Background: Strategically important Gibraltar was ceded to Great Britain by Spain in 1713. In a 1967 referendum Gibraltarians ignored Spanish pressure and voted overwhelmingly to remain a British dependency.
Location: Southwestern Europe bordering the Strait of Gibraltar which links the Mediterranean Sea and the North Atlantic Ocean on the southern coast of Spain
Legislative branch: unicameral House of Assembly (18 seats - 15 elected by popular vote one appointed for the Speaker and two ex officio members; members serve four-year terms)
Political parties and leaders: Gibraltar Labor Party/Association for the Advancement of Civil Rights or GCL/AACR [Adolfo CANEPA]; Gibraltar Liberal Party or GLP (has become the Gibraltar National Party or NP) [Joe GARCIA]; Gibraltar Social Democrats or SD [Peter CARUANA]; Gibraltar Socialist Labor Party or SL [Joe BOSSANO]; Gibraltar Socialist Liberal Alliance or GSLA [Joe BOSSANO] (includes SL and GLP)
Flag description: two horizontal bands of white (top double width) and red with a three-towered red castle in the center of the white band; hanging from the castle gate is a gold key centered in the red band
Economy overview: 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 11% to the local economy. The financial sector accounts for 20% of GDP; tourism (almost 6 million visitors in 1998) shipping services fees and duties on consumer goods also generate revenue. 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.
Exports: $81.1 million (f.o.b. 1997) Commodities: (principally reexports) petroleum 51% manufactured goods 41% other 8% Partners: UK Morocco Portugal Netherlands Spain US Germany
Imports: $492 million (c.i.f. 1997) Commodities: fuels manufactured goods and foodstuffs Partners: UK Spain Japan Netherlands
Exchange rates: Gibraltar pounds per US$1 - 0.6092 (January 2000) 0.6180 (1999) 0.6037 (1998) 0.6106 (1997) 0.6403 (1996) 0.6335 (1995); note - the Gibraltar pound is at par with the British pound