Recruitment Gibraltar - Recruitment Gibraltar

ECONOMY IN GIBRALTAR

 

Gibraltar's currency is the Gibraltar pound and is equivalent to the Sterling which may also be used throughout. As well as this, the Euro is widely accepted in most shops and it is important to note that there are no exchange controls in Gibraltar. With an unemployment rate of only 3% and a GDP per Capita of $70,364(2014), Gibraltar's economy is experiencing a healthy progression and is expected to keep doing so in the foreseeable future.

 

Gibraltar benefits from an extensive shipping trade, a well-regulated international finance centre, tourism, and has become a global leader in the virtual gaming industry.

With being self-sufficient, Gibraltar from an widespread shipping trade, offshore banking, and its position as an international conference centre. The British military presence has been greatly reduced and now contributes about 7% to the local economy.


Economic freedom of Gibraltar:


Low taxes contribute heavily to Gibraltars economic freedom. Large gaming and betting companies have set up business in Gibraltar because of low-tax regime in the country. Improved telecommunication facilities add to the attractiveness of doing business in Gibraltar.


Gibraltar GDP 
Gibraltars GDP reached
$1.887 billion (2013), which was a 7.8% growth from 2012 and continues to show steady increase.


Inflation 
In 2006, inflation came down to 2.6 percent. In 2007 and subsequent years, inflation in Gibraltar was expected to remain somewhere between 2 percent and 3 percent. 
GDP for the last financial year 2014/15 is forecast at 1.64 Billion GBP, which signifies a GDP growth of 10.3%. This increased level of growth in the economy during the past three years, with an average growth rate of over 10% per annum, means Gibraltar continues to rank amongst the fastest growing economies in the World.


Imports and exports 
Goods and services worth about $6.974 were imported into Gibraltar. Major import commodities that were brought into Gibraltar included fuels, foodstuffs, and manufactured goods. Important import partners for Gibraltar were Spain, Russia, Italy, UK, and France. 
In 2014, Gibraltar exported goods and services worth more than $1,168 million. Petroleum continued to be a dominant export commodity for Gibraltar followed by manufactured goods. Unlike imports, Spain lies 2nd in the list of major export partners for Gibraltar, with UK occupying number one position


Future of Gibraltar 
Future of Gibraltar looks bright with a lot depending on finance, shipping and tourism sectors.
Although the population of Gibraltar numbers only some 30,000 people, the territory recorded nearly 12 million visits in 2011, giving it one of the highest tourist-to-resident ratios in the world.. Technology sector is also predicted to become a mainstay of Gibraltars economy, with betting and gaming companies generating significant amount of revenues for the government.