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Economy and Banking Sector of Guernsey

National Currency

Pound Sterling (GBP)

Guernsey's official currency is the Pound sterling (GBP): Guernsey has been in currency union with the United Kingdom since 1921. Guernsey pound is a local issue of banknotes and coins denominated in GBP rather than a separate currency.

Main Sectors

Main sectors of the economy of Guernsey are:

  • financial services
  • business services

GDP

Nominal GDP (2015)
2.4 bln GBP  (+0.02%)
Real GDP Growth (2015)
0.4 %  (2014: 0.0 %)

According to Government of Guernsey, nominal GDP of Guernsey in 2015 was 2.4 bln GBP.

Guernsey underperforms the European Union in terms of real GDP growth with the average annual differential coming to -0.9% over the past 4 years (2011 - 2015). In 2015 real GDP growth was 0.4% which was below the Euro Area average (1.6%) and below the European Union average (1.9%).

Real GDP Growth in Guernsey.

Chart 1. Real GDP Growth in Guernsey. Source: Government of Guernsey.

Inflation Rate

CPI, Year Average (2016)
1.2 %  (2015: 1.1 %)

According to Government of Guernsey, inflation rate in Guernsey in 2016 expressed as annual percentages of average consumer prices was 1.2% which was above the Euro Area average (0.2%) and above the European Union average (0.3%).

Inflation Rate in Guernsey.

Chart 2. Inflation Rate in Guernsey. Source: Government of Guernsey.

Unemployment Rate

Unemployment Rate (2016)
1.4 %  (2015: 1.3 %)

According to Government of Guernsey, unemployment rate in Guernsey in 2016 was 1.4% which was below the Euro Area average (10.0%) and below the European Union average (8.5%).

Unemployment Rate in Guernsey.

Chart 3. Unemployment Rate in Guernsey. Source: Government of Guernsey.

Credit Ratings (as of Nov 2020)

Fitch
-
Moody's
-
Scope
-

Guernsey doesn't have sovereign credit ratings assigned by American credit rating agencies Fitch or Moody's. Scope Ratings, the European rating agency, have not assigned credit ratings to Guernsey.

Fitch and Moody's rating data are provided for June 2020, Scope Ratings for November 2020.