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Economy Stats: compare key data on India & Jersey

Definitions

  • Budget > Expenditures: Expenditures calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget > Revenues > Per capita: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms Per capita figures expressed per 1 population.
  • Budget surplus > + or deficit > -: This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits.
  • Overview: This entry briefly describes the type of economy, including the degree of market orientation, the level of economic development, the most important natural resources, and the unique areas of specialization. It also characterizes major economic events and policy changes in the most recent 12 months and may include a statement about one or two key future macroeconomic trends.
  • Exports > Commodities: This entry provides a listing of the highest-valued exported products; it sometimes includes the percent of total dollar value.
  • Fiscal year: The beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a noncalendar fiscal year (FY).
  • GDP > Composition by sector > Industry: The gross domestic product (GDP) or value of all final goods produced by the industrial sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Composition by sector > Services: The gross domestic product (GDP) or value of all final services produced within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Composition, by sector of origin > Services: This entry is derived from Economy > GDP > Composition, by sector of origin, which shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP > Purchasing power parity: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller.
  • Inflation rate > Consumer prices: This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
  • GDP > Composition by sector > Agriculture: The gross domestic product (GDP) or value of all final goods produced by the agricultural sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • Industries: A rank ordering of industries starting with the largest by value of annual output.
  • Labor force: This entry contains the total labor force figure.
  • GDP > Purchasing power parity > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • Exchange rates: The official value of a country's monetary unit at a given date or over a given period of time, as expressed in units of local currency per US dollar and as determined by international market forces or official fiat.
  • GDP > Official exchange rate: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at offical exchange rates (OER) is the home-currency-denominated annual GDP figure divided by the bilateral average US exchange rate with that country in that year. The measure is simple to compute and gives a precise measure of the value of output. Many economists prefer this measure when gauging the economic power an economy maintains vis-a-vis its neighbors, judging that an exchange rate captures the purchasing power a nation enjoys in the international marketplace. Official exchange rates, however, can be artifically fixed and/or subject to manipulation - resulting in claims of the country having an under- or over-valued currency - and are not necessarily the equivalent of a market-determined exchange rate. Moreover, even if the official exchange rate is market-determined, market exchange rates are frequently established by a relatively small set of goods and services (the ones the country trades) and may not capture the value of the larger set of goods the country produces. Furthermore, OER-converted GDP is not well suited to comparing domestic GDP over time, since appreciation/depreciation from one year to the next will make the OER GDP value rise/fall regardless of whether home-currency-denominated GDP changed.
  • GDP > Composition, by sector of origin > Industry: This entry is derived from Economy > GDP > Composition, by sector of origin, which shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
  • GDP > Composition, by sector of origin > Agriculture: This entry is derived from Economy > GDP > Composition, by sector of origin, which shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
  • Economic aid > Recipient: This entry, which is subject to major problems of definition and statistical coverage, refers to the net inflow of Official Development Finance (ODF) to recipient countries. The figure includes assistance from the World Bank, the IMF, and other international organizations and from individual nation donors. Formal commitments of aid are included in the data. Omitted from the data are grants by private organizations. Aid comes in various forms including outright grants and loans. The entry thus is the difference between new inflows and repayments.
  • GDP > Per $ GDP: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per $ GDP figures expressed per 1 $ gross domestic product.
  • Imports > Commodities: This entry provides a listing of the highest-valued imported products; it sometimes includes the percent of total dollar value.
  • Labor force per thousand people: This entry contains the total labor force figure. Figures expressed per thousand people for the same year.
  • Taxes and other revenues: This entry records total taxes and other revenues received by the national government during the time period indicated, expressed as a percent of GDP. Taxes include personal and corporate income taxes, value added taxes, excise taxes, and tariffs. Other revenues include social contributions - such as payments for social security and hospital insurance - grants, and net revenues from public enterprises. Normalizing the data, by dividing total revenues by GDP, enables easy comparisons across countries, and provides an average rate at which all income (GDP) is paid to the national level government for the supply of public goods and services.
  • Electricity > Consumption: This entry consists of total electricity generated annually plus imports and minus exports, expressed in kilowatt-hours. The discrepancy between the amount of electricity generated and/or imported and the amount consumed and/or exported is accounted for as loss in transmission and distribution.
  • Budget > Expenditures > Per capita: Expenditures calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms Per capita figures expressed per 1 population.
  • Budget > Expenditures > Capital: This entry includes revenues, expenditures, and capital expenditures. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
STAT India Jersey HISTORY
Budget > Expenditures $263.80 billion
Ranked 17th. 310 times more than Jersey
$851.00 million
Ranked 131st.

Budget > Revenues $172.10 billion
Ranked 23th. 208 times more than Jersey
$829.00 million
Ranked 167th.

