Economy of Gibraltar
| Currency | Pound Sterling |
|---|---|
| 1 July - 30 June | |
|
Trade organisations
|
EU, OECD and WTO |
| Statistics | |
| GDP |
 $1.887 billion (2013) |
|
GDP growth
|
7.8% (2012) |
|
GDP per capita
|
$70,364(2014) |
|
GDP by sector
|
agriculture 0%, industry 0%, services 100% (2008 est.) |
 2.6% (2006) |
|
|
Population below poverty line
|
n/av |
| n/av | |
|
Labour force
|
12,690 (including non-Gibraltar laborers) (2001) |
|
Labour force by occupation
|
agriculture - negigible, industry 40%, services 60% (2001) |
| Unemployment | 3% (2005 est.) |
|
Main industries
|
tourism, banking and finance, ship repairing tobacco |
| External | |
| Exports | $271 million (2004 est.) |
|
Export goods
|
(principally reexports) petroleum 51%, manufactured goods 41%, other 8% |
|
Main export partners
|
n/av |
| Imports | $2.967 billion (2004 est.) |
|
Import goods
|
fuels, manufactured goods, foodstuffs |
|
Main import partners
|
n/av |
|
Gross external debt
|
n/av |
| Public finances | |
 7.5% of GDP (2008 est.) |
|
| Revenues | $475.8 million (2008 est.) |
| Expenses | $452.3 million (2008 est.) |
The economy of Gibraltar consists largely of the services sector. While being part of the European Union, the British overseas territory of Gibraltar has a separate legal jurisdiction from the United Kingdom and enjoys a different tax system. The role of the UK Ministry of Defence, which at one time was Gibraltar's main source of income, has declined, with today's economy mainly based on shipping, tourism, financial services, and the Internet.
In his June 2009, budget speech, Chief Minister Peter Caruana noted that Gibraltar's economy remains in good shape and Government finances remain healthy, solid, stable and robust, despite global economic and financial turmoil.
Gibraltar will soon have a , the GibEX.
In December 2008 in a landmark decision the European Court of Justice ruled that:
the Court finds that the competent Gibraltar authorities which have devised the tax reform have, from a constitutional point of view, a political and administrative status separate from that of the central government of the United Kingdom.
This allowed the implementation of a new low tax system which is took full effect by 2010.
Gibraltar is one of the largest bunkering ports in the Mediterranean Sea, with 4.3 million tonnes of bunkers delivered in 2007. This has become the main activity within the Port of Gibraltar.
Gibraltar is a constituent part of the European Union as a Special Member State territory, having joined the European Economic Community with the United Kingdom in 1973, under the provisions of the Treaty of Rome relating to European dependent territories. However, it is exempt of the Common external tariff, the Common Agricultural Policy and the requirement to levy Value added tax.
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