Economy - overview:
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 - $500 million (1997 est.)
GDP - per capita:
purchasing power parity - $17,500 (1997 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)
Labor force:
14,800 (including non-Gibraltar laborers)
Labor force - by occupation:
services 60%, industry 40%, agriculture NEGL%
Unemployment rate:
2% (2001 est.)
Budget:
revenues: $307 million
expenditures: $284 million, including capital expenditures of $NA (FY00/01 est.)
Industries:
tourism, banking and finance, ship repairing, tobacco
Industrial production growth rate:
NA%
Electricity - production:
100 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
93 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
42,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
none
Exports:
$81.1 million f.o.b. (1997)
Exports - commodities:
(principally reexports) petroleum 51%, manufactured goods 41%, other 8%
Exports - partners:
UK, Morocco, Portugal, Netherlands, Spain, US, Germany
Imports:
$492 million c.i.f. (1997)
Imports - commodities:
fuels, manufactured goods, and foodstuffs
Imports - partners:
UK, Spain, Japan, Netherlands
Debt - external:
$NA
Economic aid - recipient:
$NA; note - if an agreement between Spain and the UK is reached, could receive 50 million euros from the EU
Currency:
Gibraltar pound (GIP)
Currency code:
GIP
Exchange rates:
Gibraltar pounds per US dollar - 0.6661 (2002), 0.6944 (2001), 0.6596 (2000), 0.6180 (1999), 0.6037 (1998); 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 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Gibraltar Economy 2003 should be addressed to the CIA.
