Economy of Gibraltar

Mother Earth Travel > Country Index > Gibraltar > Map 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 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 - per capita: purchasing power parity - $17,500 (1997 est.)
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:
revenues:  $307 million
expenditures:  $284 million, including capital expenditures of $NA (FY00/01 est.)
Industries: tourism, banking and finance, ship-building and repairing; support to large UK naval and air bases; tobacco, mineral water, beer, canned fish
Electricity - production: 95 million kWh (1999)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1999)
Agriculture - products: none
Exports: $81.1 million (f.o.b., 1997)
Exports - commodities: (principally reexports) petroleum 51%, manufactured goods 41%, other 8%
Exports - partners: United Kingdom, Morocco, Portugal, Netherlands, Spain, United States, Germany
Imports: $492 million (c.i.f., 1997)
Imports - commodities: fuels, manufactured goods, and foodstuffs
Imports - partners: United Kingdom, Spain, Japan, Netherlands
Currency: Gibraltar pound (GIP)

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Gibraltar > Map Economy