ECONOMY
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 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: 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 (2002 est.)
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) (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.)
Agriculture - products:
none
Industries:
tourism, banking and finance, ship repairing, tobacco
Industrial production growth rate:
NA
Electricity - production:
100 million kWh (2001)
Electricity - consumption:
93 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
42,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Exports:
$136 million f.o.b. (2002)
Exports - commodities:
(principally reexports) petroleum 51%, manufactured goods 41%,
other 8%
Exports - partners:
Germany 25.6%, France 24.8%, UK 14.3%, Turkmenistan 9.4%, Switzerland
7.5%, Spain 5.6% (2003)
Imports:
$1.743 billion c.i.f. (2002)
Imports - commodities:
fuels, manufactured goods, and foodstuffs
Imports - partners:
Spain 26.5%, UK 14.8%, Russia 8.2%, Italy 6.6%, Netherlands 6.5%,
France 5.3%, Germany 4.6%, Romania 4.2% (2003)
Debt - external:
NA (2000 est.)
Economic aid - recipient:
NA
Currency:
Gibraltar pound (GIP)
Currency code:
GIP
Exchange rates:
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
Fiscal year:
1 July - 30 June
