Spanish press picks up on the growth of the Gibraltar economy

Spanish press picks up on the growth of the Gibraltar economy
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By h.b. - Mar 24, 2009 - 3:31 PM

Gibraltar frontier - EFE

El Mundo has featured an article in the Guardian about the growth of Gibraltar's economy

Spanish press picks up on the growth of the Gibraltar economy.

Spanish newspaper, El Mundo, has picked up on a report in The Guardian, which explains how Gibraltar is side-stepping the current economic slowdown.
The paper explains that it has nothing to do with more cautious mortgages or different behaviour of the banks on the Rock, simply the economy there is growing thanks to the weakness of the Pound Sterling.

Both Spanish and ex Pat residents of Spain are now crossing over to Gibraltar to shop, and whereas before it was for alcohol, petrol and cigarettes, now they are also shopping for basic items in the supermarkets, as the weak pound makes Morrisons cheaper than any Spanish equivalent.

Sales over Christmas reached record levels and the Gibraltar economy has grown at up to 12% over the past few years according to the Guardian piece.

Chief Minister, Peter Caruana, told the paper that if Gibraltar was a sovereign state it would be 13th in the world for GDP per capita, more than Canada or Switzerland.

Key Gibraltar Dates:
1704 Captured from Spain by Anglo-Dutch force
1713 Sovereignty handed to Britain in Treaty of Utrecht
1940 Britain evacuates civilian population during second
world war
1967 Gibraltarians vote by 12,138 to 44 to stay British rather than become Spanish
1969 Spanish dictator Francisco Franco closes land border
1982 Land border reopened to pedestrians
1985 Border fully opened
2002 Joint British-Spanish sovereignty rejected at referendum
2006 New constitution for the British overseas territory
2008 European court rules Gibraltar can set tax rates

Read the Guardian article here

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