flowers

Imports

N/A

Imports - commodities

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

Debt - external

N/A

Exchange rates

Jersey pounds (JEP) per US dollar

0.7836 (2017 est.)

0.738 (2016 est.)

0.738 (2015)

0.6542 (2012)

0.6391 (2011 est.)