Economy of Gibraltar - Economy in Detail

Economy in Detail

Gibraltar benefits from an extensive shipping trade, a well regulated international finance center, tourism, and has become a global leader in the virtual gaming industry.

Self-sufficient 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 7% to the local economy, compared with 60% in 1984. The financial sector, tourism (almost 5 million visitors in 1998), shipping services fees, and duties on consumer goods also generate revenue. The financial sector, the shipping sector, and tourism each contribute 25%-30% of GDP. Telecommunications accounts for another 10%. 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.

Figures from the CIA World Factbook show the main export markets in 2006 were United Kingdom 30.8%, Spain 22.7%, Germany 13.7%, Turkmenistan 10.4%, Switzerland 8.3%, Italy 6.7% while the corresponding figures for imports are Spain 23.4%, Russia 12.3%, Italy 12%, UK 9%, France 8.9%, Netherlands 6.8% and United States 4.7%.

The Gibraltar Government state that economy grew in 2004/2005 by 7% to a GDP of £599,180,000. Based on statistics in the 2006 surveys, the Government statisticians estimate it has grown by 8.5% in 2005/6 and by 10.8% in 2006/7 and that the GDP is probably now around 730 million. Inflation was running at 2.6% in 2006 and predicted to be 2% to 3% in 2007. Speaking at the 2007 budget session, Peter Caruana, the Chief Minister said "The scale of Gibraltar's economic success makes it one of the most affluent communities in the entire world."

Labor force: 12,690 (including non-Gibraltar laborers) (2001)

Labor force - by occupation: services 60%, industry 40%, agriculture NEGL% Unemployment rate 2% (2001)

Budget revenues: $455.1 million expenditures: $423.6 million (2005 est.)

Public Debt 15.7% of GDP (2005 est.)

Industries tourism, banking and finance, ship repairing, tobacco

Industrial production growth rate NA%

Electricity - production 142 million kWh (2006 est.)

Electricity - production by source

fossil fuel 100%

hydro 0%

nuclear 0%

other 0%

Electricity - consumption 142 million kWh (2006 est.)

Electricity - exports 0 kWh (1998)

Electricity - imports 0 kWh (1998)

Oil - production 0 barrels per day (0 m3/d) (2001 est.)

Oil - consumption 42,000 barrels per day (6,700 m3/d) 2001

Oil - exports NA (2001)

Oil - imports NA (2001)

Agriculture - products none

Exports $271 million (2004 est.)

Exports - commodities (principally reexports) petroleum 51%, manufactured goods 41%, other 8%

Exports - partners UK, Morocco, Portugal, Netherlands, Spain, US, Germany

Imports $2.967 billion (2004 est.)

Imports - commodities Fuels, manufactured goods, and foodstuffs

Imports - partners UK, Spain, Japan, Netherlands

Fiscal year 1 July - 30 June

The above figures taken from the CIA World Factbook September 2009 edition.