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 15% of GDP; tourism (more than 5 million visitors in 1995), shipping services fees, and duties on consumer goods also generate revenue. Because more than 70% of the economy is in the public sector, changes in government spending 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%

Inflation rate - consumer price index 2.1% (1996)

Labor force
total: 14,800 (including non-Gibraltar laborers)
by occupation: services 60%, industry 40%, agriculture NEGL

Unemployment rate 13.5% (1996)

Budget
revenues: $111.6 million
expenditures: $115.6 million, including capital expenditures of $NA (1995/96)

Industries tourism, banking and finance, ship-building and repairing; support to large UK naval and air bases; tobacco, mineral waters, beer, canned fish

Industrial production growth rate NA%

Electricity - capacity 30,000 kW (1995)

Electricity - production 85 million kWh (1995)

Electricity - consumption per capita 2,667 kWh (1995)

Agriculture - products none

Exports
total value: $83.7 million (f.o.b., 1995)
commodities: (principally reexports) petroleum 51%, manufactured goods 41%, other 8%
partners: UK, Morocco, Portugal, Netherlands, Spain, US, FRG

Imports
total value: $778 million (c.i.f., 1995)
commodities: fuels, manufactured goods, and foodstuffs
partners: UK, Spain, Japan, Netherlands

Debt - external $NA

Economic aid
recipient: ODA, $NA

Currency 1 Gibraltar pound (£G) = 100 pence

Exchange rates Gibraltar pounds (£G) per US$1 - 0.6115 (January 1998), 0.6106 (1997), 0.6403 (1996), 0.6335 (1995), 0.6529 (1994), 0.6658 (1993); note - the Gibraltar pound is at par with the British pound

Fiscal year 1 July - 30 June

NOTE: The information regarding Gibraltar on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Gibraltar Economy 1998 information contained here. All suggestions for corrections of any errors about Gibraltar Economy 1998 should be addressed to the CIA.