Defence Spending
The UK's Ministry of Defence was originally the mainstay of Gibraltar's economy but this has greatly reduced to around 6% of the GDP. In 2006 the MoD announced that it would contractorise the provision of services to the military base to make further cost savings. This was finalised in January 2007.
Read more about this topic: Economy Of Gibraltar
Famous quotes containing the words defence and/or spending:
“Sow seed—but let no tyrant reap;
Find wealth—let no imposter heap;
Weave robes—let not the idle wear;
Forge arms—in your defence to bear.”
—Percy Bysshe Shelley (1792–1822)
“Economy does not lie in sparing money, but in spending it wisely.”
—Thomas Henry Huxley (1825–95)