Gibraltar Economy 2001

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

NOTE: The information regarding Gibraltar on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Gibraltar Economy 2001 information contained here. All suggestions for corrections of any errors about Gibraltar Economy 2001 should be addressed to the CIA.