Economy of Jersey
The economy of Jersey is a highly developed social market economy. It is largely driven by international financial services and legal services, which accounted for 39.5% of total GVA in 2019, a 4% increase on 2018. Jersey is considered to be an offshore financial centre. Jersey has the preconditions to be a microstate, but it is a self-governing Crown dependency of the UK. It is considered to be a corporate tax haven by many organisations.
Finance offices in St Helier in 2014 | |
| Currency | Pound sterling (GBP, £) Jersey pound (JEP, £) |
|---|---|
| 1 January - 31 December | |
| Statistics | |
| GDP | £4.89 billion ($6.63 billion) (2019) |
GDP per capita | £45,320 (2019) |
| RPI 2.7% (March 2020) | |
Labour force | 53,790 (December 2011) |
Labour force by occupation | financial and legal (24%), wholesale and retail (16%), public sector (13%) (2011) |
| Unemployment | 4.7% (March 2011 est.) |
Average gross salary | £2,816 / $4,363 mean monthly (2011) |
Main industries | Financial and legal services, construction, retail and wholesale, manufacturing, agriculture, transport and communications. (2008). |
| External | |
Export goods | light industrial and electrical goods, dairy cattle, foodstuffs, textiles, flowers |
Main export partners | United Kingdom, France |
Import goods | machinery and transport equipment, manufactured goods, foodstuffs, mineral fuels, chemicals |
Main import partners | United Kingdom, France |
Gross external debt | $NA |
| Public finances | |
| Revenues | $846 million (2011 est.) |
| Expenses | $928 million (2011 est.) |
| Economic aid | None. |
Other sectors include construction, retail, agriculture, tourism and telecommunications. Before the Second World War, Jersey's economy was dominated by agriculture, however after liberation, tourism to the island became popular. More recently, the finance industry recognised worth in operating in Jersey, which has now become the island's dominant industry.
In 2017, Jersey's GDP per capita was one of the highest in the world at $55,324. In 2019, the island's economy, as measured by GVA, grew by 2.1% in real terms to £4.97 billion. In December 2020, there were 1,350 people actively seeking work.