Gibraltar Economy:
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.
GDP (purchasing power parity)::
$769 million (2000 est.)
GDP — real growth rate:
NA
GDP — per capita:
purchasing power parity: $27,900 (2000 est.)
GDP — composition by sector:
agriculture: NA
industry: NA
services: NA
(2002)
Labor force:
14,800 (including non-Gibraltar laborers) (1999 est.)
Labor force — by occupation:
services: 60%, industry: 40%, agriculture: negligible%
Unemployment rate:
2% (2001 est.)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
1.5% (1998 est.)
Budget:
revenues: $307 million (FY00/01 est.)
expenditures: $284 million (FY00/01 est.)
capital expenditures: NA (FY00/01 est.)
Agriculture — products:
None
Industries:
tourism, banking and finance, ship repairing, tobacco
Industrial production growth rate:
NA
Electricity — production:
104 million kWh (2002 est.)
Electricity — consumption:
96.76 million kWh (2002 est.)
Electricity — exports:
0 kWh (2002 est.)
Electricity — imports:
0 kWh (2002 est.)
Oil — production:
0 bbl/day (2001 est.)
Oil — consumption:
42,000 bbl/day (2001 est.)
Oil — exports:
NA
Oil — imports:
NA
Exports:
$136 million (f.o.b. 2002 est.)
Exports — commodities:
petroleum 51%, manufactured goods 41%, other 8%
Exports — partners:
UK 9.1%, France 19.4%, Greece 6.8%, Switzerland 11.7%, Spain 14.1%, Turkmenistan 12.1%, Germany 10.1% (2004)
Imports:
$1.74 billion (c.i.f. 2002 est.)
Imports — commodities:
fuels, manufactured goods, foodstuffs
Imports — partners:
UK 10.8%, Spain 19.9%, Italy 8.8%, Russia 18.4%, Germany 7.5%, US 5.1%, Sweden 4.7%, France 4.2% (2004)
Debt — external:
NA (2000 est.)
Economic aid — recipient:
NA
Currency:
Gibraltar pound (GIP)
Exchange rates:
Gibraltar pounds per US$: 0.55 (2004 est.), 0.61 (2003 est.), 0.67 (2002 est.), 0.69 (2001 est.), 0.66 (2000 est.)
note: The Gibraltar pound is at par with the British pound
Fiscal year:
1 July - 30 June
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