Gibraltar Economy 2008

Economy - overview:
Self-sufficient 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):
$1.066 billion (2005 est.)

GDP (official exchange rate):
$1.066 billion (2005 est.)

GDP - real growth rate:
7% (2005 est.)

GDP - per capita (PPP):
$38,200 (2005 est.)

GDP - composition by sector:
agriculture: NA%
industry: NA%
services: NA%

Labor force:
12,690 (including non-Gibraltar laborers) (2001)

Labor force - by occupation:
agriculture: negligible
industry: 40%
services: 60% (2001)

Unemployment rate:
3% (2005 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
2.9% (2005)

Budget:
revenues: $455.1 million
expenditures: $423.6 million (2005 est.)

Public debt:
15.7% of GDP (2005 est.)

Agriculture - products:
none

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

Industrial production growth rate:
NA%

Electricity - production:
141 million kWh (2005)

Electricity - consumption:
141 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
0 bbl/day (2005 est.)

Oil - consumption:
25,000 bbl/day (2005 est.)

Oil - exports:
0 bbl/day (2004)

Oil - imports:
24,350 bbl/day (2004)

Oil - proved reserves:
0 bbl (1 January 2006 est.)

natural gas - production:
0 cu m (2005 est.)

natural gas - consumption:
0 cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Exports:
$271 million f.o.b. (2004 est.)

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

Exports - partners:
UK 30.8%, Spain 22.7%, Germany 13.7%, Turkmenistan 10.4%, Switzerland 8.3%, Italy 6.7% (2006)

Imports:
$2.967 billion c.i.f. (2004 est.)

Imports - partners:
Spain 23.4%, Russia 12.3%, Italy 12%, UK 9%, France 8.9%, Netherlands 6.8%, US 4.7% (2006)

Economic aid - recipient:
$NA

Debt - external:
$NA

Currency (code):
Gibraltar pound (GIP)

Exchange rates:
Gibraltar pounds per US dollar - 0.4993 (2007), 0.5434 (2006), 0.5504 (2005), 0.5462 (2004), 0.6125 (2003)
note: the Gibraltar pound is at par with the British pound