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Economy Of GibraltarEconomy - 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 20% of GDP; tourism (almost 5 million visitors in 1998), shipping services fees, and duties on consumer goods also generate revenue. 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. 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): 1.5% (1998) Labor force: 14,800 (including non-Gibraltar laborers) Labor force - by occupation: services 60%, industry 40%, agriculture NEGL% Unemployment rate 2% (2001) Budget revenues $307 million expenditures $284 million, including capital expenditures of $NA (FY00/01) Industries tourism, banking and finance, ship repairing, tobacco Industrial production growth rate NA% Electricity - production 100 GWh (2001) Electricity - production by source fossil fuel 100% hydro 0% nuclear 0% other 0% (2001) Electricity - consumption 93 GWh (2001) Electricity - exports 0 kWh (1998) Electricity - imports 0 kWh (1998) Oil - production 0 barrel/day (2001 est.) Oil - consumption 42,000 barrel/day (6,700 m³/d) 2001 Oil - exports NA (2001) Oil - imports NA (2001) Agriculture - products none Exports $81.1 million (f.o.b., 1997) Exports - commodities (principally reexports) petroleum 51%, manufactured goods 41%, other 8% Exports - partners UK, Morocco, Portugal, Netherlands, Spain, US, Germany Imports $492 million (c.i.f., 1997) Imports - commodities Fuels, manufactured goods, and foodstuffs Imports - partners UK, Spain, Japan, Netherlands Currency 1 Gibraltar pound = 100 pence Exchange rates Gibraltar pounds per US$1 - 0.0661 (2002), 0.6092 (January 2000), 0.6180 (1999), 0.6037 (1998), 0.6106 (1997), 0.6403 (1996), 0.6335 (1995); note - the Gibraltar pound is at par with the British pound Fiscal year 1 July - 30 June - See also : Gibraltar
Gibraltar
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