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%.
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%|
|Labor Force By Occupation- agriculture||40%|
|Labor Force By Occupation- industry||60%|
|Labor Force by Occupation - note||agriculture is negligible|
|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|
|Exchange Rate per US Dollar||Gibraltar pound (GIP)|