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Gibraltar: Economy

Economy Gibraltar
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 - real growth rate:
NA%
GDP - per capita:
purchasing power parity - $17,500 (1997 est.)
GDP - composition by sector:
agriculture: NA%
industry: NA%
services: NA%
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 (FY 00/01 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 27.7%, Switzerland 14.3%, Germany 12%, France 6.9%, Spain 6.1%, Turkmenistan 5%, Ukraine 4.6% (2002)
Imports:
$492 million c.i.f. (1997)
Imports - commodities:
fuels, manufactured goods, and foodstuffs
Imports - partners:
Germany 27.3%, Spain 21.8%, UK 12.1%, Italy 8% (2002)
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

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Government
Economy
Communications
Transportation
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Source: The CIA World Fact Book 2003

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