Gibraltar Economy Profile 2009

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.)
$769 million (2000 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.)
$27,900 (2000 est.)

GDP - composition by sector

agriculture: NA%
industry: NA%
services: NA%

Population below poverty line

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.)

Household income or consumption by percentage share

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

Budget

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

Public debt

15.7% of GDP (2005 est.)

Inflation rate (consumer prices)

2.9% (2005)

Industries

tourism, banking and finance, ship repairing, tobacco

Industrial production growth rate

NA%

Electricity - production

142 million kWh (2006 est.)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

142 million kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

0 bbl/day (2007 est.)

Oil - consumption

22,620 bbl/day (2006 est.)

Oil - imports

25,080 bbl/day (2005)

Oil - exports

0 bbl/day (2005)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

0 cu m (2007 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Agriculture - products

none

Exports

$271 million (2004 est.)

Exports - commodities

(principally reexports) petroleum 51%, manufactured goods 41%, other 8%

Imports

$2.967 billion (2004 est.)

Imports - commodities

fuels, manufactured goods, and foodstuffs

Debt - external

$NA

Economic aid - recipient

$NA

Currency (code)

Gibraltar pound (GIP)

Currency (code)

GIP

Exchange rates

Gibraltar pounds (GIP) 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