The magnon spectrum and thermodynamic properties of GdCI,, a ferromagnet in which the dipolar interactions are comparable in magnitude with the exchange interactions. are investigated both analytically and numerically. The calculations make use of formal results derived previously by Cottam for a general ferromagnetic insulator with dipole-dipole interactions. The magnon energies at low temperatures are calculated, including the leading order effects of spin wave interactions. The dispersion relation is found to be very anisotropic, and in particular it has a minimum energy gap of approximately 0,36 K at k = (0, 0,0,28)A By numerical integration over the whole Brillouin zone, results are obtained for the spontaneous magnetization over a wide range of temperatures, and the Curie temperature is estimated. A comparison is made with experimental data. Calculations are also carried out for the static susceptibility and the magnetic specific heat.