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 - $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%

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; tobacco, mineral water, beer

Industrial production growth rate NA%

Electricity - production 97 million kWh (2000)

Electricity - production by source
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 90.21 million kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

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; note - if an agreement between Spain and the UK is reached, could receive 50 million euros from the EU

Currency Gibraltar pound (GIP)

Currency code GIP

Exchange rates Gibraltar pounds per US dollar - 0.6981 (January 2002), 0.8977 (2001), 0.6596 (2000), 0.6180 (1999), 0.6037 (1998), 0.6106 (1997); 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 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Gibraltar Economy 2002 information contained here. All suggestions for corrections of any errors about Gibraltar Economy 2002 should be addressed to the CIA.