Gibraltar Economy - 2006

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 (PPP):
$27,900 (2000 est.)

GDP - composition by sector:
agriculture: NA%
industry: NA%
services: NA%

Labor force:
14,800 (including non-Gibraltar laborers) (1999)

Labor force - by occupation:
agriculture: negligible
industry: 40%
services: 60%

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; including capital expenditures of $NA (FY00/01 est.)

Agriculture - products:
none

Industries:
tourism, banking and finance, ship repairing, tobacco

Industrial production growth rate:
NA%

Electricity - production:
106.1 million kWh (2003)

Electricity - consumption:
98.69 million kWh (2003)

Electricity - exports:
0 kWh (2003)

Electricity - imports:
0 kWh (2003)

Oil - production:
0 bbl/day (2003 est.)

Oil - consumption:
23,500 bbl/day (2003 est.)

Oil - exports:
NA bbl/day

Oil - imports:
NA bbl/day

Natural gas - production:
0 cu m (2003 est.)

Natural gas - consumption:
0 cu m (2003 est.)

Exports:
$271 million f.o.b. (2004 est.)

Exports - commodities:
(principally reexports) petroleum 51%, manufactured goods 41%, other 8%

Exports - partners:
France 19.4%, Spain 14.1%, Turkmenistan 12.1%, Switzerland 11.7%, Germany 10.1%, UK 9.1%, Greece 6.8% (2004)

Imports:
$2.967 billion c.i.f. (2004 est.)

Imports - commodities:
fuels, manufactured goods, and foodstuffs

Imports - partners:
Spain 20.2%, Russia 18.5%, UK 10.8%, Italy 8.2%, Germany 7.5%, US 5.1%, Sweden 4.7%, France 4.2% (2004)

Debt - external:
$NA (2000 est.)

Economic aid - recipient:
$NA

Currency (code):
Gibraltar pound (GIP)

Exchange rates:
Gibraltar pounds per US dollar - 0.55 (2005), 0.5462 (2004), 0.6125 (2003), 0.6672 (2002), 0.6947 (2001)
note: the Gibraltar pound is at par with the British pound