Gambia, The Economy
Economy - overviewThe 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, 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; the following two marketing seasons have seen substantially lower prices and sales. A decline in tourism in 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 - $2.56 billion (2003 est.)
GDP - real growth rate
3% (2003 est.)
GDP - per capita
purchasing power parity - $1,700 (2003 est.)
GDP - composition by sector
agriculture: 46.8%
industry: 9.3%
services: 43.8% (2003 est.)
Investment
20% of GDP (2003)
Population below poverty line
NA
Household income or consumption by percentage share
lowest 10%: NA
highest 10%: NA
Inflation rate
14% (2003 est.)
Labor force
400,000 (1996)
Labor force - by occupation
agriculture 75%, industry, commerce, and services 19%, government 6%
Unemployment rate
NA (2002 est.)
Budget
revenues: $58.63 million
expenditures: $62.64 million, including capital expenditures of $4.1 million (2003 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
85.33 million kWh (2001)
Electricity - consumption
79.36 million kWh (2001)
Electricity - exports
0 kWh (2001)
Electricity - imports
0 kWh (2001)
Oil - production
0 bbl/day (2001 est.)
Oil - consumption
1,900 bbl/day (2001 est.)
Oil - exports
NA (2001)
Oil - imports
NA (2001)
Current account balance
$-42 million (2003)
Exports
$156 million f.o.b. (2003 est.)
Exports - commodities
peanut products, fish, cotton lint, palm kernels, re-exports
Exports - partners
UK 26.7%, Belgium 6.7%, China 6.7%, Germany 6.7%, Italy 6.7%, Malaysia 6.7%, Thailand 6.7% (2003)
Imports
$271 million f.o.b. (2003 est.)
Imports - commodities
foodstuffs, manufactures, fuel, machinery and transport equipment
Imports - partners
China 24.9%, Senegal 8.9%, Brazil 6.8%, UK 6.6%, US 5.6%, Netherlands 5%, India 4.9% (2003)
Reserves of foreign exchange & gold
$118 million (2003)
Debt - external
$476 million (2001 est.)
Currency
dalasi (GMD)
Currency code
GMD
Exchange rates
dalasi per US dollar - NA (2003), 19.9182 (2002), 15.6872 (2001), 12.7876 (2000), 11.3951 (1999)
