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Economy
The most important sources of income are tourism and offshore financial services, mainly banking, insurance and shipping-related services. The industrial economy is based on ship repair, construction and small-scale manufacturing. The British armed forces – historically the most important source of revenue through their base facilities on the Rock – sharply reduced their presence from 1994 onwards and now provide less than 10 per cent of GDP. Since then, concessionary tax and corporate facilities for foreign companies have enhanced the financial services sector. Since 1998, a considerable gambling industry has developed, servicing clients from throughout Europe – again the consequence of a favourable tax regime – and it now makes a significant contribution to employment and government revenue. The economy on the whole is sensitive to the state of relations with Spain and, in particular, restrictions on border crossings since a significant number of Spaniards have jobs on the Rock. The UK is naturally the principal source of imports. Gibraltar is not an exporter as such but earns foreign exchange through re-export, mostly into Spain.
Business
English is by and large used for business, but Spanish may be used for business connected with Spain.
Office hours: Monday-Friday 0900-1700; 0800-1400 in summer.
Government office hours: Generally Monday-Friday 0845-1315 and 1415-1730, but hours differ according to department and season.
Commercial Information
Gibraltar Chamber of Commerce, PO Box 29, Watergate House, 2-6 Casements
Telephone: 78376
Fax: 78403
E-mail: gichacom@gibnet.gi
Information is also available from:
The Gibraltar Government Office
Telephone: (020) 7836 0777
Fax: (020) 7240 6612
E-mail: info@gibraltar.gov.uk
Conferences/Conventions
Europort Gibraltar, an 82,000 sq metre (212,000 sq ft) financial complex, offers wide-ranging office and conference facilities in addition to Gibraltar’s recently renovated hotels. St Michael’s Cave (see Resorts & Excursions section) offers a completely unique and scenic location for meetings. For additional information contact the Gibraltar Tourist Board, Conference and Incentive Division (tel: (020) 7836 0777; fax: (020) 7240 6612; e-mail: info@gibraltar.gov.uk). |
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