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 Boutique Hotels in Jersey - Eulah Hotel Jersey, Channel Islands, UK - Jersey Economy | About

Jersey Economy

  The New Bank Notes Jersey Channel Islands, UK

Traditionally Jersey's economy has been centred on agriculture, fishing, tourism and knitwear. Today it is finance that dominates, providing 50 % of the GDP and 60 % of government tax income. Jersey’s low rate of income tax (≤ 20 %) has attracted high net worth individuals since Napoleonic times. However the finance industry has only officially existed in Jersey since 1962, when a law that capped interest rates at 5 % was abolished. The Island in now recognised as one of the world’s leading offshore financial centres.

Agriculture provides 5 % of the Island’s GDP. Among the major exports are a range of dairy products associated with the internationally renowned Jersey cow, the world famous Jersey Royal potatoes and a wide variety of garden market crops and flowers.

Tourism is also very important to Jersey, accounting for approximately 25 % of the island’s GDP. In 2008, approximately 800,000 people visited Jersey, of these 80 % came from the UK, 10 % from Germany and France, 4 % from the remaining Channel Islands and the remainder from the rest of the world.