UNEMPLOYMENT IN GIBRALTAR

The main industries which contribute to the economy of Gibraltar are shipping, offshore banking and finance, tourism, telecommunications and gaming. Unemployment tends to be low here (around 2%) with a labour force running at around 15,000 people (which includes non Gibraltarians). There has been a major change from a public to private sector economy here over the past few years, but the level of employment is still affected by changes in government expenditure.

Major cut backs on the British naval dockyard and military presence over the past twenty years have reduced this share of the local economy, and now with more than five million visitors to Gibraltar every year the cruise liners, shipping and tourism are the mainstays. With the increasing number of wealthy expatriates who are choosing this area as their home, the hotel and conference sector offers good employment opportunities both within the industry and on building construction.

The financial services sector has been growing rapidly, along with the technology and gaming industries with a large number of companies taking full advantage of the low tax regulations and excellent telecommunications facilities.

Employment figures for Gibraltar 2011

Unemployment rate stood at 1.8%

  1. An extra 525 jobs created last year :
  2. Construction industry (165),
  3. Finance Centre (103)
  4. Gambling industry (98)
  5. Transport & Communication (56)
  6. Wholesale and Retail (46)

Public sector fell by 41 or just under 1%

Increase of jobs by 525 to an all time record of 20,975

 

10,706 Gibraltarians in employment, highest ever recorded

 

The total 20,975 jobs in the economy :

15,759 or 75.1% were in the private sector

4,460 or 21.3% were in the Gibraltar public sector

756 or 3.6% were in the MOD

Private sector employment grew by 546 or 3.6%

 

Four largest sectors of activity by employment :

Wholesale & retail trade – 2989

Financial Centre – 2977

Gambling – 2,230

Construction – 2,722