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Country Guide > Europe > Gibraltar | |
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Business Profile Economy The main sources of income are tourism and offshore financial services, principally 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 main 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 boosted the financial services sector. Since 1998, a substantial gambling industry has developed, servicing punters 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 as a 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 largest source of imports. Gibraltar is not an exporter as such but earns foreign exchange through re-export, mainly into Spain. Business English is normally used for business, but Spanish may be used for business connected with Spain. Office hours: Mon-Fri 0900-1700; 0800-1400 in summer. Government office hours: Generally Mon-Fri 0845-1315 and 1415-1730, but hours vary according to department and season. Commercial Information The following organisation can offer advice: Gibraltar Chamber of Commerce, PO Box 29, Watergate House, 2-6 Casements (tel: 78376; fax: 78403; e-mail: gichacom@gibnet.gi; website: www.gibraltarchamberofcommerce.com). Information is also available from the Gibraltar Government Office (tel: (020) 7836 0777; fax: (020) 7240 6612; e-mail: info@gibraltar.gov.uk; website: www.gibraltar.gov.uk). Conferences/Conventions Europort Gibraltar, an 82,000 sq metre (212,000 sq ft) financial complex, offers extensive office and conference facilities in addition to Gibraltar’s recently refurbished hotels. St Michael’s Cave (see Resorts & Excursions section) offers an absolutely unique and scenic location for meetings. For further information contact the Gibraltar Tourist Board, Conference and Incentive Division (tel: (020) 7836 0777; fax: (020) 7240 6612; e-mail: info@gibraltar.gov.uk). |