Gibraltar Economy
Economy - overviewGibraltar benefits from an extensive shipping trade, offshore banking, and its position as an international conference center. The British military presence has been sharply reduced and now contributes about 7% to the local economy, compared with 60% in 1984. The financial sector, tourism (almost 5 million visitors in 1998), shipping services fees, and duties on consumer goods also generate revenue. The financial sector, the shipping sector, and tourism each contribute 25%-30% of GDP. Telecommunications accounts for another 10%. In recent years, Gibraltar has seen major structural change from a public to a private sector economy, but changes in government spending still have a major impact on the level of employment.
GDP
purchasing power parity - $500 million (1997 est.)
GDP - real growth rate
NA
GDP - per capita
purchasing power parity - $17,500 (1997 est.)
GDP - composition by sector
agriculture: NA
industry: NA
services: NA (2002 est.)
Population below poverty line
NA
Household income or consumption by percentage share
lowest 10%: NA
highest 10%: NA
Inflation rate
1.5% (1998)
Labor force
14,800 (including non-Gibraltar laborers) (1999)
Labor force - by occupation
agriculture negligible, industry 40%, services 60%
Unemployment rate
2% (2001 est.)
Budget
revenues: $307 million
expenditures: $284 million, including capital expenditures of NA (FY00/01 est.)
Agriculture - products
none
Industries
tourism, banking and finance, ship repairing, tobacco
Industrial production growth rate
NA
Electricity - production
100 million kWh (2001)
Electricity - consumption
93 million kWh (2001)
Electricity - exports
0 kWh (2001)
Electricity - imports
0 kWh (2001)
Oil - production
0 bbl/day (2001 est.)
Oil - consumption
42,000 bbl/day (2001 est.)
Oil - exports
NA (2001)
Oil - imports
NA (2001)
Exports
$136 million f.o.b. (2002)
Exports - commodities
(principally reexports) petroleum 51%, manufactured goods 41%, other 8%
Exports - partners
Germany 25.6%, France 24.8%, UK 14.3%, Turkmenistan 9.4%, Switzerland 7.5%, Spain 5.6% (2003)
Imports
$1.743 billion c.i.f. (2002)
Imports - commodities
fuels, manufactured goods, and foodstuffs
Imports - partners
Spain 26.5%, UK 14.8%, Russia 8.2%, Italy 6.6%, Netherlands 6.5%, France 5.3%, Germany 4.6%, Romania 4.2% (2003)
Debt - external
NA (2000 est.)
Currency
Gibraltar pound (GIP)
Currency code
GIP
Exchange rates
Gibraltar pounds per US dollar - 0.6661 (2002), 0.6944 (2001), 0.6596 (2000), 0.6180 (1999), 0.6037 (1998); note - the Gibraltar pound is at par with the British pound
