The Gambia | Economy

The Gambia has no significant 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 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 (purchasing power parity):

$3.024 billion (2005 est.)

GDP (official exchange rate):

$429 million (2005 est.)

GDP - real growth rate:

5.5% (2005 est.)

GDP - per capita (PPP):

$1,900 (2005 est.)

GDP - composition by sector:

agriculture: 35.5%

industry: 12.2%

services: 52.3% (2005 est.)

Labor force:

400,000 (1996)

Labor force - by occupation:

agriculture: 75%

industry: 19%

services: 6%

Unemployment rate:

NA%

Population below poverty line:

NA%

Household income or consumption by percentage share:

lowest 10%: NA%

highest 10%: NA%

Inflation rate (consumer prices):

8.8% (2005 est.)

Investment (gross fixed):

25.8% of GDP (2005 est.)

Budget:

revenues: $46.63 million

expenditures: $62.66 million; including capital expenditures of $4.1 million (2005 est.)

Agriculture - products:

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

Industries:

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

Industrial production growth rate:

NA%

Electricity - production:

140 million kWh (2003)

Electricity - consumption:

130.2 million kWh (2003)

Electricity - exports:

0 kWh (2003)

Electricity - imports:

0 kWh (2003)

Oil - production:

0 bbl/day (2003 est.)

Oil - consumption:

2,000 bbl/day (2003 est.)

Oil - exports:

NA bbl/day

Oil - imports:

NA bbl/day

Natural gas - production:

0 cu m (2003 est.)

Natural gas - consumption:

0 cu m (2003 est.)

Current account balance:

$-20.54 million (2005 est.)

Exports:

$140.3 million f.o.b. (2005 est.)

Exports - commodities:

peanut products, fish, cotton lint, palm kernels, re-exports

Exports - partners:

India 23.7%, UK 15.2%, France 14.3%, Germany 9.6%, Italy 8.3%, Thailand 5.9%, Malaysia 4.1% (2004)

Imports:

$197 million f.o.b. (2005 est.)

Imports - commodities:

foodstuffs, manufactures, fuel, machinery and transport equipment

Imports - partners:

China 23.9%, Senegal 11.6%, Brazil 5.9%, UK 5.5%, Netherlands 4.6%, US 4.4% (2004)

Reserves of foreign exchange and gold:

$81.55 million (2005 est.)

Debt - external:

$628.8 million (2003 est.)

Economic aid - recipient:

$59.8 million (2003)

Currency (code):

dalasi (GMD)

Exchange rates:

dalasi per US dollar - 30.38 (2005), 30.03 (2004), 27.306 (2004), 19.918 (2003), 15.687 (2002), 15.687 (2001)

Fiscal year:

calendar year