The economy of Jersey is a highly developed social market economy. It is largely driven by international financial services and legal services, which accounted for 39.5% of total GVA in 2019, a 4% increase on 2018. Jersey is considered to be an offshore financial centre and one of the most economically successful OFCs in the world. Jersey has the preconditions to be a microstate, but it is a self-governing Crown dependency of the UK. It is sometimes considered to be a tax haven.