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26 Gibraltar International www.gibraltarinternational.comIn a year that continued to be defined by global economic uncertainty and political complexity, Gibraltar%u2019s 2025 Budget announcement emerged as a confident declaration of fiscal resilience and strategic foresight. Delivered by the Chief Minister just weeks after a landmark political agreement on the EU Treaty framework, the speech reaffirmed Gibraltar%u2019s economic identity and its capacity to navigate adversity with discipline and innovation.EU TreatyThe timing of the Budget, following the near-finalisation of the EU Treaty framework, added a layer of optimism and strategic clarity. Framed as a %u201cchronicle of the challenges we have faced this decade,%u201d the Chief Minister positioned the Budget as a bridge between Gibraltar%u2019s recent past%u2014marked by Brexit, the Covid pandemic, and geopolitical headwinds%u2014and a future anchored in renewed European engagement and economic opportunity. For international business leaders and investors, the Budget signals that Gibraltar remains open, stable, and strategically focused on long-term sustainability.Economic performance The Chief Minister announced that preliminary estimates of Gibraltar%u2019s GDP for 2023/24 reached %u00a32.9bn, a 5.5% increase over the previous year. These figures confirm a strong bounce-back after the pandemic as government had predicted. The forecast for 2024/25 is even more optimistic, with GDP expected to rise to just under %u00a33.1bn%u2014a 6.5% increase and an economic growth in cash terms of %u00a3188m. This growth reflects Gibraltar%u2019s diversified economic base, which includes financial services, gaming, shipping, and tourism.Budget ReportGibraltar%u2019s 2025 Budget, a plan for resilience and growthContinued p28By Stephen Carreras, Senior Manager, Business Tax Services, EY Limited