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Gibraltar (overseas territory of the UK) Economy 1999

    Economy—overview: 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 11% to the local economy. The financial sector accounts for 15% of GDP; tourism (more than 5 million visitors in 1995), shipping services fees, and duties on consumer goods also generate revenue. Because more than 70% of the economy is in the public sector, changes in government spending have a major impact on the level of employment.

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

    GDP—real growth rate: NA%

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

    GDP—composition by sector:
    agriculture: NA%
    industry: NA%
    services: NA%

    Population below poverty line: NA%

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

    Inflation rate (consumer prices): 2.1% (1996)

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

    Labor force—by occupation: services 60%, industry 40%, agriculture NEGL%

    Unemployment rate: 13.5% (1996)

    revenues: $111.6 million
    expenditures: $115.6 million, including capital expenditures of $NA (FY95/96)

    Industries: tourism, banking and finance, ship-building and repairing; support to large UK naval and air bases; tobacco, mineral water, beer, canned fish

    Industrial production growth rate: NA%

    Electricity—production: 85 million kWh (1996)

    Electricity—production by source:
    fossil fuel: 100%
    hydro: 0%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 85 million kWh (1996)

    Electricity—exports: 0 kWh (1996)

    Electricity—imports: 0 kWh (1996)

    Agriculture—products: none

    Exports: $83.7 million (f.o.b., 1995)

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

    Exports—partners: UK, Morocco, Portugal, Netherlands, Spain, US, FRG

    Imports: $778 million (c.i.f., 1995)

    Imports—commodities: fuels, manufactured goods, and foodstuffs

    Imports—partners: UK, Spain, Japan, Netherlands

    Debt—external: $NA

    Economic aid—recipient: $NA

    Currency: 1 Gibraltar pound (�G) = 100 pence

    Exchange rates: Gibraltar pounds (�G) per US$1—0.6057 (January 1999), 0.6037 (1998), 0.6106 (1997), 0.6403 (1996), 0.6335 (1995), 0.6529 (1994); note—the Gibraltar pound is at par with the British pound

    Fiscal year: 1 July—30 June

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    Revised 1-Mar-99
    Copyright © 1999 Photius Coutsoukis (all rights reserved)