Gibraltar: Economy#
Self-sufficient Gibraltar benefits from an extensive shipping trade, offshore banking, and its position as an international conference center. Tax rates are low to attract foreign investment. The British military presence has been sharply reduced and now contributes about 7% to the local economy, compared with 60% in 1984. 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.The financial sector, tourism (over 11 million visitors in 2012), gaming revenues, shipping services fees, and duties on consumer goods also generate revenue. The financial sector, tourism, and the shipping sector contribute 30%, 30%, and 25%, respectively, of GDP. Telecommunications, e-commerce, and e-gaming account for the remaining 15%.
Economic Facts#
| GDP (purchasing power parity) | $1.85 billion (2013 est.) $2 billion (2012 est.) $1.106 billion (2006 est.) |
|---|---|
| GDP (official exchange rate) | $1.85 billion (2013 est.) |
| GDP - real growth rate | 6% (2008 est.) 8.8% (2007 est.) 0% (2006 est.) |
| GDP - per capita (PPP) | $43,000 (2008 est.) $41,200 (2007 est.) $38,400 (2006 est.) |
| GDP - composition, by sector of origin | agriculture: 0% industry: 0% services: 100% (2008 est.) |
| Agriculture - products | none |
| Industries | tourism, banking and finance, ship repairing, tobacco |
| Industrial production growth rate | NA% |
| Labor force | 22,910 (2013 est.) |
| Labor force - by occupation | agriculture: NEGL 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% |
| Budget | revenues: $475.8 million expenditures: $452.3 million (2008 est.) |
| Taxes and other revenues | 25.7% of GDP (2008 est.) |
| Budget surplus (+) or deficit (-) | 1.3% of GDP (2008 est.) |
| Public debt | 7.5% of GDP (2008 est.) 9.3% of GDP (2006 est.) |
| Fiscal year | 1 July - 30 June |
| Inflation rate (consumer prices) | 2.5% (2013 est.) 2.2% (2012 est.) |
| Exports | $271 million (2004 est.) |
| Exports - commodities | (principally reexports) petroleum 51%, manufactured goods (2010 est.) |
| Imports | $2.967 billion (2004 est.) |
| Imports - commodities | fuels, manufactured goods, foodstuffs |
| Debt - external | $NA |
| Exchange rates | Gibraltar pounds (GIP) per US dollar - 0.9214 (2016 est.) 0.885 (2015 est.) 0.885 (2014 est.) 0.7634 (2013 est.) 0.64 (2012) |