Gibraltar



Flags of All Countries

Gibraltar Economy 2008


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 (purchasing power parity): $1.066 billion (2005 est.)
GDP (official exchange rate): $1.066 billion (2005 est.)
GDP - real growth rate: 7% (2005 est.)
GDP - per capita (PPP): $38,200 (2005 est.)
GDP - composition by sector: agriculture: NA% industry: NA% services: NA%
Labor force: 12,690 (including non-Gibraltar laborers) (2001)
Labor force - by occupation: agriculture: negligible industry: 40% services: 60% (2001)
Unemployment rate: 3% (2005 est.)
Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%
Budget: revenues: $455.1 million expenditures: $423.6 million (2005 est.)
Public debt: 15.7% of GDP (2005 est.)
Inflation rate (consumer prices): 2.9% (2005)
Agriculture - products: none
Industries: tourism, banking and finance, ship repairing, tobacco
Industrial production growth rate: NA%
Electricity - production: 142 million kWh (2006 est.)
Electricity - consumption: 142 million kWh (2006 est.)
Electricity - exports: 0 kWh (2007 est.)
Electricity - imports: 0 kWh (2007 est.)
Oil - production: 0 bbl/day (2007 est.)
Oil - consumption: 22,620 bbl/day (2006 est.)
Oil - exports: 0 bbl/day (2005)
Oil - imports: 25,080 bbl/day (2005)
Oil - proved reserves: 0 bbl (1 January 2006 est.)
Natural gas - production: 0 cu m (2007 est.)
Natural gas - consumption: 0 cu m (2007 est.)
Natural gas - exports: 0 cu m (2007 est.)
Natural gas - imports: 0 cu m (2007 est.)
Natural gas - proved reserves: 0 cu m (1 January 2006 est.)
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
Currency (code): Gibraltar pound (GIP)
Exchange rates: 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

NOTE: The economy information regarding Gibraltar on this page is re-published from the 2008 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Gibraltar Economy 2008 information contained here. All suggestions for corrections of any errors about Gibraltar Economy 2008 should be addressed to the CIA.