Overview: The British military presence has been severely reduced and now only contributes about 11% to the local economy. The financial sector accounts for 15% of GDP; tourism and shipping services fees also generate income. Because more than 70% of the economy is in the public sector, changes in government spending have a major impact on the level of employment. Construction workers are particularly affected when government expenditures are cut.

National product: GNP - exchange rate conversion - $182 million (FY87)

National product real growth rate: 5% (FY87)

National product per capita: $4,600 (FY87)

Inflation rate (consumer prices): 3.6% (1988)

Unemployment rate: NA%

Budget:
revenues: $136 million
expenditures: $139 million, including capital expenditures of $NA (FY88)

Exports: $82 million (f.o.b., 1988)
commodities: (principally re-exports) petroleum 51%, manufactured goods 41%, other 8%
partners: UK, Morocco, Portugal, Netherlands, Spain, US, FRG

Imports: $258 million (c.i.f., 1988)
commodities: fuels, manufactured goods, and foodstuffs
partners: UK, Spain, Japan, Netherlands

External debt: $318 million (1987)

Industrial production: growth rate NA%

Electricity:
capacity: 47,000 kW
production: 200 million kWh
consumption per capita: 6,740 kWh (1992)

Industries: tourism, banking and finance, construction, commerce; support to large UK naval and air bases; transit trade and supply depot in the port; light manufacturing of tobacco, roasted coffee, ice, mineral waters, candy, beer, and canned fish

Agriculture: none

Economic aid:
recipient: US commitments, including Ex-Im (FY70-88), $800,000; Western (non-US) countries and ODA bilateral commitments (1992-93), $2.5 million

Currency: 1 Gibraltar pound (#G) = 100 pence
Exchange rates: Gibraltar pounds (#G) per US$1 - 0.6699 (January 1994), 0.6658 (1993), 0.5664 (1992), 0.5652 (1991), 0.5603 (1990), 0.6099 (1989); note - the Gibraltar pound is at par with the British pound

Fiscal year: 1 July - 30 June

NOTE: The information regarding Gibraltar on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Gibraltar Economy 1995 information contained here. All suggestions for corrections of any errors about Gibraltar Economy 1995 should be addressed to the CIA.