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)

Budget:
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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