Gibraltar Economy, Gibraltar Economy

Economy - overview: Self-sufficient 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:

GDP - real growth rate: NA%

GDP - per capita: Purchasing power parity - $27,900 (2000 est.)

GDP - composition by sector: Agriculture: NA% industry: NA% services: NA% (2002 est.)

Population below poverty line: NA%

Household income or consumption by percentage share: Lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 14,800 (including non-Gibraltar laborers) (1999)

Labor force - by occupation: Agriculture negligible, industry 40%, services 60%

Unemployment rate: 2% (2001 est.)

Budget: Revenues: $307 million expenditures: $284 million, including capital expenditures of NA (FY00/01 est.)

Industries: Tourism, banking and finance, ship repairing, tobacco

Industrial production growth rate: NA%

Electricity - production: 104 million kWh (2002)

Electricity - production by source:

Electricity - consumption: 96.76 million kWh (2002)

Electricity - exports: 0 kWh (2002)

Electricity - imports: 0 kWh (2002)

Oil - production: 0 bbl/day (2001 est.)

Oil - consumption: 42,000 bbl/day (2001 est.)

Oil - exports: NA

Oil - imports: NA

Oil - proved reserves:

Natural gas - production:

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Natural gas - proved reserves:

Agriculture - products: None

Exports: $136 million f.o.b. (2002)

Exports - commodities: (principally reexports) petroleum 51%, manufactured goods 41%, other 8%

Exports - partners: France 19.4%, Spain 14.1%, Turkmenistan 12.1%, Switzerland 11.7%, Germany 10.1%, UK 9.1%, Greece 6.8% (2004)

Imports: $1.743 billion c.i.f. (2002)

Imports - commodities: Fuels, manufactured goods, and foodstuffs

Imports - partners: Spain 19.9%, Russia 18.4%, UK 10.8%, Italy 8.8%, Germany 7.5%, US 5.1%, Sweden 4.7%, France 4.2% (2004)

Debt - external: $NA (2000 est.)

Economic aid - recipient: $NA

Currency:

Currency code:

Exchange rates: Gibraltar pounds per US dollar - 0.5462 (2004), 0.6125 (2003), 0.6672 (2002), 0.6947 (2001), 0.6609 (2000) note: the Gibraltar pound is at par with the British pound

Fiscal year: 1 July - 30 June

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The information here has been derived from Public Domain Sources such as the CIA World Factbook. No liability can be taken for any inaccuracies.

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