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Economy of Jersey

Economy of Jersey
Finance offices in St Helier in 2014
CurrencyPound sterling (GBP, £)
Jersey pound (JEP, £)
1 January - 31 December
Statistics
GDP£5.76 billion ($7.14 billion) (2022)[1]
GDP per capita
£55,910 (2022)[1]
RPI 5.7% (March 2024)[2]
Labour force
64,200 (June 2023)[3]
Labour force by occupation
financial and legal (24%), wholesale and retail (16%), public sector (13%) (2011)[4]
Unemployment3.5% (March 2021 est.)[5]
Average gross salary
£2,816 / $4,363 mean monthly (2011)[4]
Main industries
Financial and legal services, construction, retail and wholesale, manufacturing, agriculture, transport and communications. (2008).[6]
External
Export goods
light industrial and electrical goods, dairy cattle, foodstuffs, textiles, flowers[7]
Main export partners
 United Kingdom,  France
Import goods
machinery and transport equipment, manufactured goods, foodstuffs, mineral fuels, chemicals[7]
Main import partners
 United Kingdom,  France
$NA
Public finances
Revenues$846 million (2011 est.)[4]
Expenses$928 million (2011 est.)[4]
Economic aidNone.
All values, unless otherwise stated, are in US dollars.


The economy of Jersey is a highly developed social market[8] 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.[9] Jersey is considered to be an offshore financial centre.[10] Jersey has the preconditions to be a microstate, but it is a self-governing Crown dependency of the UK.[11] It is considered to be a corporate tax haven by many organisations.[12][13]

Other sectors include construction, retail, agriculture, tourism and telecommunications.[14] 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.[9] In December 2020, there were 1,350 people actively seeking work.[15]

  1. ^ a b Jersey, States of. "Government of Jersey". gov.je. Archived from the original on 2022-03-18. Retrieved 2020-12-11.
  2. ^ [https://www.gov.je/StatisticsPerformance/BusinessEconomy/pages/inflation.aspx ReportID=5241 "Jersey Retail Prices Index March 2024"]. Government of Jersey. 24 Apr 2020. Retrieved 2024-18-06. {{cite web}}: Check |url= value (help); Check date values in: |access-date= (help); line feed character in |url= at position 78 (help)CS1 maint: url-status (link)
  3. ^ "JLabour market statistics, 2023". Retrieved 2024-18-06. {{cite web}}: Check date values in: |access-date= (help)CS1 maint: url-status (link)
  4. ^ a b c d Cite error: The named reference JIF 2011 was invoked but never defined (see the help page).
  5. ^ Jersey, States of. "Government of Jersey". gov.je. Retrieved 2024-06-15.
  6. ^ "Jersey Economic Digest 2008" (PDF). Gov.je.[dead link]
  7. ^ a b "CIA World Fact Book". Cia.gov. Archived from the original on 2021-01-13. Retrieved 2020-12-11.
  8. ^ Hart, Stella (n.d.). Social Protection in Jersey: a Comparative Study (PDF) (Report). Archived (PDF) from the original on 2022-01-30. Retrieved 2021-01-05.
  9. ^ a b "National accounts: GVA and GDP". gov.je. Retrieved 2024-06-18.{{cite web}}: CS1 maint: url-status (link)
  10. ^ Garcia-Bernardo, Javier; Fichtner, Jan; Takes, Frank W.; Heemskerk, Eelke M. (2017-07-24). "Uncovering Offshore Financial Centers: Conduits and Sinks in the Global Corporate Ownership Network". Scientific Reports. 7 (1): 6246. arXiv:1703.03016. Bibcode:2017NatSR...7.6246G. doi:10.1038/s41598-017-06322-9. ISSN 2045-2322. PMC 5524793. PMID 28740120.
  11. ^ Oliver, Michael J. (May 2019). "A small island territory moving down the 'development ladder'?: a case study of Jersey". Small States and Territories. 2 (1): 83–104. ISSN 2616-8006.
  12. ^ Tracy, Thom. "Why is Jersey Considered a Tax Haven?". Investopedia. Archived from the original on 2021-01-15. Retrieved 2021-01-06.
  13. ^ "Corporate Tax Haven Index 2021". cthi.taxjustice.net. Archived from the original on 2021-05-06. Retrieved 2021-05-06.
  14. ^ "Jersey Gross Value Added (GVA) and Gross National Income (GNI) 2007" (PDF). Gov.je.[dead link]
  15. ^ "Economic indicators published". Government of Jersey. Archived from the original on 24 December 2020. Retrieved 24 December 2020.

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