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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.
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GDP: |
purchasing power parity - $769 million (2000 est.)
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GDP - real growth rate: |
NA%
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GDP - per capita: |
purchasing power parity - $27,900 (2000 est.)
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GDP - composition by sector: |
agriculture: NA%
industry: NA%
services: NA% (2002 est.)
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Labor force: |
14,800 (including non-Gibraltar laborers) (1999)
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Labor force - by occupation: |
agriculture negligible, industry 40%, services 60%
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Unemployment rate: |
2% (2001 est.)
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Population below poverty line: |
NA%
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Household income or consumption by percentage share: |
lowest 10%: NA%
highest 10%: NA%
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Inflation rate (consumer prices): |
1.5% (1998)
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Budget: |
revenues: $307 million
expenditures: $284 million, including capital expenditures of NA (FY00/01 est.)
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Agriculture - products: |
none
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Industries: |
tourism, banking and finance, ship repairing, tobacco
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Industrial production growth rate: |
NA%
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Electricity - production: |
104 million kWh (2002)
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Electricity - production by source: |
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)
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Electricity - consumption: |
96.76 million kWh (2002)
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Electricity - exports: |
0 kWh (2002)
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Electricity - imports: |
0 kWh (2002)
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Oil - production: |
0 bbl/day (2001 est.)
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Oil - consumption: |
42,000 bbl/day (2001 est.)
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Oil - exports: |
NA
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Oil - imports: |
NA
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Exports: |
$136 million f.o.b. (2002)
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Exports - commodities: |
(principally reexports) petroleum 51%, manufactured goods 41%, other 8%
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Exports - partners: |
France 21%, Spain 15.3%, Turkmenistan 12.5%, Germany 12.4%, UK 10%, Switzerland 8.9%, Greece 7.4% (2004)
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Imports: |
$1.743 billion c.i.f. (2002)
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Imports - commodities: |
fuels, manufactured goods, and foodstuffs
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Imports - partners: |
Spain 22.6%, UK 12.8%, Russia 11.8%, Italy 9.8%, Germany 7.6%, France 4.7%, US 4.6%, Netherlands 4.4%, Turkey 4.3% (2004)
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Debt - external: |
$NA (2000 est.)
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Economic aid - recipient: |
$NA
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Currency (code): |
Gibraltar pound (GIP)
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Currency code: |
GIP
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Exchange rates: |
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
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Fiscal year: |
1 July - 30 June
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