The Government also said the increase in activity had generated an estimated £800,000 in Transaction Tax and £975,000 in Import Duty on goods imported into Gibraltar since July 15. The Government said retailers were expected to begin replenishing stock during August and September, which it anticipated would lead to higher Transaction Tax receipts. Chief Minister Fabian Picardo said the early figures suggested the treaty was already delivering economic benefits. “These are very encouraging early indications of the positive impact the Treaty is already having on Gibraltar’s economy,” Mr Picardo said. The GSD, however, questioned whether the Government's statement reflected the wider experience of Gibraltar's retail sector.