| Economy - overview | Self-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.) note: data are in 2014 dollars |
| GDP (official exchange rate) | $2.044 billion (2014 est.) |
| GDP - per capita (PPP) | $61,700 (2014 est.) $43,000 (2008 est.) $41,200 (2007 est.) |
| GDP - composition by sector | agriculture: 0% (2016 est.) industry: 0% (2008 est.) services: 100% (2016 est.) |
| Population below poverty line | NA |
| Labor force | 24,420 (2014 est.) |
| Labor force - by occupation | agriculture: NEGL industry: 1.8% services: 98.2% (2014 est.) |
| Unemployment rate | 1% (2016 est.) |
| Household income or consumption by percentage share | lowest 10%: NA highest 10%: NA |
| Budget | revenues: 475.8 million (2008 est.) expenditures: 452.3 million (2008 est.) |
| Taxes and other revenues | 23.3% (of GDP) (2008 est.) |
| Budget surplus (+) or deficit (-) | 1.1% (of GDP) (2008 est.) |
| Public debt | 7.5% of GDP (2008 est.) 8.4% of GDP (2006 est.) |
| Inflation rate (consumer prices) | 2.5% (2013 est.) 2.2% (2012 est.) |
| Agriculture - products | none |
| Industries | tourism, banking and finance, ship repairing, tobacco |
| Industrial production growth rate | NA |
| Exports | $202.3 million (2014 est.) $271 million (2004 est.) |
| Exports - commodities | cars, ships, refined petroleum, fish, recreational boats (2019) |
| Exports - partners | Poland 31%, Netherlands 27%, France 11%, Germany 8%, United States 6% (2019) |
| Imports | $2.967 billion (2004 est.) |
| Imports - commodities | refined petroleum, recreational boats, cars, coal tar oil, crude petroleum (2019) |
| Imports - partners | Spain 19%, US 12%, India 12%, Italy 12%, Netherlands 11%, United Kingdom 7%, Greece 6% (2019) |
| Debt - external | NA |
| Exchange rates | Gibraltar pounds (GIP) per US dollar - 0.885 (2017 est.) 0.903 (2016 est.) 0.9214 (2015 est.) 0.885 (2014 est.) 0.7634 (2013 est.) |
| Fiscal year | 1 July - 30 June |
Source: CIA World Factbook
This page was last updated on September 18, 2021
