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You are here: Home > About Jersey > The Economy
Jersey has a large population for an island of its size – in June 2006 it was 88,200 and it is still growing. The island offers a very high standard of living, with Gross National Income (GNI) per capita in 2007 of £41,000 compared to around £23,000 in the UK. According to government statistics, Jersey’s economy in terms of real Gross Value Added (GVA) rose by 7% in 2007. Total GVA was £4.1 billion, of which the financial services sector accounted for more than half. (Source: GVA and GNI 2007 report)Alongside the financial sector, Jersey’s agriculture, construction and wholesale sectors continue to grow, with hotels, restaurants, bars and utilities making up other significant areas of the economy. Manufacturing is in long-term decline. Employment in June 2007 was the highest for nine years at 55,140 and average earnings grew in the previous 12 months by 4.7%, above the headline inflation rate of 3.9%. The island’s labour market remains fairly seasonal, with tourism playing a significant role in the economy.House prices are on the up, with an 18% rise in the third quarter of 2007. The States Assembly continues to impose a 12 year period of living on the island before non-residents become eligible to buy a property here, although this is likely to be reduced to 10 years by 2010. The island's rental market is consequently an important one, and private sector rentals continue to rise.
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