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Gibraltar economy and business is heavily supported by the shipping trade and offshore banking. The British military contributes about a total of 7% to the economy of Gibraltar. A great deal of support to the Gibraltar economy is also provided by the tourism industry, financial sector as well as the duties on the consumer products.
It has been estimated that the tourism industry, financial sector and the shipping trade contribute 25%-30% of GDP each. Another important contribution to the business and economic sector in Gibraltar is made by the telecommunications department. Their share is 10%. As per the 2001 report, the unemployment rate in Gibraltar is 2%. Majority of the people of Gibraltar earn their living from the industrial and service sector. Only a negligible portion is engaged in agricultural activities.
The rate of inflation in the economy of Gibraltar as per the report f 1998 was 1.5%. The infrastructure for business in Gibraltar is excellent. The professional services in Gibraltar include jobs in the banking sector, mutual funds sector, trust management and so on.
Gibraltar exports a number of products to foreign countries to earn foreign revenue. The export products include chiefly manufactured goods and petroleum. Its export partners are Germany, UK, Switzerland, Spain, Italy and Turkmenistan. The currency of Gibraltar is Gibraltar Pound (GIP).
To know more about Gibraltar Economy and Business, click on the following links:
Gibraltar Economy and Business |
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