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Gibraltar Economy 1996

Overview:

Gibraltar benefits from an extensive shipping trade and offshore banking. 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, shipping services fees, and duties on consumer goods also generate revenue. 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.

National product:

GDP - purchasing power parity - $205 million (1993 est.)

National product real growth rate:

NA%

National product per capita:

$6,600 (1993 est.)

Inflation rate (consumer prices):

3.6% (1988)

Unemployment rate:

NA%

Budget:

revenues:

$116 million

expenditures:

$124 million, including capital expenditures of $NA (1992-93)

Exports:

$57 million (f.o.b., 1992)

commodities:

(principally re-exports) petroleum 51%, manufactured goods 41%, other 8%

partners:

UK, Morocco, Portugal, Netherlands, Spain, US, FRG

Imports:

$420 million (c.i.f., 1992)

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:

90 million kWh

consumption per capita:

2,539 kWh (1993)

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 - 0.6350 (January 1995), 0.6529 (1994), 0.6658 (1993), 0.5664 (1992), 0.5652 (1991), 0.5603 (1990); note - the Gibraltar pound is at par with the British pound

Fiscal year:

1 July - 30 June

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