Analysis and Studies - Country Analysis
Gibraltar: a look at the market
February 7th 2023
The history of Gibraltar, a small peninsula on the southern Iberian coast near the entrance of the Mediterranean Sea, dates back to over 2.900 years.
Home of the Neanderthals over 50.000 years ago until they died out around 24.000 years ago, the peninsula is located in an unmatched position. It has been a sought-after destination for countries like Spain, France, and Britain that fought over its possession for many years.
The economy of Gibraltar
Today, Gibraltar is largely independent, with its own parliament and government, but the UK keeps responsibility for defense and foreign policy. Its economy is mostly based on tourism, financial services, shipping and Internet gambling.
The successful economy of Gibraltar has made it one of the wealthiest areas of the European Union. In 2020, it was the number 177 economy in the world in terms of total exports and the number 112 in total imports.
The peninsula exports cars ($69.5M), refined petroleum ($61.7M), passenger and cargo ships ($17.9M), fish fillets ($10.6M), and non-fillet frozen fish ($8.98M), mostly to Netherlands ($58.7M), France ($23.6M), United States ($19.9M), Malaysia ($19.1M), and United Kingdom ($15.5M).
On the other side, Spain ($917M), Netherlands ($870M), United States ($790M), United Kingdom ($729M), and Italy ($624M) mostly import Refined Petroleum ($4.85B), Crude Petroleum ($556M), Coal Tar Oil ($359M), Cars ($247M), and Passenger and Cargo Ships ($235M) from Gibraltar.
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