Gambia, The flag

The Economy of Gambia, The

Gambian Economy

Gambia, The's map

Economy - overview: The Gambia has no confirmed mineral or natural resource deposits 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, and instability of the Gambian dalasi (currency) have drawn some of the reexport trade away from The Gambia. The Gambia's natural beauty and proximity to Europe has made it one of the larger markets for tourism in West Africa. The government's 1998 seizure of the private peanut firm Alimenta eliminated the largest purchaser of Gambian groundnuts. Despite an announced program to begin privatizing key parastatals, no plans have been made public that would indicate that the government intends to follow through on its promises. Unemployment and underemployment rates remain extremely high; short-run economic progress depends on sustained bilateral and multilateral aid, on responsible government economic management, on continued technical assistance from the IMF and bilateral donors, and on expected growth in the construction sector.

GDP:

GDP - real growth rate: 5.5% (2008 est.) 6.3% (2007 est.) 6.5% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 33% industry: 8.7% services: 58.3% (2008 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: 1.8% highest 10%: 37% (1998)

Distribution of family income - Gini index: 50.2 (1998)

Inflation rate (consumer prices):

Labor force: 400,000 (1996)

Labor force - by occupation: agriculture: 75% industry: 19% services: 6% (1996)

Unemployment rate: NA%

Budget: revenues: $194.3 million expenditures: $228.8 million (2008 est.)

Industries: processing peanuts, fish, and hides; tourism, beverages, agricultural machinery assembly, woodworking, metalworking, clothing

Industrial production growth rate: 5.9% (2008 est.)

Electricity - production: 200.2 million kWh (2007 est.)

Electricity - production by source:

Electricity - consumption: 143.6 million kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 2,082 bbl/day (2006 est.)

Oil - exports: 41.62 bbl/day (2005)

Oil - imports: 2,123 bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

Agriculture - products: rice, millet, sorghum, peanuts, corn, sesame, cassava (tapioca), palm kernels; cattle, sheep, goats

Exports: $111 million f.o.b. (2008 est.)

Exports - commodities: peanut products, fish, cotton lint, palm kernels, re-exports

Exports - partners: India 37.7%, China 17.5%, UK 8.7%, France 5.1%, Belgium 4.2% (2007)

Imports: $301 million f.o.b. (2008 est.)

Imports - commodities: foodstuffs, manufactures, fuel, machinery and transport equipment

Imports - partners: China 23.7%, Senegal 11.5%, Cote d'Ivoire 8.3%, Brazil 8%, Netherlands 5.2% (2007)

Debt - external: $628.8 million (2003 est.)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: dalasis (GMD) per US dollar - 22.75 (2008 est.), 27.79 (2007), 28.066 (2006), 28.575 (2005), 30.03 (2004)

Fiscal year: