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Economy - overview:
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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.
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GDP (purchasing power parity):
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$1.066 billion (2005 est.)
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GDP (official exchange rate):
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$1.066 billion (2005 est.)
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GDP - real growth rate:
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7% (2005 est.)
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GDP - per capita (PPP):
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$38,200 (2005 est.)
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GDP - composition by sector:
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agriculture: NA%
industry: NA%
services: NA%
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Labor force:
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12,690 (including non-Gibraltar laborers) (2001)
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Labor force - by occupation:
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agriculture: negligible
industry: 40%
services: 60% (2001)
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Unemployment rate:
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3% (2005 est.)
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA%
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Budget:
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revenues: $455.1 million
expenditures: $423.6 million (2005 est.)
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Public debt:
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15.7% of GDP (2005 est.)
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Inflation rate (consumer prices):
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2.9% (2005)
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Agriculture - products:
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none
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Industries:
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tourism, banking and finance, ship repairing, tobacco
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Industrial production growth rate:
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NA%
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Electricity - production:
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142 million kWh (2006 est.)
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Electricity - consumption:
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142 million kWh (2006 est.)
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Electricity - exports:
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0 kWh (2007 est.)
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Electricity - imports:
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0 kWh (2007 est.)
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Oil - production:
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0 bbl/day (2007 est.)
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Oil - consumption:
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22,620 bbl/day (2006 est.)
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Oil - exports:
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0 bbl/day (2005)
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Oil - imports:
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25,080 bbl/day (2005)
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Oil - proved reserves:
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0 bbl (1 January 2006 est.)
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Natural gas - production:
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0 cu m (2007 est.)
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Natural gas - consumption:
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0 cu m (2007 est.)
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Natural gas - exports:
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0 cu m (2007 est.)
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Natural gas - imports:
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0 cu m (2007 est.)
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Natural gas - proved reserves:
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0 cu m (1 January 2006 est.)
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Exports:
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$271 million f.o.b. (2004 est.)
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Exports - commodities:
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(principally reexports) petroleum 51%, manufactured goods 41%, other 8%
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Exports - partners:
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UK 30.8%, Spain 22.7%, Germany 13.7%, Turkmenistan 10.4%, Switzerland 8.3%, Italy 6.7% (2006)
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Imports:
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$2.967 billion c.i.f. (2004 est.)
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Imports - commodities:
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fuels, manufactured goods, and foodstuffs
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Imports - partners:
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Spain 23.4%, Russia 12.3%, Italy 12%, UK 9%, France 8.9%, Netherlands 6.8%, US 4.7% (2006)
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Debt - external:
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$NA
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Currency (code):
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Gibraltar pound (GIP)
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Exchange rates:
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Gibraltar pounds (GIP) per US dollar - 0.4993 (2007), 0.5434 (2006), 0.5504 (2005), 0.5462 (2004), 0.6125 (2003)
note: the Gibraltar pound is at par with the British pound
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