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.)

Population below poverty line:

NA%

Household income or consumption by percentage share:

lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):

2.9% (2005)

Budget:

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

Public debt:

15.7% of GDP (2005 est.)

Agriculture - products:

none

Industries:

tourism, banking and finance, ship repairing, tobacco

Industrial production growth rate:

NA%

Electricity - production:

141 million kWh (2005)

Electricity - consumption:

141 million kWh (2005)

Electricity - exports:

0 kWh (2005)

Electricity - imports:

0 kWh (2005)

Oil - production:

0 bbl/day (2005 est.)

Oil - consumption:

25,000 bbl/day (2005 est.)

Oil - exports:

0 bbl/day (2004)

Oil - imports:

24,350 bbl/day (2004)

Oil - proved reserves:

0 bbl (1 January 2006 est.)

Natural gas - production:

0 cu m (2005 est.)

Natural gas - consumption:

0 cu m (2005 est.)

Natural gas - exports:

0 cu m (2005 est.)

Natural gas - imports:

0 cu m (2005)

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)

Economic aid - recipient:

$NA

Debt - external:

$NA

Currency (code):

Gibraltar pound (GIP)

Exchange rates:

Gibraltar pounds 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:

1 July - 30 June