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Gibraltar's Finance Centre Largest Contributor To Economy

by Jason Gorringe, Tax-News.com, London

19 June 2002


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.


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