| 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 - real growth rate: |
NA |
| GDP (purchasing power parity): |
$769 million (2000 est.) |
| GDP (official exchange rate): |
NA |
| GDP - per capita (PPP): |
$27,900 (2000 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: |
12,690 (including non-Gibraltar laborers) (2001) |
| 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: |
131.2 million kWh (2004) |
| Electricity - consumption: |
122 million kWh (2004) |
| Electricity - exports: |
0 kWh (2004) |
| Electricity - imports: |
0 kWh (2004) |
| Oil - production: |
0 bbl/day (2004 est.) |
| Oil - consumption: |
24,000 bbl/day (2004 est.) |
| Oil - exports: |
NA bbl/day |
| Oil - imports: |
NA bbl/day |
| Oil - proved reserves: |
0 bbl |
| Natural gas - production: |
0 cu m (2004 est.) |
| Agriculture - products: |
none |
| Exports: |
$271 million f.o.b. (2004 est.) |
| Exports - commodities: |
(principally reexports) petroleum 51%, manufactured goods 41%, other 8% |
| Exports - partners: |
UK 30.8%, Spain 22.7%, Germany 13.7%, Turkmenistan 10.4%, Switzerland 8.3%, Italy 6.7% (2006) |
| Imports: |
$2.967 billion c.i.f. (2004 est.) |
| Imports - commodities: |
fuels, manufactured goods, and foodstuffs |
| Imports - partners: |
Spain 23.4%, Russia 12.3%, Italy 12%, UK 9%, France 8.9%, Netherlands 6.8%, US 4.7% (2006) |
| Debt - external: |
NA |
| Economic aid - recipient: |
NA |
| Currency: |
Gibraltar Pound (GIP) |
| Currency code: |
GIP |
| Exchange rates: |
Gibraltar pounds per US dollar - 0.5434 (2006), 0.5504 (2005), 0.5462 (2004), 0.6125 (2003), 0.6672 (2002)
note: the Gibraltar pound is at par with the British pound |
| Fiscal year: |
1 July - 30 June |
