The modern economy of Jersey is largely driven by international financial services & legal services, which accounted for 53% of total GVA in 2007. Other sectors include construction, retail, agriculture, tourism and order fulfillment, such as internet based selling.
In recent years (2008) Jersey’s Gross National Income per capita has been amongst the highest in the world. The Genuine Jersey Products Association certify products as being made/sourced in Jersey.
Financial & Legal Services
Jersey based financial organisations provide services to customers worldwide. In June 2008, it was reported that 12,070 people were employed full-time, within this sector. The Royal Bank of Scotland International (RBSI) is a major employer with some 900 staff employed in Jersey, as of March 2009.
The finance sector profits rose to about £1.5 billion in 2007, representing a real-term increase of 12% on 2006.
Jersey is a tax haven, and so attracts deposits from customers outside of the island, seeking to reduce their tax burdens. Its taxation laws have been widely criticised by various people and groups, however the Chief Minister of Jersey, Terry Le Sueur, has countered these criticisms, saying that "Jersey among cooperative finance centres".
Jersey's finance industry featured in a BBC Panorama documentary, titled "Tax me if you can", broadcast of 2 February 2009.
On 4 February 2009, Jersey Finance officially announced its intention to open a new representative office in London.
At the end of 2008, deposits in Jersey banks totalled £206 billion, down £6.2 billion from £212.3 billion at the start of the year.
Construction represented 5.2% of GVA during 2007. In June 2008, it was reported that 4,980 people were employed full-time in the construction and quarrying sector.
St. Helier, and the Waterfront area in particular, has seen much redevelopment during the early 21st century, with several projects in planning or under-construction during 2009. Developments include a leisure complex, the Radisson hotel, and a new central bus station - Liberty Station. As of 2009, there are plans to sink the A1 road, to provide building sites above it for offices, possibly for financial companies.
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