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Economy - overview:
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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.
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GDP:
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purchasing power parity - $500 million (1997 est.)
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GDP - real growth rate:
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NA%
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GDP - per capita:
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purchasing power parity - $17,500 (1997 est.)
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GDP - composition by sector:
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agriculture: NA%
industry: NA%
services: NA%
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Population below poverty line:
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NA%
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA%
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Inflation rate (consumer prices):
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1.5% (1998)
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Labor force:
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14,800 (including non-Gibraltar laborers)
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Labor force - by occupation:
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services 60%, industry 40%, agriculture NEGL%
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Unemployment rate:
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2% (2001 est.)
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Budget:
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revenues: $307 million
expenditures: $284 million, including capital expenditures of $NA (FY 00/01 est.)
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Industries:
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tourism, banking and finance, ship repairing, tobacco
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Industrial production growth rate:
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NA%
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Electricity - production:
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100 million kWh (2001)
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Electricity - production by source:
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity - consumption:
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93 million kWh (2001)
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Electricity - exports:
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0 kWh (2001)
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Electricity - imports:
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0 kWh (2001)
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Oil - production:
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0 bbl/day (2001 est.)
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Oil - consumption:
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42,000 bbl/day (2001 est.)
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Oil - exports:
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NA (2001)
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Oil - imports:
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NA (2001)
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Agriculture - products:
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none
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Exports:
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$81.1 million f.o.b. (1997)
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Exports - commodities:
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(principally reexports) petroleum 51%, manufactured goods 41%, other 8%
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Exports - partners:
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UK 27.7%, Switzerland 14.3%, Germany 12%, France 6.9%, Spain 6.1%, Turkmenistan 5%, Ukraine 4.6% (2002)
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Imports:
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$492 million c.i.f. (1997)
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Imports - commodities:
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fuels, manufactured goods, and foodstuffs
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Imports - partners:
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Germany 27.3%, Spain 21.8%, UK 12.1%, Italy 8% (2002)
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Debt - external:
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$NA
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Economic aid - recipient:
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$NA; note - if an agreement between Spain and the UK is reached, could receive 50 million euros from the EU
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Currency:
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Gibraltar pound (GIP)
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Currency code:
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GIP
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Exchange rates:
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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
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Fiscal year:
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1 July - 30 June
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