Chamber gives go ahead for economic study follow-up
The board of the Chamber of Commerce has given the go-ahead to commission a follow up study on the Economic Impact of Gibraltar on the Campo de Gibraltar.
The first study commissioned by the Chamber was published in 2009 and highlighted the important relationship between the economies of Gibraltar and the Campo region. The data on which the original study was based was from 2007, so before the financial crisis in 2008 and before Spain’s economy entered a prolonged recession.
Some of the 2009 study’s key findings were:
- Gibraltar accounted for 1 out of every 6 jobs in the region of the Campo de Gibraltar;
- Gibraltar’s GDP accounted for just over one eighth of the entire Campo economy in 2007;
- Gibraltar businesses bought £174m (€200m) of goods and services from Spain in 2007;
- Frontier workers earned £126m (€145m) from their jobs in Gibraltar, most of which was spent Spain.
Since publication of the 2009 study, Gibraltar’s economy has continued to grow and create jobs. It is expected that an updated study will show that Gibraltar has an even greater beneficial impact on the economies of Gibraltar and the Campo region as a whole.
The parameters of the new study are currently being finalised and work on the new study is expected to begin within weeks.