Gibraltar's Economy

The British military traditionally dominated the economy of Gibraltar, with the naval dockyard providing the bulk of economic activity. This has however diminished in the last twenty years, and it is estimated to account for only 7% of the local economy, compared with over 60% in 1984.

Nowadays Gibraltar has an extensive service-sector-based economy, dominated by financial services and tourism. A number of British banks and international banks have operations in Gibraltar. Gibraltar has become an International Finance Centre. There is no tax on capital income and other advantages. Recently many bookmakers and online gaming operators have relocated to Gibraltar, to benefit from operating in a regulated jurisdiction with a favourable corporate tax regime.

Tourism is also a significant industry. Gibraltar is a popular stop for cruise ships; and attracts day visitors from resorts in Spain. The Rock of Gibraltar is a popular tourist attraction, particularly among British tourists and residents in the southern coast of Spain. It is also a popular shopping destination, and all goods and services are VAT free. Many of the large British high street chains have branches in Gibraltar including Marks and Spencer BHS Dorothy Perkins and the supermarket Morrisons.

Figures from the CIA World Factbook show that Gibraltar has a GDP of over £432 million ($769 million); with a per capita figure of £15,700 ($28,000). The main export markets in 2004 were France (19.4%), Spain (14.1%), Turkmenistan (12.1%), Switzerland (11.7%), Germany (10.1%), the United Kingdom (9.1%) and Greece (6.8%).

The unit of currency is the Pound Sterling.

GDP: purchasing power parity - $500 million (1997 est.)

GDP - per capita: purchasing power parity - $17,500 (1997 est.)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Labor force: 14,800 (including non-Gibraltar laborers)

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

revenues $307 million

expenditures $284 million, including capital expenditures of $NA (FY00/01)

Electricity - production 100 GWh (2001)

Electricity - production by source

Electricity - consumption 93 GWh (2001)

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

Exports $81.1 million (f.o.b., 1997)

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

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

Imports $492 million (c.i.f., 1997)

Imports - commodities Fuels, manufactured goods, and foodstuffs

Imports - partners UK, Spain, Japan, Netherlands