Jersey Economy

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.