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Gibraltar:
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Other pages in this profile of Gibraltar:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
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 (official exchange rate) |
$NA |
GDP - real growth rate |
NA% |
GDP - per capita |
$27,900 (2000 est.) |
GDP - composition by sector |
agriculture: NA% industry: NA% services: NA% |
Labor force |
12,690 (including non-Gibraltar laborers) (2001) |
Labor force - by occupation |
agriculture: negligible industry: 40% services: 60% (2001) |
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) |
Budget |
revenues: $307 million expenditures: $284 million (FY00/01 est.) |
Agriculture - products |
none |
Industries |
tourism, banking and finance, ship repairing, tobacco |
Electricity - production |
141 million kWh (2005) |
Electricity - consumption |
141 million kWh (2005) |
Electricity - exports |
0 kWh (2005) |
Electricity - imports |
0 kWh (2005) |
Oil - production |
0 bbl/day (2004 est.) |
Oil - consumption |
24,000 bbl/day (2004 est.) |
Oil - exports |
NA bbl/day |
Oil - imports |
NA bbl/day |
Oil - proved reserves |
0 bbl (1 January 2006) |
Natural Gas - production |
0 cu m (2005 est.) |
Natural Gas - consumption |
0 cu m (2005 est.) |
Exports |
$271 million f.o.b. (2004 est.) |
Exports - commodities |
(principally reexports) petroleum 51%, manufactured goods 41%, other 8% |
Exports - partners |
UK 30.8%, Spain 22.7%, Germany 13.7%, Turkmenistan 10.4%, Switzerland 8.3%, Italy 6.7% (2006) |
Imports |
$2.967 billion c.i.f. (2004 est.) |
Imports - commodities |
fuels, manufactured goods, and foodstuffs |
Imports - partners |
Spain 23.4%, Russia 12.3%, Italy 12%, UK 9%, France 8.9%, Netherlands 6.8%, US 4.7% (2006) |
Debt - external |
$NA |
Economic aid - recipient |
$NA |
Currency (code) |
Gibraltar pound (GIP) |
Exchange rates |
Gibraltar pounds per US dollar - 0.5434 (2006), 0.5504 (2005), 0.5462 (2004), 0.6125 (2003), 0.6672 (2002) note: the Gibraltar pound is at par with the British pound |
Fiscal year |
1 July - 30 June |
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