Economy - overview:
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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. The financial sector, tourism (almost 5 million visitors in 1998), 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%. 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.
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GDP (purchasing power parity):
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$1.275 billion (2008 est.)
country comparison to the world: 201
$1.203 billion (2007 est.)
$1.106 billion (2006 est.)
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GDP (official exchange rate):
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$1.106 billion (2006 est.)
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GDP - real growth rate:
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6% (2008)
country comparison to the world: 48
8.8% (2007)
0% (2006 est.)
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GDP - per capita (PPP):
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$43,000 (2006 est.)
country comparison to the world: 20
$41,200 (2007 est.)
$38,400 (2006 est.)
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GDP - composition by sector:
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agriculture: 0%
industry:
0%
services:
100% (2008 est.)
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Labor force:
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12,690 (2001) (2001)
country comparison to the world: 215
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Labor force - by occupation:
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agriculture: negligible
industry:
40%
services:
60% (2001)
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Unemployment rate:
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3% (2005 est.)
country comparison to the world: 24
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Population below poverty line:
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NA%
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%:
NA%
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Budget:
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revenues: $475.8 million
expenditures:
$452.3 million (2008 est.)
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Taxes and other revenues:
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43% of GDP (2008 est.)
country comparison to the world: 35
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Budget surplus (+) or deficit (-):
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2.1% of GDP (2008 est.)
country comparison to the world: 21
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Public debt:
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7.5% of GDP (2008 est.)
country comparison to the world: 145
13.5% of GDP (2006 est.)
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Inflation rate (consumer prices):
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2.8% (2008)
country comparison to the world: 66
2.6% (2006)
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Agriculture - products:
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none
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Industries:
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tourism, banking and finance, ship repairing, tobacco
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Industrial production growth rate:
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NA%
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Exports:
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$271 million (2004 est.)
country comparison to the world: 181
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Exports - commodities:
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(principally reexports) petroleum 51%, manufactured goods
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Imports:
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$2.967 billion (2004 est.)
country comparison to the world: 149
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Imports - commodities:
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fuels, manufactured goods, foodstuffs
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Debt - external:
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$NA
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Exchange rates:
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Gibraltar pounds (GIP) per US dollar -
0.6324 (2012)
0.624 (2011)
0.6472 (2010)
0.6175 (2009)
0.5302 (2008)
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Fiscal year:
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1 July - 30 June
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