Economy Of Gibraltar
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Economy overview
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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.
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GDP
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purchasing power parity - $500 million (1997 est.)
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GDP - real growth rate
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NA
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GDP - per capita
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purchasing power parity - $17,500 (1997 est.)
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GDP - composition by sector
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agriculture: NA
industry: NA
services: NA (2002 est.)
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Investment gross fixed
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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1.5% (1998)
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Labor force
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14,800 (including non-Gibraltar laborers) (1999)
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Labor force by occupation
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agriculture negligible, industry 40%, services 60%
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Unemployment rate
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2% (2001 est.)
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Budget
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revenues: $307 million
expenditures: $284 million, including capital expenditures of NA (FY00/01 est.)
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Public debt
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Agriculture products
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none
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Industries
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tourism, banking and finance, ship repairing, tobacco
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Industrial production growth rate
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NA
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Electricity production
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100 million kWh (2001)
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Electricity production by source
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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93 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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42,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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Exports
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$136 million f.o.b. (2002)
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Exports commodities
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(principally reexports) petroleum 51%, manufactured goods 41%, other 8%
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Exports partners
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Germany 25.6%, France 24.8%, UK 14.3%, Turkmenistan 9.4%, Switzerland 7.5%, Spain 5.6% (2003)
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Imports
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$1.743 billion c.i.f. (2002)
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Imports commodities
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fuels, manufactured goods, and foodstuffs
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Imports partners
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Spain 26.5%, UK 14.8%, Russia 8.2%, Italy 6.6%, Netherlands 6.5%, France 5.3%, Germany 4.6%, Romania 4.2% (2003)
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Reserves of foreign exchange gold
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Debt external
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NA (2000 est.)
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Economic aid recipient
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NA
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Currency
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Gibraltar pound (GIP)
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Currency code
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GIP
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Exchange rates
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Gibraltar pounds per US dollar - 0.6661 (2002), 0.6944 (2001), 0.6596 (2000), 0.6180 (1999), 0.6037 (1998); note - the Gibraltar pound is at par with the British pound
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Fiscal year
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1 July - 30 June
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This information was reproduced in part from the CIA World Fact book.
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