Editing Economy of Gibraltar (section)

==Economy in detail==
Gibraltar benefits from an extensive shipping trade, a well regulated international finance center, tourism, and has become a global leader in the virtual gaming industry.<ref>[http://www.fco.gov.uk/servlet/Front?pagename=OpenMarket/Xcelerate/ShowPage&c=Page&cid=1007029394365&a=KCountryProfile&aid=1018965242498 FCO company profile]</ref><ref>[http://news.bbc.co.uk/2/hi/business/4776021.stm Gibraltar proves a winning bet]</ref>

Self-sufficient Gibraltar benefits from an extensive shipping trade, offshore banking, and its position as an international conference center. The British military presence has been sharply reduced and now contributes about 7% to the local economy, compared with 60% in 1984. The financial sector, tourism (almost 5 million visitors in 1998), shipping services fees, and duties on consumer goods also generate revenue. The financial sector, the shipping sector, and tourism each contribute 25%-30% of GDP. Telecommunications accounts for another 10%. In recent years, Gibraltar has seen major structural change from a public to a [[private sector]] economy, but changes in government spending still have a major impact on the level of employment.

Figures from the [[CIA World Factbook]] show the main export markets in 2006 were [[United Kingdom]] 30.8%, [[Spain]] 22.7%, [[Germany]] 13.7%, [[Turkmenistan]] 10.4%, [[Switzerland]] 8.3%, [[Italy]] 6.7% while the corresponding figures for imports are [[Spain]] 23.4%, [[Russia]] 12.3%, [[Italy]] 12%, UK 9%, [[France]] 8.9%, [[Netherlands]] 6.8% and [[United States]] 4.7%.<ref>{{cite web|url=https://www.cia.gov/the-world-factbook/countries/gibraltar/|title=Gibraltar|access-date=20 December 2007|publisher=[[The World Factbook]]}}</ref>

The Gibraltar Government state that economy grew in 2004/2005 by 7% to a GDP of £599,180,000. Based on statistics in the 2006 surveys, the Government statisticians estimate it has grown by 8.5% in 2005/6 and by 10.8% in 2006/7 and that the GDP is probably now around 730 million. Inflation was running at 2.6% in 2006 and predicted to be 2% to 3% in 2007. Speaking at the 2007 budget session, Peter Caruana, the Chief Minister said "The scale of Gibraltar's economic success makes it one of the most affluent communities in the entire world."

'''Labour force:'''
12,690 (including non-Gibraltar labourers) (2001)

'''Labour force - by occupation:'''
services 60%, industry 40%, agriculture NEGL%
'''Unemployment rate'''
2% (2001)

'''Budget'''
revenues: $455.1 million
expenditures: $423.6 million (2005 est.)

'''Public debt'''
15.7% of GDP (2005 est.)

'''Industries'''
[[tourism]], [[banking]] and [[finance]], [[ship]] repairing, [[tobacco]]

'''Industrial production growth rate'''
NA%

'''[[Electricity]] - production'''
142 million kWh (2006 est.)

'''Electricity - production by source'''

'''[[fossil fuel]]'''
100%

'''[[Hydropower|hydro]]'''
0%

'''[[Nuclear reactor|nuclear]]'''
0%

'''other'''
0%

'''Electricity - consumption'''
142 million kWh (2006 est.)

'''Electricity - exports'''
0 kWh (1998)

'''Electricity - imports'''
0 kWh (1998)

'''Oil - production'''
{{convert|0|oilbbl/d}} (2001 est.)

'''Oil - consumption'''
{{convert|42000|oilbbl/d}} 2001

'''Oil - exports'''
NA (2001)

'''Oil - imports'''
NA (2001)

'''[[Agriculture]] - products'''
none

'''Exports'''
$271 million (2004 est.)

'''Exports - commodities'''
(principally reexports) [[petroleum]] 51%, manufactured goods 41%, other 8%

'''Exports - partners'''
[[United Kingdom|UK]], [[Morocco]], [[Portugal]], [[Netherlands]], [[Spain]], [[United States|US]], [[Germany]]

'''Imports'''
$2.967 billion (2004 est.)

'''Imports - commodities'''
Fuels, manufactured goods, and foodstuffs

'''Imports - partners'''
UK, Spain, [[Japan]], Netherlands

[[Fiscal year]]
1 July - 30 June

The above figures taken from the '''CIA World Factbook''' September 2009 edition.<ref>[https://www.cia.gov/the-world-factbook/countries/gibraltar/ CIA World Factbook]</ref>