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World > Europe > Gibraltar > Economy (Facts)

Gibraltar - Economy (Facts)
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


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