Economy
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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 15% of GDP; tourism (more than 5 million visitors in 1995) shipping services fees and duties on consumer goods also generate revenue. Because more than 70% of the economy is in the public sector changes in government spending 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%
Inflation rate—consumer price index: 2.1% (1996)
Labor force:
total: 14 800 (including non-Gibraltar laborers)
by occupation: services 60% industry 40% agriculture NEGL
Unemployment rate: 13.5% (1996)
Budget:
revenues: $111.6 million
expenditures: $115.6 million including capital expenditures of $NA (1995/96)
Industries: tourism banking and finance ship-building and repairing; support to large UK naval and air bases; tobacco mineral waters beer canned fish
Industrial production growth rate: NA%
Electricity—capacity: 30 000 kW (1995)
Electricity—production: 85 million kWh (1995)
Electricity—consumption per capita: 2 667 kWh (1995)
Agriculture—products: none
Exports:
total value: $83.7 million (f.o.b. 1995)
commodities: (principally reexports) petroleum 51% manufactured goods 41% other 8%
partners: UK Morocco Portugal Netherlands Spain US FRG
Imports:
total value: $778 million (c.i.f. 1995)
commodities: fuels manufactured goods and foodstuffs
partners: UK Spain Japan Netherlands
Debt—external: $NA
Economic aid:
recipient: ODA $NA
Currency: 1 Gibraltar pound (£G) = 100 pence
Exchange rates: Gibraltar pounds (£G) per US$1—0.6115 (January 1998) 0.6106 (1997) 0.6403 (1996) 0.6335 (1995) 0.6529 (1994) 0.6658 (1993); note - the Gibraltar pound is at par with the British pound
Fiscal year: 1 July—30 June
