Gibraltar Economy Profile 2001

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)

purchasing power parity - $500 million (1997 est.)

GDP - real growth rate

NA%

GDP - per capita (PPP)

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