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Gambia Economy




Gambia, The    Economy Top of Page
Economy - overview: The Gambia has no important mineral or other natural resources and has a limited agricultural base. About 75% of the population depends on crops and livestock for its livelihood. Small-scale manufacturing activity features the processing of peanuts, fish, and hides. Reexport trade normally constitutes a major segment of economic activity, but a 1999 government-imposed preshipment inspection plan, instability of the Gambian dalasi, and the stable political situation in Senegal have drawn some of the reexport trade away from Banjul. The government's 1998 seizure of the private peanut firm Alimenta eliminated the largest purchaser of Gambian groundnuts; the following two marketing seasons have seen significantly lower prices and sales. A decline in tourism from 1999 to 2000 has also held back growth. Unemployment and underemployment rates are extremely high. Shortrun economic progress remains highly dependent on sustained bilateral and multilateral aid, on responsible government economic management as forwarded by IMF technical help and advice, and on expected growth in the construction sector.
GDP: purchasing power parity - $1.5 billion (2000 est.)
GDP - real growth rate: 4.9% (2000 est.)
GDP - per capita: purchasing power parity - $1,100 (2000 est.)
GDP - composition by sector: agriculture:  21%

industry:  12%

services:  67% (1998 est.)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%:  NA%

highest 10%:  NA%
Inflation rate (consumer prices): 3.4% (2000 est.)
Labor force: 400,000
Labor force - by occupation: agriculture 75%, industry, commerce, and services 19%, government 6%
Unemployment rate: NA%
Budget: revenues:  $90.5 million

expenditures:  $80.9 million, including capital expenditures of $4.1 million (2001 est.)
Industries: processing peanuts, fish, and hides; tourism; beverages; agricultural machinery assembly, woodworking, metalworking; clothing
Industrial production growth rate: NA%
Electricity - production: 75 million kWh (1999)
Electricity - production by source: fossil fuel:  100%

hydro:  0%

nuclear:  0%

other:  0% (1999)
Electricity - consumption: 69.8 million kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 0 kWh (1999)
Agriculture - products: peanuts, millet, sorghum, rice, corn, sesame, cassava (tapioca), palm kernels; cattle, sheep, goats; forest and fishery resources not fully exploited
Exports: $125.8 million (f.o.b., 1999)
Exports - commodities: peanuts and peanut products, fish, cotton lint, palm kernels
Exports - partners: Benelux 59%, Japan 20%, UK 7%, Spain 2% (1999)
Imports: $202.5 million (f.o.b., 1999)
Imports - commodities: foodstuffs, manufactures, fuel, machinery and transport equipment
Imports - partners: China (including Hong Kong) 49%, UK 15%, Netherlands 11.6%, Brazil 10%, Senegal 10% (1997)
Debt - external: $440 million (2001 est.)
Economic aid - recipient: $45.4 million (1995)
Currency: dalasi (GMD)
Currency code: GMD
Exchange rates: dalasi per US dollar - 15.000 (January 2001), 12.729 (3d quarter 1999), 11.395 (1999), 10.643 (1998), 10.200 (1997), 9.789 (1996)
Fiscal year: calendar year

 

Countryfacts Information Courtesy: CIA Worldbook








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