Economy of Gibraltar
From Academic Kids
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 5 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 2% (2001) Budget
revenues $307 million
expenditures $284 million, including capital expenditures of $NA (FY00/01)
Industries tourism, banking and finance, ship repairing, tobacco
Industrial production growth rate NA%
Electricity - production 100 GWh (2001)
Electricity - production by source
fossil fuel 100%
hydro 0%
nuclear 0%
other 0% (2001)
Electricity - consumption 93 GWh (2001)
Electricity - exports 0 kWh (1998)
Electricity - imports 0 kWh (1998)
Oil - production 0 barrel/day (2001 est.)
Oil - consumption 42,000 barrel/day (6,700 m³/d) 2001
Oil - exports NA (2001)
Oil - imports NA (2001)
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
Currency 1 Gibraltar pound = 100 pence
Exchange rates Gibraltar pounds per US$1 - 0.0661 (2002), 0.6092 (January 2000), 0.6180 (1999), 0.6037 (1998), 0.6106 (1997), 0.6403 (1996), 0.6335 (1995); note - the Gibraltar pound is at par with the British pound
- See also : Gibraltar
