| Economy | The Gambia |
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Economy - overview:
|
The Gambia has sparse natural resource deposits and a limited agricultural base, and relies in part on remittances from workers overseas and tourist receipts. About three-quarters of the population depends on the agricultural sector for its livelihood and the sector provides for about one-third of GDP. The agricultural sector has untapped potential - less than half of arable land is cultivated. Small-scale manufacturing activity features the processing of peanuts, fish, and hides. The Gambia's natural beauty and proximity to Europe has made it one of the larger markets for tourism in West Africa, boosted by government and private sector investments in eco-tourism and upscale facilities. In 2011 tourism contributed about one-fifth of GDP, but suffered from the European economic downturn. The Gambia's re-export trade accounted for almost 80% of goods exports. Unemployment and underemployment rates remain high; economic progress depends on sustained bilateral and multilateral aid, on responsible government economic management, and on continued technical assistance from multilateral and bilateral donors. International donors and lenders continue to be concerned about the quality of fiscal management and The Gambia's debt burden. |
GDP (purchasing power parity):
|
$3.774 billion (2011 est.)
$3.57 billion (2010 est.)
$3.366 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$2,100 (2011 est.)
$2,100 (2010 est.)
$2,000 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$1.1 billion (2011 est.) |
GDP - real growth rate:
|
5.5% (2011 est.)
6.1% (2010 est.)
6.7% (2009 est.) |
GDP - composition by sector:
|
agriculture: 29.5%
industry: 15.1%
services: 55.4% (2011 est.) |
Investment (gross fixed):
|
27.7% of GDP (2011 est.) |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
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lowest 10%: 2%
highest 10%: 36.9% (2003) |
Distribution of family income - Gini index:
|
50.2 (1998)
|
Inflation rate (consumer prices):
|
6% (2011 est.)
5% (2010 est.) |
Central bank discount rate:
|
9% (31 December 2009)
11% (31 December 2008) |
Commercial bank prime lending rate:
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27% (31 December 2011 est.)
28% (31 December 2010 est.) |
Stock of money:
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$192.9 million (31 December 2008)
$186.7 million (31 December 2007) |
Stock of money - per capita:
|
108 USD per capita |
Stock of quasi money:
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$176.2 million (31 December 2008)
$180.4 million (31 December 2007) |
Stock of quasi money - per capita:
|
99 USD per capita |
Stock of domestic credit:
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$351.6 million (31 December 2011 est.)
$355.8 million (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
196 USD per capita |
Stock of narrow money:
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$228.6 million (31 December 2011 est.)
$212.1 million (31 December 2010 est.) |
Stock of broad money:
|
$462.9 million (31 December 2011 est.)
$468.2 million (31 December 2010 est.) |
Labor force:
|
777,100 (2007) |
Labor force participation rate:
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43.22 % of population |
Labor force - by occupation:
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agriculture: 75%
industry: 19%
services: 6% (1996) |
Unemployment rate:
|
NA% |
Unemployment, youth ages 15-24:
|
void |
Budget:
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revenues: $184.9 million
expenditures: $201.4 million (2011 est.) |
Budget revenues per capita:
|
103 USD per capita |
Taxes and other revenues:
|
16.8% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-1.5% of GDP (2011 est.) |
Public debt:
|
void |
Industries:
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processing peanuts, fish, and hides; tourism, beverages, agricultural machinery assembly, woodworking, metalworking, clothing |
Industrial production growth rate:
|
8.9%
note: although The Gambia had the highest industrial growth rate in the world in 2009, this growth is from a tiny industrial base (2010 est.) |
Electricity - production:
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220 million kWh (2008 est.) |
Electricity - production per capita:
|
123 kWh per capita |
Electricity - consumption:
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204.6 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
114 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
2,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
0.41 bbl/year per capita |
Oil - exports:
|
41.62 bbl/day (2009 est.) |
Oil - imports:
|
2,807 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
|
rice, millet, sorghum, peanuts, corn, sesame, cassava (tapioca), palm kernels; cattle, sheep, goats |
Current account balance:
|
-$143.6 million (2011 est.)
-$115.6 million (2010 est.) |
Current account balance - per capita:
|
-79 USD per capita |
Exports:
|
$120.4 million (2011 est.)
$104.3 million (2010 est.) |
Exports per capita:
|
67 USD per capita |
Exports - commodities:
|
peanut products, fish, cotton lint, palm kernels |
Exports - partners:
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India 40.8%, China 15.6%, France 11.9%, UK 6.6%, US 4.5% (2010) |
Imports:
|
$394.4 million (2011 est.)
$336.4 million (2010 est.) |
Imports per capita:
|
220 USD per capita |
Imports - commodities:
|
foodstuffs, manufactures, fuel, machinery and transport equipment |
Imports - partners:
|
China 22.3%, Senegal 10.7%, Brazil 9.7%, Cote dIvoire 5.4%, India 5.2%, Netherlands 4.2% (2010) |
Reserves of foreign exchange and gold:
|
$222.5 million (31 December 2011 est.)
$201.6 million (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
124 USD per capita |
Debt - external:
|
$640.2 million (31 December 2011 est.)
$572 million (31 December 2010 est.) |
Debt - external - per capita:
|
357 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
dalasi (GMD) |
Exchange rates:
|
dalasis (GMD) per US dollar -
30.29 (2011 est.)
28.0119 (2010 est.)
26.6444 (2009)
22.75 (2008)
27.79 (2007) |
Fiscal year:
|
calendar year |
|
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