The main sources of income are tourism and offshore financial services, principally banking, insurance and shipping-related services. The industrial economy is based on ship repair, construction and small-scale manufacturing.
The British armed forces (historically the main source of revenue through their base facilities on the Rock) sharply reduced their presence from 1994 onwards and now provide less than 10% of GDP. Since then, concessionary tax and corporate facilities for foreign companies have boosted the financial services sector.
Since 1998, a substantial gambling industry has developed, servicing punters from throughout Europe (again the consequence of a favourable tax regime) and it now makes a significant contribution to employment and government revenue.
The economy as a whole is sensitive to the state of relations with Spain and, in particular, restrictions on border crossings since a significant number of Spaniards have jobs on the Rock.
Europort Gibraltar, an 82,000 sq metre (212,000 sq ft) financial complex, offers extensive office and conference facilities in addition to Gibraltar's recently refurbished hotels. St Michael's Cave (see Top Things To See & Do) offers an absolutely unique and scenic location for meetings.