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EconomyEconomy - overview
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. The financial sector, tourism (almost 5 million visitors in 1998), 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%. 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) World Ranking: 197
$1.275 billion (2008 est.)
$1.203 billion (2007 est.) $1.106 billion (2006 est.) Gdp (official exchange rate)
$1.106 billion (2006 est.)
Gdp - real growth rate World Ranking: 44
6% (2008)
8.8% (2007) 0% (2006 est.) Gdp - per capita (ppp) World Ranking: 16
$43,000 (2006 est.)
$41,200 (2007 est.) $38,400 (2006 est.) Gdp - composition by sector
Agriculture 0%
Industry 0% Services 100% (2008 est.) Labor force World Ranking: 214
12,690 (including non-Gibraltar laborers) (2001) Labor force - by occupation
Agriculture Negligible
Industry 40% Services 60% (2001) Unemployment rate World Ranking: 26
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 World Ranking: 35
43% of GDP (2008 est.)
Budget surplus (+) or deficit (-) World Ranking: 25
2.1% of GDP (2008 est.)
Public debt World Ranking: 136
7.5% of GDP (2008 est.)
13.5% of GDP (2006 est.) Inflation rate (consumer prices) World Ranking: 49
2.8% (2008)
2.6% (2006) Agriculture - products
None
Industries
Tourism, banking and finance, ship repairing, tobacco Industrial production growth rate
NA%
Electricity - production World Ranking: 184
156 million kWh (2008 est.)
Electricity - consumption World Ranking: 187
156 million kWh (2008 est.)
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
0 kWh (2009 est.)
Oil - production World Ranking: 175
0 bbl/day (2010 est.)
Oil - consumption World Ranking: 118
25,000 bbl/day (2010 est.)
Oil - exports World Ranking: 158
0 bbl/day (2009 est.)
Oil - imports World Ranking: 105
26,400 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 135
0 bbl (1 January 2011 est.)
Natural gas - production World Ranking: 185
0 cu m (2009 est.)
Natural gas - consumption World Ranking: 180
0 cu m (2009 est.)
Natural gas - exports World Ranking: 104
0 cu m (2009 est.)
Natural gas - imports World Ranking: 196
0 cu m (2009 est.)
Natural gas - proved reserves World Ranking: 180
0 cu m (1 January 2011 est.)
Exports World Ranking: 180
$271 million (2004 est.)
Exports - commodities
(principally reexports) petroleum 51%, manufactured goods Imports World Ranking: 146
$2.967 billion (2004 est.)
Imports - commodities
Fuels, manufactured goods, and foodstuffs Debt - external
$NA
Exchange rates
Gibraltar pounds (GIP) per US dollar - 0.6241 (2011)0.6472 (2010) 0.6175 (2009) 0.5302 (2008) 0.4993 (2007) Fiscal year
1 July - 30 June
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Gibraltar [ United Kingdom ] (Overseas Territory):
 
GPS points from Gibraltar [ United Kingdom ] (Overseas Territory)
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Strategically important, Gibraltar was reluctantly ceded to Great Britain by Spain in the 1713 Treaty of Utrecht; the British garrison was formally declared a colony in 1830. In a referendum held in 1967, Gibraltarians voted overwhelmingly to remain a British dependency. The subsequent granting of autonomy in 1969 by the UK led to Spain closing the border and severing all communication links. Between 1997 and 2002, the UK and Spain held a series of talks on establishing temporary joint sovereignty over Gibraltar. In response to these talks, the Gibraltar Government called a referendum in late 2002 in which the majority of citizens voted overwhelmingly against any sharing of sovereignty with Spain. Since late 2004, Spain, the UK, and Gibraltar have held tripartite talks with the aim of cooperatively resolving problems that affect the local population, and work continues on cooperation agreements in areas such as taxation and financial services; communications and maritime security; policy, legal and customs services; environmental protection; and education and visa services. Throughout 2009, a dispute over Gibraltar's claim to territorial waters extending out three miles gave rise to periodic non-violent maritime confrontations between Spanish and UK naval patrols. A new noncolonial constitution came into effect in 2007, and the European Court of First Instance recognized Gibraltar's right to regulate its own tax regime in December 2008. The UK retains responsibility for defense, foreign relations, internal security, and financial stability.