Gibraltar Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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%.

Real GDP (purchasing power parity)

$2.044 billion (2014 est.)

$1.85 billion (2013 est.)

$2 billion (2012 est.)

note: data are in 2014 dollars

Real GDP per capita

$61,700 (2014 est.)

$43,000 (2008 est.)

$41,200 (2007 est.)

GDP (official exchange rate)

$2.044 billion (2014 est.)

Inflation rate (consumer prices)

2.5% (2013 est.)

2.2% (2012 est.)

GDP - composition, by sector of origin

agriculture: 0% (2016 est.)

industry: 0% (2008 est.)

services: 100% (2016 est.)

Agricultural products

none

Industries

tourism, banking and finance, ship repairing, tobacco

Industrial production growth rate

N/A

Labor force

24,420 (2014 est.)

Labor force - by occupation

agriculture: NEGL

industry: 1.8%

services: 98.2% (2014 est.)

Unemployment rate

1% (2016 est.)

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 475.8 million (2008 est.)

expenditures: 452.3 million (2008 est.)

Budget surplus (+) or deficit (-)

1.1% (of GDP) (2008 est.)

Public debt

7.5% of GDP (2008 est.)

8.4% of GDP (2006 est.)

Taxes and other revenues

23.3% (of GDP) (2008 est.)

Fiscal year

1 July - 30 June

Exports

$202.3 million (2014 est.)

$271 million (2004 est.)

Exports - partners

Poland 31%, Netherlands 27%, France 11%, Germany 8%, United States 6% (2019)

Exports - commodities

cars, ships, refined petroleum, fish, recreational boats (2019)

Imports

$2.967 billion (2004 est.)

Imports - partners

Spain 19%, US 12%, India 12%, Italy 12%, Netherlands 11%, United Kingdom 7%, Greece 6% (2019)

Imports - commodities

refined petroleum, recreational boats, cars, coal tar oil, crude petroleum (2019)

Debt - external

N/A

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.)

NOTE: The information regarding Gibraltar on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Gibraltar 2022 information contained here. All suggestions for corrections of any errors about Gibraltar 2022 should be addressed to the CIA or the source cited on each page.