Economy of Gambia
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. Re-export 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 re-export 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
Real Growth Rate
7%
Per Capita
USD 800
From Agriculture
33%
From Industry
9%
From Services
59%
Labour Force
Available for Work
Unknown
Working in Agriculture
75%
Working in Industry
19%
Working in Services
6%
Unemployment Rate
0%
Population Below Poverty Line
0%
Inflation Rate
4%
Investment as Percent of GDP
28%
Budget
Revenues
USD 160 (m)
Expenditures
USD 166 (m)
Public Debt
US$ 0.00 (m)
Agricultural Products
Rice, millet, sorghum, peanuts, corn, sesame, cassava (tapioca), palm kernels; cattle, sheep, goats
Core Industries
Processing peanuts, fish, and hides; tourism, beverages, agricultural machinery assembly, woodworking, metalworking, clothing
Exports
Value
USD 147 (m)
Commodities
Peanut products, fish, cotton lint, palm kernels, re-exports
Partners
India 38.6%, UK 15.9%, Indonesia 7.9%, France 7%, Italy 4.6% (2006)
Imports
Value
USD 276 (m)
Commodities
Foodstuffs, manufactures, fuel, machinery and transport equipment
Partners
China 25.2%, Senegal 11.3%, Cote d'Ivoire 8.1%, Brazil 6.6%, Netherlands 4.5%, UK 4% (2006)
External Debt
USD 629 (m)
Fiscal Year
Calendar year
