Gambia, The Economy Profile 2002

Economy - overview

The 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 Banjul. 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. Record crops undergirded sturdy growth in 2001.

GDP (purchasing power parity)

purchasing power parity - $2.5 billion (2001 est.)

GDP - real growth rate

5.7% (2001 est.)

GDP - per capita (PPP)

purchasing power parity - $1,770 (2001 est.)

GDP - composition by sector

agriculture: 21%
industry: 12%
services: 67% (1998 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices)

4% (2001 est.)

Labor force

400,000 400,000

Labor force - by occupation

agriculture 75%, industry, commerce, and services 19%, government 6%

Unemployment rate

NA%

Budget

revenues: $90.5 million
expenditures: $80.9 million, including capital expenditures of $4.1 million (2001 est.)

Industries

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

Industrial production growth rate

NA%

Electricity - production

75 million kWh (2000)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2000)

Electricity - consumption

69.75 million kWh (2000)

Electricity - exports

0 kWh (2000)

Electricity - imports

0 kWh (2000)

Agriculture - products

peanuts, millet, sorghum, rice, corn, sesame, cassava (tapioca), palm kernels; cattle, sheep, goats; forest and fishery resources not fully exploited

Exports

$139.2 million f.o.b. (2001)

Exports - commodities

peanuts and peanut products, fish, cotton lint, palm kernels

Exports - partners

Benelux 26%, Japan 15%, UK 14%, Brazil 7% (2000)

Imports

$200.3 million f.o.b. (2001)

Imports - commodities

foodstuffs, manufactures, fuel, machinery and transport equipment

Imports - partners

China (including Hong Kong) 18%, UK 10%, Netherlands 8%, France 6%, Brazil 6% (2000)

Debt - external

$440 million (2001 est.)

Economic aid - recipient

$45.4 million (1995) (1995)

Currency

dalasi (GMD)

Currency (code)

GMD

Exchange rates

dalasi per US dollar - 15.000 (January 2001), 12.788 (2000), 11.395 (1999), 10.643 (1998), 10.200 (1997)

Fiscal year

calendar year