Gibraltar Economy - 2004

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 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 - $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% (2002 est.)

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) (1999)

Labor force - by occupation:
services 60%, industry 40%, agriculture NEGL%

Unemployment rate:
2% (2001 est.)

Budget:
revenues: $307 million
expenditures: $284 million, including capital expenditures of $NA (FY00/01 est.)

Industries:
tourism, banking and finance, ship repairing, tobacco

Industrial production growth rate:
NA%

Electricity - production:
100 million kWh (2001)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%

Electricity - consumption:
93 million kWh (2001)

Electricity - exports:
0 kWh (2001)

Electricity - imports:
0 kWh (2001)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
42,000 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

Agriculture - products:
none

Exports:
$136 million f.o.b. (2002)

Exports - commodities:
(principally reexports) petroleum 51%, manufactured goods 41%, other 8%

Exports - partners:
Switzerland 28.7%, UK 22.8%, Germany 9.6%, France 5.9%, Hong Kong 5.1%, Spain 5.1%, Turkmenistan 4.4% (2002)

Imports:
$1.743 billion c.i.f. (2002)

Imports - commodities:
fuels, manufactured goods, and foodstuffs

Imports - partners:
Germany 27.5%, Spain 21.9%, UK 12.2%, Italy 8% (2002)

Debt - external:
$NA (2000 est.)

Economic aid - recipient:
$NA

Currency:
Gibraltar pound (GIP)

Currency code:
GIP

Exchange rates:
Gibraltar pounds per US dollar - 0.6661 (2002), 0.6944 (2001), 0.6596 (2000), 0.6180 (1999), 0.6037 (1998); note - the Gibraltar pound is at par with the British pound