Short facts about the economy in Gibraltar

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; support to large UK naval and air bases; tobacco, mineral water, beer, canned fish

Industrial production growth rate:

NA%

Electricity - production:

95 million kWh (1999)

Electricity - production by source:

fossil fuel:  100% hydro:  0% nuclear:  0% other:  0% (1999)

Electricity - consumption:

88.4 million kWh (1999)

Electricity - exports:

0 kWh (1999)

Electricity - imports:

0 kWh (1999)

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

Currency:

Gibraltar pound (GIP)

Currency code:

GIP

Exchange rates:

Gibraltar pounds per US dollar - 0.6764 (January 2001), 0.6596 (2000), 0.6180 (1999), 0.6037 (1998), 0.6106 (1997), 0.6403 (1996); note - the Gibraltar pound is at par with the British pound

Fiscal year:

1 July - 30 June

Source: World Factbook