Guernsey Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

high-income English Channel island economy; strong financial sector but stressed due to COVID-19 disruptions; manufacturing, tourism, and construction industries suffered but expected to recover; stable inflation; maintains independent taxation authority

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.)

6.8% (2022 est.)

note: data represent Retail Price Index inflation rates

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

86,800 (2021 est.)

Unemployment rate

7.37% (2021 est.)

7.69% (2020 est.)

6.41% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 15.8%

male: 15.9%

female: 15.6% (2021 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 - partners

almost entirely United Kingdom (2022)

Exports - commodities

aircraft, photo lab equipment, clocks, ships, paintings, scientific instruments (2022)

Imports

N/A

Imports - partners

almost entirely United Kingdom (2022)

Imports - commodities

ships, aircraft, refined petroleum, mineral manufactures, beverages (2022)

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 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Guernsey 2023 information contained here. All suggestions for corrections of any errors about Guernsey 2023 should be addressed to the CIA or the source cited on each page.