The Tenth Meeting of the Fourteenth Parliament was held in the
Parliament Chamber on Tuesday 20th July 2021 at 10.30am. As part of
the agenda, the first Budget for two years was presented to
Parliament.
The first year of the pandemic saw Gibraltar's economy
shrink by approximately 4.9%, this following a 4.5% growth just one
year earlier. A GDP forecast of £2.4 billion has been
announced for 2020/2021.
In addition to the £500 million borrowed to cover costs
brought about by the pandemic, the Government announced they will
be borrowing a further £51 million. Aggregate public debt has
increased from £438.9 million as at March 2019 to
£677.7 million by 31 March 2021, still falling within the
ratio of 40% of GDP at £2.57 billion.
