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Gibraltar Economy




Gibraltar    Economy Top of Page
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: agriculture:  NA%

industry:  NA%

services:  NA%
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%:  NA%

highest 10%:  NA%
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
Industrial production growth rate: NA%
Electricity - production: 95 million kWh (1999)
Electricity - production by source: fossil fuel:  100%

hydro:  0%

nuclear:  0%

other:  0% (1999)
Electricity - consumption: 88.4 million kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 0 kWh (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: 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: Gibraltar pound (GIP)
Currency code: GIP
Exchange rates: Gibraltar pounds per US dollar - 0.6764 (January 2001), 0.6596 (2000), 0.6180 (1999), 0.6037 (1998), 0.6106 (1997), 0.6403 (1996); note - the Gibraltar pound is at par with the British pound
Fiscal year: 1 July - 30 June

 

Countryfacts Information Courtesy: CIA Worldbook








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