Figures presented to the House of Assembly by Chief Minister, Peter Caruana last Friday have shown that the jurisdiction's finance centre makes the largest single contribution to the economy, contributing 25% of GDP annually.
According to the Iberia news service, during Friday's budget session, Mr Caruana also revealed that the tourist industry currently contributes around 17% of GDP, with the construction and real estate sector contributing just 10% to annual gross domestic product.
The local news service also reported that the Ministry of Defence's contribution to the national income has also fallen to just 10%, a major turnaround compared to the 1970's, when the MoD was the major contributor to the Rock's economy.
Following the presentation of the figures to the House of Assembly on Friday, Mr Caruana stressed that despite the ongoing trials and tribulations faced by the low tax jurisdiction, Gibraltar remains in a sound and stable position economically.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment