Economy of 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 11% to the local economy. The financial sector accounts for 20% of GDP; tourism (almost 5 million visitors in 1998), shipping services fees, and duties on consumer goods also generate revenue. 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)
Budget

revenues
$307 million

expenditures
$284 million, including capital expenditures of $NA (FY00/01)

Industries tourism, banking and finance, ship repairing, tobacco

Industrial production growth rate
NA%

Electricity - production
100 GWh (2001)

Electricity - production by source

fossil fuel
100%

hydro
0%

nuclear
0%

other
0% (2001)

Electricity - consumption
93 GWh (2001)

Electricity - exports
0 kWh (1998)

Electricity - imports
0 kWh (1998)

Oil - production
0 barrel/day (2001 est.)

Oil - consumption
42,000 barrel/day (6,700 m³/d) 2001

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, Morocco, Portugal, Netherlands, Spain, US, Germany

Imports
$492 million (c.i.f., 1997)

Imports - commodities
Fuels, manufactured goods, and foodstuffs

Imports - partners UK, Spain, Japan, Netherlands

Currency
1 Gibraltar pound = 100 pence

Exchange rates
Gibraltar pounds per US$1 - 0.0661 (2002), 0.6092 (January 2000), 0.6180 (1999), 0.6037 (1998), 0.6106 (1997), 0.6403 (1996), 0.6335 (1995); note - the Gibraltar pound is at par with the British pound

Fiscal year
1 July - 30 June

See also : Gibraltar

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