Gibraltar Economy

Is Gibraltar a wealthy country?

Self-sufficient Gibraltar benefits from an extensive shipping trade, offshore banking, and its position as an international conference center. Tax rates are low to attract foreign investment. The British military presence has been sharply reduced and now contributes about 7% to the local economy, compared with 60% in 1984. 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.

The financial sector, tourism (over 11 million visitors in 2012), gaming revenues, shipping services fees, and duties on consumer goods also generate revenue. The financial sector, tourism, and the shipping sector contribute 30%, 30%, and 25%, respectively, of GDP. Telecommunications, e-commerce, and e-gaming account for the remaining 15%.

Gibraltar Economy Data

What is the GDP of Gibraltar?

Currency Name and Code Gibraltar Pound (GIP)
GDP - Gross Domestic Product (PPP) $2,044,000,000 (USD)
GDP - official exchange rate $1,850,000,000 (USD)
GDP - real growth rate 6%
GDP Per Capita $43,000.00 (USD)
GDP by Sector- services 100%
Inflation Rate 2.8%
Labor Force 12,690
Labor Force By Occupation- agriculture 40%
Labor Force By Occupation- industry 60%
Labor Force by Occupation - note agriculture is negligible
Unemployment Rate 3%
Fiscal Year 1 July - 30 June
Annual Budget $475,800,000 (USD)
Budget Surplus or Deficit - percent of GDP 2.1%
Taxes and other revenues - percent of GDP 43%
Major Industries tourism, banking and finance, ship repairing, tobacco
Agriculture Products none
Exchange Rate per US Dollar Gibraltar pound (GIP)

Labor Force by Occupation- As reported by Gibraltar

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