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Economy - overview:
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Self-sufficient Gibraltar 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. |
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GDP (purchasing power parity):
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$769 million (2000 est.) |
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GDP - real growth rate:
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NA% |
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GDP - per capita:
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purchasing power parity - $27,900 (2000 est.) |
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GDP - composition by sector:
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agriculture: NA%
industry: NA% services: NA% (2002 est.) |
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Labor force:
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14,800 (including non-Gibraltar laborers) (1999) |
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Labor force - by occupation:
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agriculture negligible, industry 40%, services 60% |
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Unemployment rate:
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2% (2001 est.) |
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Population below poverty line:
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NA% |
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
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Inflation rate (consumer prices):
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1.5% (1998) |
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Budget:
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revenues: $307 million
expenditures: $284 million, including capital expenditures of NA (FY00/01 est.) |
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Agriculture - products:
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none |
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Industries:
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tourism, banking and finance, ship repairing, tobacco |
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Industrial production growth rate:
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NA% |
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Electricity - production:
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104 million kWh (2002) |
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Electricity - production by source:
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fossil fuel: 100%
hydro: 0% nuclear: 0% other: 0% (2001) |
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Electricity - consumption:
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96.76 million kWh (2002) |
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Electricity - exports:
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0 kWh (2002) |
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Electricity - imports:
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0 kWh (2002) |
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Oil - production:
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0 bbl/day (2001 est.) |
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Oil - consumption:
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42,000 bbl/day (2001 est.) |
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Oil - exports:
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NA |
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Oil - imports:
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NA |
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Exports:
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$136 million f.o.b. (2002) |
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Exports - commodities:
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(principally reexports) petroleum 51%, manufactured goods 41%, other 8% |
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Exports - partners:
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France 19.4%, Spain 14.1%, Turkmenistan 12.1%, Switzerland 11.7%, Germany 10.1%, UK 9.1%, Greece 6.8% (2004) |
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Imports:
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$1.743 billion c.i.f. (2002) |
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Imports - commodities:
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fuels, manufactured goods, and foodstuffs |
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Imports - partners:
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Spain 19.9%, Russia 18.4%, UK 10.8%, Italy 8.8%, Germany 7.5%, US 5.1%, Sweden 4.7%, France 4.2% (2004) |
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Debt - external:
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$NA (2000 est.) |
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Economic aid - recipient:
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$NA |
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Currency (code):
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Gibraltar pound (GIP) |
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Currency code:
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GIP |
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Exchange rates:
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Gibraltar pounds per US dollar - 0.5462 (2004), 0.6125 (2003), 0.6672 (2002), 0.6947 (2001), 0.6609 (2000)
note: the Gibraltar pound is at par with the British pound |
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Fiscal year:
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1 July - 30 June |
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