Guernsey Economy - 2024

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)

6.8% (2022 est.)
3.4% (June 2006 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% (2021 est.)

male: 15.9%

female: 15.6%

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

Exchange rates:
0.7836 (2017 est.)
0.738 (2016 est.)
0.738 (2015)
0.6542 (2014)
0.607 (2013)