Gibralter Business Resources

Economy - overview:
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.

Airports
Airports in Europe
Airports Worldwide

Country Budget
revenues: $307 million
expenditures: $284 million, including capital expenditures of NA (FY00/01 est.)

Currency (code)
Gibraltar pound (GIP)

Currency Exchange Rate
Gibraltar pounds per US dollar - 0.5462 (2004), 0.6125 (2003), 0.6672 (2002), 0.6947 (2001), 0.6609 (2000)
note: the Gibraltar pound is at par with the British pound

Fiscal Year
1 July - 30 June

GDP (Gross Domestic Product)
GDP (purchasing power parity): $769 million (2000 est.)
GDP - per capita: purchasing power parity - $27,900 (2000 est.)

Imports / Exports
Exports: $136 million f.o.b. (2002)
Exports - commodities: (principally reexports) petroleum 51%, manufactured goods 41%, other 8%
Exports - partners: France 19.4%, Spain 14.1%, Turkmenistan 12.1%, Switzerland 11.7%, Germany 10.1%, UK 9.1%, Greece 6.8% (2004)

Imports: $1.743 billion c.i.f. (2002)
Imports - commodities: fuels, manufactured goods, and foodstuffs
Imports - partners: Spain 19.9%, Russia 18.4%, UK 10.8%, Italy 8.8%, Germany 7.5%, US 5.1%, Sweden 4.7%, France 4.2% (2004)

Industries
tourism, banking and finance, ship repairing, tobacco

Investing
Forex, Foreign Exchange Market: Currency Trading

Labor Force & Unemployment Rate
Labor force: 14,800 (including non-Gibraltar laborers) (1999)
Labor force - by occupation: agriculture negligible, industry 40%, services 60%
Unemployment rate: 2% (2001 est.)