Jersey - Economy

Economy

Jersey's economy is based on financial services (43% of GVA in 2009), tourism (hotels, restaurants and bars making 3% of GVA in 2009), electronic commerce, and agriculture (2% of GVA in 2009).

Thanks to specialisation in a few high-return sectors, at purchasing power parity Jersey has high economic output per capita, substantially ahead of all of the world's large developed economies. Gross national income in 2009 was £3.7 billion (approximately £40,000 per head of population). However, this is not indicative of each individual resident's purchasing power, and the actual standard of living in Jersey is comparable to that in the United Kingdom outside central London. The island is recognised as one of the leading offshore financial centres. The growth of this sector however has not been without its controversies as Jersey has been characterised as a place in which the "leadership has essentially been captured by global finance, and whose members will threaten and intimidate anyone who dissents." In June 2005 the States introduced the Competition (Jersey) Law 2005 to regulate competition and stimulate economic growth. This competition law was based on that of other jurisdictions.

Tourism supports not only hotels, but also retail and services: in 2009 there were 685,200 visitors spending £230 million. Duty-free goods are available for purchase on travel to and from the island.

In 2009 57% of the Island's area was agricultural land (an increase on 2008). Major agricultural products are potatoes and dairy produce; agriculture's share of GVA increased 5% in 2009, a fifth successive year of growth. Jersey cattle are a small breed of cow widely known for its rich milk and cream; although the quality of its meat is also appreciated on a small scale. The herd total in 2009 was 5,090 animals. Fisheries and aquaculture make use of Jersey's marine resources to a total value of over £6 million in 2009.

Farmers and growers often sell surplus food and flowers in boxes on the roadside, relying on the honesty of customers to drop the correct change into the money box and take what they want. In the 21st century, diversification of agriculture and amendments in planning strategy have led to farm shops replacing many of the roadside stalls.

53,460 people were employed in Jersey as of December 2010: 24% in financial and legal services; 16% in wholesale and retail trades; 16% in the public sector; 10% in education, health and other private sector services; 10% in construction and quarrying; 9% in hotels, restaurants and bars.

Jersey along with Guernsey has its own lottery called The Channel Islands Lottery that was launched in 1975.

On 18 February 2005, Jersey was granted Fairtrade Island status.