Economy (Gibraltar)
===================


     Overview:
         The economy depends heavily on British defense expenditures, revenue from
         tourists, fees for services to shipping, and revenues from banking and
         finance activities. Because more than 70% of the economy is in the public
         sector, changes in government spending have a major impact on the level of
         employment. Construction workers are particularly affected when government
         expenditures are cut.
     GNP:
         exchange rate conversion - $182 million, per capita $4,600; real growth rate
         5% (FY87)
     Inflation rate (consumer prices):
         3.6% (1988)
     Unemployment rate:
         NA%
     Budget:
         revenues $136 million; expenditures $139 million, including capital
         expenditures of NA (FY88)
     Exports:
         $82 million (f.o.b., 1988)
       commodities:
         (principally reexports) petroleum 51%, manufactured goods 41%, other 8%
       partners:
         UK, Morocco, Portugal, Netherlands, Spain, US, FRG
     Imports:
         $258 million (c.i.f., 1988)
       commodities:
         fuels, manufactured goods, and foodstuffs
       partners:
         UK, Spain, Japan, Netherlands
     External debt:
         $318 million (1987)
     Industrial production:
         growth rate NA%
     Electricity:
         47,000 kW capacity; 200 million kWh produced, 6,670 kWh per capita (1991)
     Industries:
         tourism, banking and finance, construction, commerce; support to large UK
         naval and air bases; transit trade and supply depot in the port; light
         manufacturing of tobacco, roasted coffee, ice, mineral waters, candy, beer,
         and canned fish
     Agriculture:
         none
     Economic aid:
         US commitments, including Ex-Im (FY70-88), $0.8 million; Western (non-US)
         countries, ODA and OOF bilateral commitments (1970-89), $188 million
     Currency:
         Gibraltar pound (plural - pounds); 1 Gibraltar pound (#G) = 100 pence
     Exchange rates:
         Gibraltar pounds (#G) per US$1 - 0.5799 (March 1992), 0.5652 (1991), 0.5603
         (1990), 0.6099 (1989), 0.5614 (1988), 0.6102 (1987); note - the Gibraltar
         pound is at par with the British pound
     Fiscal year:
         1 July - 30 June