Figure 16: Different measures of international telephone usage Jersey's telecommunication connections Outbound voice minutes, millions
United Kingdom Other Crown Dependencies Ireland France European financial centres Rest of the EU Russia and other Europe Asia Australasia Africa America Other offshore financial centres Total Source: Jersey Telecom and Cable and Wireless
Outbound roaming voice minutes, millions Inbound roaming voice minutes, millions
72.3 24.8 4.3 3.4 2.2 4.3 1.0 1.1 0.8 0.8 1.5 0.8
8.9 3.5 0.9 1.6 0.8 1.2 0.2 0.2 0.1 0.1 0.2 0.1
7.0 3.0 0.2 0.9 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0
117.4
17.8
11.6
Economic linkages between countries are typically explained and summarised in ‘balance of trade accounts’. There are currently no such official accounts for Jersey, so we have constructed indicative accounts based on a variety of sources.7 We estimate that Jersey ran an overall trade surplus in the order of £0.6 billion in 2010. We have calculated this by comparing official estimates of the island’s gross value added with estimates of domestic consumption, business investment and government expenditure. The difference between these is the trade balance. (See Figure 17.) Jersey’s 2010 trade surplus is equivalent to sixteen per cent of national output, and compares to the United Kingdom’s trade deficit for that year of two per cent. Of course, high export ratios are not uncommon among small jurisdictions but, against such peers, Jersey often appears to have less dependency on trade. By comparison, Ireland’s trade surplus in 2010 was nineteen per cent of gross domestic product, Luxembourg’s 24 per cent and Singapore 35 per cent.8
7
8
See Note 7.1 for further detail on methodology, but please note that the purpose of the exercise has been to provide first order estimates of the general scale and shape of trade between Jersey, the United Kingdom and elsewhere. Results should be treated with the appropriate caution. Source: Capital Economics’ analysis of Datastream. 27