| Economy | The Gambia |
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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 (purchasing power parity):
|
$2.264 billion (2008 est.)
$2.146 billion (2007)
$2.019 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$1,300 (2008 est.)
$1,300 (2007 est.)
$1,200 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$779 million (2008 est.) |
GDP - real growth rate:
|
5.5% (2008 est.)
6.3% (2007 est.)
6.5% (2006 est.) |
GDP - composition by sector:
|
agriculture: 33%
industry: 8.7%
services: 58.3% (2008 est.) |
Investment (gross fixed):
|
24.7% of GDP (2008 est.) |
Population below poverty line:
|
NA% |
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):
|
6% (2008 est.) |
Central bank discount rate:
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10% (31 December 2007) |
Commercial bank prime lending rate:
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27.92% (31 December 2007) |
Stock of money:
|
$186.7 million (31 December 2007) |
Stock of money - per capita:
|
105 USD per capita |
Stock of quasi money:
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$180.4 million (31 December 2007) |
Stock of quasi money - per capita:
|
102 USD per capita |
Stock of domestic credit:
|
$169.9 million (31 December 2007) |
Stock of domestic credit - per capita:
|
96 USD per capita |
Labor force:
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400,000 (1996) |
Labor force participation rate:
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22.44 % of population |
Labor force - by occupation:
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agriculture: 75%
industry: 19%
services: 6% (1996) |
Unemployment rate:
|
NA% |
Budget:
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revenues: $194.3 million
expenditures: $228.8 million (2008 est.) |
Budget revenues per capita:
|
109 USD per capita |
Public debt:
|
void |
Industries:
|
processing peanuts, fish, and hides; tourism, beverages, agricultural machinery assembly, woodworking, metalworking, clothing |
Industrial production growth rate:
|
5.9% (2008 est.) |
Electricity - production:
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200.2 million kWh (2007 est.) |
Electricity - production per capita:
|
113 kWh per capita |
Electricity - consumption:
|
143.6 million kWh (2006 est.) |
Electricity - consumption - per capita:
|
81 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
|
0 bbl/day (2007 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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2,082 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
0.43 bbl/year per capita |
Oil - exports:
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41.62 bbl/day (2005) |
Oil - imports:
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2,123 bbl/day (2005) |
Oil - proved reserves:
|
0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
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 |
Current account balance:
|
-$116 million (2008 est.) |
Current account balance - per capita:
|
-65 USD per capita |
Exports:
|
$111 million f.o.b. (2008 est.) |
Exports per capita:
|
63 USD per capita |
Exports - commodities:
|
peanut products, fish, cotton lint, palm kernels, re-exports |
Exports - partners:
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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 per capita:
|
169 USD per capita |
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) |
Reserves of foreign exchange and gold:
|
$144 million (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
81 USD per capita |
Debt - external:
|
$628.8 million (2003 est.) |
Debt - external - per capita:
|
353 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 |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$58.15 million (2005) |
Economic aid - recipient per capita:
|
33 USD per capita |
Currency (code):
|
dalasi (GMD) |
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:
|
calendar year |
|
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