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Gibraltar Economy Profile 2017

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Economy - overviewSelf-sufficient Gibraltar benefits from an extensive shipping trade, offshore banking, and its position as an international conference center. Tax rates are low to attract foreign investment. The British military presence has been sharply reduced and now contributes about 7% to the local economy, compared with 60% in 1984. 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.

The financial sector, tourism (over 11 million visitors in 2012), gaming revenues, shipping services fees, and duties on consumer goods also generate revenue. The financial sector, tourism, and the shipping sector contribute 30%, 30%, and 25%, respectively, of GDP. Telecommunications, e-commerce, and e-gaming account for the remaining 15%.
GDP (purchasing power parity)$2.044 billion (2014 est.)
$1.85 billion (2013 est.)
$2 billion (2012 est.)
GDP (official exchange rate)$2.044 billion (2013 est.)
GDP - per capita (PPP)$61,700 (2014 est.)
$43,000 (2008 est.)
$41,200 (2007 est.)
GDP - composition by sectoragriculture: 0%
industry: 0%
services: 100% (2016 est.)
Population below poverty lineNA%
Labor force24,420 (2014 est.)
Labor force - by occupationagriculture: NEGL
industry: 1.8%
services: 98.2% (2014 est.)
Unemployment rate1% (2016 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $475.8 million
expenditures: $452.3 million (2008 est.)
Taxes and other revenues25.7% of GDP (2008 est.)
Budget surplus (+) or deficit (-)1.3% of GDP (2008 est.)
Public debt7.5% of GDP (2008 est.)
8.4% of GDP (2006 est.)
Inflation rate (consumer prices)2.5% (2013 est.)
2.2% (2012 est.)
Agriculture - productsnone
Industriestourism, banking and finance, ship repairing, tobacco
Industrial production growth rateNA%
Exports$202.3 million (2014 est.)
$271 million (2004 est.)
Exports - commodities(principally reexports) petroleum 51%, manufactured goods (2010 est.)
Imports$2.967 billion (2004 est.)
Imports - commoditiesfuels, manufactured goods, foodstuffs
Debt - external$NA
Exchange ratesGibraltar pounds (GIP) per US dollar -
0.9214 (2016 est.)
0.885 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)
0.64 (2012)
Fiscal year1 July - 30 June

Source: CIA World Factbook
This page was last updated on July 9, 2017

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