Budget > Revenues > Per capita $124.97 per capita
Ranked 133th.
$9,128.75 per capita
Ranked 27th. 73 times more than India
Budget surplus > + or deficit > - -5% of GDP
Ranked 143th. 13 times more than Jersey
-0.4% of GDP
Ranked 3rd.
Overview India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization measures, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and have served to accelerate the country's growth, which averaged under 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for nearly two-thirds of India's output, with less than one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services, business outsourcing services, and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth began slowing in 2011 because of a slowdown in government spending and a decline in investment, caused by investor pessimism about the government's commitment to further economic reforms and about the global situation. High international crude prices have exacerbated the government's fuel subsidy expenditures, contributing to a higher fiscal deficit and a worsening current account deficit. In late 2012, the Indian Government announced additional reforms and deficit reduction measures to reverse India's slowdown, including allowing higher levels of foreign participation in direct investment in the economy. The outlook for India's medium-term growth is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has yet to fully address, including poverty, corruption, violence and discrimination against women and girls, an inefficient power generation and distribution system, ineffective enforcement of intellectual property rights, decades-long civil litigation dockets, inadequate transport and agricultural infrastructure, limited non-agricultural employment opportunities, inadequate availability of quality basic and higher education, and accommodating rural-to-urban migration. Jersey's economy is based on international financial services, agriculture, and tourism. In 2010 the financial services sector accounted for about 50% of the island's output. Potatoes, cauliflower, tomatoes, and especially flowers are important export crops, shipped mostly to the UK. The Jersey breed of dairy cattle is known worldwide and represents an important export income earner. Milk products go to the UK and other EU countries. Tourism accounts for one-quarter of GDP. In recent years, the government has encouraged light industry to locate in Jersey with the result that an electronics industry has developed, displacing more traditional industries. All raw material and energy requirements are imported as well as a large share of Jersey''s food needs. Light taxes and death duties make the island a popular tax haven. In January 2013, Jersey signed a tax agreement with Guernsey and the Isle of Man, in order to enable the islands'' authorities to end tax avoidance and evasion. Living standards come close to those of the UK.
Exports > Commodities petroleum products, precious stones, machinery, iron and steel, chemicals, vehicles, apparel light industrial and electrical goods, dairy cattle, foodstuffs, textiles, flowers
Fiscal year 1 1
GDP > Composition by sector > Industry 18%
Ranked 169th. 9 times more than Jersey
2%
Ranked 216th.

GDP > Composition by sector > Services 65%
Ranked 4th.
97%
Ranked 1st. 49% more than India

GDP > Composition, by sector of origin > Services 65%
Ranked 74th.
96%
Ranked 1st. 48% more than India
GDP > Per capita $2,625.09 per capita
Ranked 130th.
$56,159.98 per capita
Ranked 2nd. 21 times more than India

GDP > Per capita > PPP $3,800.00
Ranked 132nd.
$57,000.00
Ranked 1st. 15 times more than India

GDP > Purchasing power parity $4.72 trillion
Ranked 3rd. 925 times more than Jersey
$5.10 billion
Ranked 2nd.

Inflation rate > Consumer prices 9.7%
Ranked 25th. 3 times more than Jersey
3.7%
Ranked 3rd.

Unemployment rate 8.5%
Ranked 46th. 5 times more than Jersey
1.7%
Ranked 110th.

GDP > Composition by sector > Agriculture 17%
Ranked 60th. 17 times more than Jersey
1%
Ranked 197th.

Industries textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, pharmaceuticals tourism, banking and finance, dairy, electronics
Labor force 482
Ranked 18th. 9 times more than Jersey
53
Ranked 57th.

Agriculture > Products rice, wheat, oilseed, cotton, jute, tea, sugarcane, lentils, onions, potatoes; dairy products, sheep, goats, poultry; fish potatoes, cauliflower, tomatoes; beef, dairy products
GDP > Purchasing power parity > Per capita $2,625.09 per capita
Ranked 130th.
$56,159.98 per capita
Ranked 2nd. 21 times more than India

Exchange rates Indian rupees (INR) per US dollar -<br />53.44 (2012 est.)<br />46.67 (2011 est.)<br />45.73 (2010 est.)<br />48.41 (2009)<br />43.32 (2008) Jersey pounds (JEP) per US dollar<br />0.63 (2012)<br />0.62 (2011)<br />0.65 (2010)<br />0.62 (2009)<br />0.53 (2008)
GDP > Official exchange rate $1.82 trillion
Ranked 10th. 356 times more than Jersey
$5.10 billion
Ranked 1st.

GDP > Composition, by sector of origin > Industry 17.6%
Ranked 172nd. 9 times more than Jersey
2%
Ranked 219th.
GDP > Composition, by sector of origin > Agriculture 17.4%
Ranked 55th. 9 times more than Jersey
2%
Ranked 179th.
GDP > CIA Factbook $3.03 trillion
Ranked 4th. 1379 times more than Jersey
$2.20 billion
Ranked 2nd.
Economic aid > Recipient $1.72 billion
Ranked 7th.
0.0
Ranked 14th.
GDP > Per $ GDP $2,625.09 per $1 of GDP
Ranked 130th.
$56,159.98 per $1 of GDP
Ranked 2nd. 21 times more than India

Imports > Commodities crude oil, precious stones, machinery, fertilizer, iron and steel, chemicals machinery and transport equipment, manufactured goods, foodstuffs, mineral fuels, chemicals
Labor force per thousand people 0.000395
Ranked 162nd.
0.554
Ranked 18th. 1402 times more than India

Taxes and other revenues 9.5% of GDP
Ranked 179th.
16.3% of GDP
Ranked 3rd. 72% more than India
Electricity > Consumption 600.6 billion kWh
Ranked 5th. 953 times more than Jersey
630.1 million kWh
Ranked 1st.
Budget > Expenditures > Per capita $152.76 per capita
Ranked 130th.
$9,371.01 per capita
Ranked 25th. 61 times more than India
Budget > Expenditures > Capital $15.00 billion
Ranked 3rd. 192 times more than Jersey
$78.00 million
Ranked 59th.

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; All CIA World Factbooks 18 December 2003 to 18 December 2008; CIA World Factbook 2010, 2011, 2012, 2013; CIA World Factbooks 2010, 2011, 2012, 2013. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.

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