| 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 - per capita: purchasing power parity - $17,500 (1997 est.)
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
Electricity - production: 95 million kWh (1999)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (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: United
Kingdom, Morocco,
Portugal, Netherlands,
Spain, United
States, Germany
Imports: $492 million (c.i.f., 1997)
Imports - commodities: fuels, manufactured goods, and foodstuffs
Imports - partners: United Kingdom, Spain, Japan, Netherlands
Currency: Gibraltar pound (GIP)
SOURCE: The World Factbook |