Economy - overview:
Self-sufficient Gibraltar benefits from an extensive shipping trade, offshore banking, and its position as an international conference center. Tax rates are low to attract foreign investment. The British military presence has been sharply reduced and now contributes about 7% to the local economy, compared with 60% in 1984. 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.
The financial sector, tourism (over 11 million visitors in 2012), gaming revenues, shipping services fees, and duties on consumer goods also generate revenue. The financial sector, tourism, and the shipping sector contribute 30%, 30%, and 25%, respectively, of GDP. Telecommunications, e-commerce, and e-gaming account for the remaining 15%.
GDP (purchasing power parity):
$2.044 billion
(2014 est.)
$1.85 billion
(2013 est.)
$2 billion
(2012 est.)
note: data are in 2014 dollars
country comparison to the world (CIA rank, may be based on non-current data):
196
[see also: GDP country ranks ]
GDP (official exchange rate):
$2.044 billion
(2014 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - per capita (PPP):
$61,700
(2014 est.)
$43,000
(2008 est.)
$41,200
(2007 est.)
country comparison to the world (CIA rank, may be based on non-current data):
18
[see also: GDP - per capita country ranks ]
GDP - composition, by sector of origin:
agriculture: 0%
(2016 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 0%
(2008 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 100%
(2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
Industries:
tourism, banking and finance, ship repairing, tobacco
Industrial production growth rate:
NA
[see also: Industrial production growth rate country ranks ]
Labor force:
24,420
(2014 est.)
country comparison to the world (CIA rank, may be based on non-current data):
209
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture:
NEGL
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 1.8%
[see also: Labor force - by occupation - industry country ranks ]
services: 98.2%
(2014 est.)
[see also: Labor force - by occupation - services country ranks ]
Unemployment rate:
1%
(2016 est.)
country comparison to the world (CIA rank, may be based on non-current data):
9
[see also: Unemployment rate country ranks ]
Population below poverty line:
NA
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%:
NA
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
NA
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
Budget:
revenues: 475.8 million
(2008 est.)
[see also: Budget - revenues country ranks ]
expenditures: 452.3 million
(2008 est.)
[see also: Budget - expenditures country ranks ]
Taxes and other revenues:
23.3% (of GDP)
(2008 est.)
country comparison to the world (CIA rank, may be based on non-current data):
127
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
1.1% (of GDP)
(2008 est.)
country comparison to the world (CIA rank, may be based on non-current data):
31
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
7.5% of GDP
(2008 est.)
8.4% of GDP
(2006 est.)
country comparison to the world (CIA rank, may be based on non-current data):
200
[see also: Public debt country ranks ]
Fiscal year:
1 July - 30 June
Inflation rate (consumer prices):
2.5%
(2013 est.)
2.2%
(2012 est.)
country comparison to the world (CIA rank, may be based on non-current data):
123
[see also: Inflation rate (consumer prices) country ranks ]
Exports:
$202.3 million
(2014 est.)
$271 million
(2004 est.)
country comparison to the world (CIA rank, may be based on non-current data):
189
[see also: Exports country ranks ]
Exports - partners:
Spain 27.1%, Germany 20.4%, Netherlands 10.8%, Poland 8.6%, France 6.6%, Italy 5.7%, Cote dIvoire 4.5%
(2017)
Exports - commodities:
(principally reexports) petroleum 51%, manufactured goods
(2010 est.)
Imports:
$2.967 billion
(2004 est.)
country comparison to the world (CIA rank, may be based on non-current data):
148
[see also: Imports country ranks ]
Imports - commodities:
fuels, manufactured goods, foodstuffs
Imports - partners:
Spain 15.6%, Italy 13.4%, US 13.3%, Netherlands 10.9%, Greece 8.5%, Russia 6.6%, UK 5.8%, Belgium 4.4%
(2017)
Debt - external:
NA
[see also: Debt - external country ranks ]
Exchange rates:
Gibraltar pounds (GIP) per US dollar -
0.885
(2017 est.)
0.903
(2016 est.)
0.9214
(2015 est.)
0.885
(2014 est.)
0.7634
(2013 est.)
