Gibraltar Economy - 2024

Economic overview

British territorial high-income economy; Brexit caused significant economic disruption to longstanding financial services, shipping, and tourism industries; ongoing negotiations to rejoin EU Schengen Area; independent taxation authority

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.)

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 and vehicle parts, ships, refined petroleum, recreational boats, designer watches (2021)

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 -

Exchange rates:
0.727 (2021 est.)
0.78 (2020 est.)
0.783 (2019 est.)
0.75 (2018 est.)
0.777 (2017 est.)