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Gibraltar:
Economy

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Gibraltar Page


Economy - overview
Definition
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)
Definition - World rank and map
$1.066 billion (2005 est.)
GDP (official exchange rate)
Definition
$1.066 billion (2005 est.)
GDP - real growth rate
Definition - World rank and map
7% (2005 est.)
GDP - per capita
Definition - World rank and map
$38,200 (2005 est.)
GDP - composition by sector
Definition
agriculture: NA%
industry: NA%
services: NA%
Labor force
Definition
12,690 (including non-Gibraltar laborers) (2001)
Labor force - by occupation
Definition
agriculture: negligible
industry: 40%
services: 60% (2001)
Unemployment rate
Definition - World rank and map
3% (2005 est.)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
2.9% (2005)
Budget
Definition
revenues: $455.1 million
expenditures: $423.6 million (2005 est.)
Public debt
Definition - World rank and map
15.7% of GDP (2005 est.)
Agriculture - products
Definition
none
Industries
Definition
tourism, banking and finance, ship repairing, tobacco
Industrial production growth rate
Definition - World rank and map
NA%
Electricity - production
Definition - World rank and map
141 million kWh (2005)
Electricity - consumption
Definition - World rank and map
141 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
5,035.4 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
25,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
892.8 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
24,350 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Exports
Definition - World rank and map
$271 million f.o.b. (2004 est.)
Exports - commodities
Definition
(principally reexports) petroleum 51%, manufactured goods 41%, other 8%
Exports - partners
Definition
UK 30.8%, Spain 22.7%, Germany 13.7%, Turkmenistan 10.4%, Switzerland 8.3%, Italy 6.7% (2006)
Imports
Definition - World rank and map
$2.967 billion c.i.f. (2004 est.)
Imports - commodities
Definition
fuels, manufactured goods, and foodstuffs
Imports - partners
Definition
Spain 23.4%, Russia 12.3%, Italy 12%, UK 9%, France 8.9%, Netherlands 6.8%, US 4.7% (2006)
Debt - external
Definition - World rank and map
$NA
Economic aid - recipient
Definition
$NA
Currency (code)
Definition
Gibraltar pound (GIP)
Exchange rates
Definition
Gibraltar pounds per US dollar - 0.4993 (2007), 0.5434 (2006), 0.5504 (2005), 0.5462 (2004), 0.6125 (2003)
note: the Gibraltar pound is at par with the British pound
Fiscal year
Definition
1 July - 30 June


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