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Economy of Guernsey

Economy - overview:Financial services - banking, fund management, insurance - account for about 23% of employment and 32% of total income in this tiny, prosperous Channel Island economy. Tourism, manufacturing, and horticulture, mainly tomatoes and cut flowers, have been declining. Financial services, construction, retail, and the public sector have been growing. Light tax and death duties make Guernsey a popular tax haven. The evolving economic integration of the EU nations is changing the environment under which Guernsey operates.
GDP (purchasing power parity):$2.742 billion (2005)
GDP (official exchange rate):$2.742 billion (2005)
GDP - real growth rate:3% (2005 est.)
GDP - per capita (PPP):$44,600 (2005)
GDP - composition by sector:agriculture: 3%
industry: 10%
services: 87% (2000)
Labor force:31,470 (March 2006)
Unemployment rate:0.9% (March 2006 est.)
Population below poverty line:NA%
Household income or consumption by percentage share:lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):3.4% (June 2006)
Budget:revenues: $563.6 million
expenditures: $530.9 million; including capital expenditures of $NA (2005 est.)
Agriculture - products:tomatoes, greenhouse flowers, sweet peppers, eggplant, fruit; Guernsey cattle
Industries:tourism, banking
Industrial production growth rate:NA%
Electricity - production:NA kWh
Electricity - production by source:fossil fuel: NA
hydro: NA
nuclear: NA
other: NA
Electricity - consumption:NA kWh
Electricity - exports:0 kWh (2002)
Electricity - imports:0 kWh (2002)
Exports:$NA
Exports - commodities:tomatoes, flowers and ferns, sweet peppers, eggplant, other vegetables
Exports - partners:UK; note - regarded as internal trade (2006)
Imports:$NA
Imports - commodities:coal, gasoline, oil, machinery and equipment
Imports - partners:UK; note - regarded as internal trade (2006)
Debt - external:$NA
Economic aid - recipient:$NA
Currency (code):British pound (GBP); note - there is also a Guernsey pound
Currency code:GBP
Exchange rates:Guernsey pounds per US dollar - 0.5418 (2006), 0.5493 (2005), 0.5462 (2004), 0.6125 (2003), 0.6672 (2002)
note: the Guernsey pound is at par with the British pound
Fiscal year:calendar year

Guernsey Quickstats

  • Population: 65,573 (July 2007 est.)
  • Area: 78 sq km
  • Density: 836.3 /km² (12th1)
  • GDP (total): $2.59 billion (176th)
  • GDP (per capita): $40,000 (5th²)
  • Literacy:

Languages of Guernsey

Useful to know

  • Currency: Pound sterling (GBP)
  • Dial code: +44-1481

International Trade

External sites

More Resources

Guernsey Internet

  • Usage:
  • Penetration:
  • Top Domain: .gk

WT eBusiness info:

  • Success Ranking: 100
  • Market testing: Untested
  • Overall risk: High
  • Overall reward: Low

e-maturity:

  • Tourism: 10%
  • eCommerce: 10%
  • Gaming: 10%
  • eLearning: 10%

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