Jersey Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

British territorial island economy; strong offshore banking and finance sectors; low asset taxation; strong tourism sector prior to COVID-19 and Brexit; one of the most expensive places to live; minimal welfare system; historical cider industry

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

86,800 (2021 est.)

Labor force - by occupation

agriculture: 3%

industry: 12%

services: 85% (2014 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

Gini Index coefficient - distribution of family income

0.3 (2014 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 - partners

almost entirely United Kingdom (2022)

Exports - commodities

refined petroleum, beverages, ships, jewelry, artwork (2022)

Imports

N/A

Imports - partners

almost entirely United Kingdom (2022)

Imports - commodities

artwork, ships, vegetables, fruits, jewelry (2022)

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.)

NOTE: The information regarding Jersey 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 Jersey 2023 information contained here. All suggestions for corrections of any errors about Jersey 2023 should be addressed to the CIA or the source cited on each page.