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