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The Economy of Gibraltar

Gibraltar Economy

Gibraltar's map

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:

GDP - real growth rate: 7% (2005 est.)

GDP - per capita:

GDP - composition by sector: agriculture: NA% industry: NA% services: NA%

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

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.)

Budget: revenues: $455.1 million expenditures: $423.6 million (2005 est.)

Industries: tourism, banking and finance, ship repairing, tobacco

Industrial production growth rate: NA%

Electricity - production: 142 million kWh (2006 est.)

Electricity - production by source:

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.)

Agriculture - products: none

Exports: $271 million f.o.b. (2004 est.)

Exports - commodities: (principally reexports) petroleum 51%, manufactured goods 41%, other 8%

Exports - partners:

Imports: $2.967 billion c.i.f. (2004 est.)

Imports - commodities: fuels, manufactured goods, and foodstuffs

Imports - partners:

Debt - external: $NA

Economic aid - recipient:

Currency:

Currency code:

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

Fiscal year: