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Official Name: Gibraltar. Status: Self-governing part of United Kingdom, claimed by Spain.Location: Gibraltar (Overseas Territory of the UK) is in South Western Europe, bordering the Strait of Gibraltar, which links the Mediterranean Sea and the North Atlantic Ocean, on the southern coast of Spain.Climate: Mediterranean with mild winters and warm summers.Terrain: A narrow coastal lowland borders the Rock of Gibraltar.Major Languages: English, Spanish.Major Religions: Christianity.Population: 0.03 Mil (2013 est.).Economy: The economy of Gibraltar is managed and controlled by the Government of Gibraltar. Whilst being part of the European Union, the British overseas territory of Gibraltar has a separate legal jurisdiction from the United Kingdom and enjoys a different tax system. Gibraltar has historically been an important base for the British Armed Forces and is the site of a Royal Navy base.Currency: Gibraltar Pound (GIP)Inflation: 1.1% (2013 est.).City Description: Gibraltar is a self-governing British overseas territory. The role of the UK Ministry of Defence, which at one time was Gibraltar's main source of income, has declined, with today's economy mainly based on shipping, tourism, financial services, and the Internet.