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 6 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:
Population below poverty line:
NA%
Household income or consumption by percentage share:
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:
13.5% (1996)
Budget:
Industries:
tourism, banking and finance, ship-building and repairing; support to large UK naval and air bases; tobacco, mineral water, beer, canned fish
Industrial production growth rate:
NA%
Electricity - production:
90 million kWh (1998)
Electricity - production by source:
Electricity - consumption:
84 million kWh (1998)
Electricity - exports:
0 kWh (1998)
Electricity - imports:
0 kWh (1998)
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
Debt - external:
$NA
Economic aid - recipient:
$NA
Currency:
1 Gibraltar pound = 100 pence
Exchange rates:
Gibraltar pounds per US$1 - 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
agriculture:
NA%
industry:
NA%
services:
NA%
lowest 10%:
NA%
highest 10%:
NA%
revenues:
$119.3 million
expenditures:
$122.1 million, including capital expenditures of $NA (FY96/97)
fossil fuel:
100%
hydro:
0%
nuclear:
0%
other:
0% (1998)