Gambia, The Economy Profile 2009

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)

$2.272 billion (2008 est.)
$2.145 billion (2007 est.)
$2.018 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$808 million (2008 est.)

GDP - real growth rate

5.9% (2008 est.)
6.3% (2007 est.)
6.5% (2006 est.)

GDP - per capita (PPP)

$1,300 (2008 est.)
$1,300 (2007 est.)
$1,200 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 33.3%
industry: 7.6%
services: 59% (2008 est.)

Population below poverty line

NA%

Labor force

777,100 (2007)

Labor force - by occupation

agriculture: 75%
industry: 19%
services: 6% (1996)

Unemployment rate

NA%

Household income or consumption by percentage share

lowest 10%: 2%
highest 10%: 36.9% (2003)

Distribution of family income - Gini index

50.2 (1998)

Investment (gross fixed)

28% of GDP (2008 est.)

Budget

revenues: $155.6 million
expenditures: $167.3 million (2008 est.)

Inflation rate (consumer prices)

6% (2008 est.)
5.1% (2007 est.)

Central bank discount rate

NA% (31 December 2008)
10% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
27.92% (31 December 2007)

Stock of money

$NA (31 December 2008)
$186.7 million (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$180.4 million (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$169.9 million (31 December 2007)

Industries

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

Industrial production growth rate

0.3% (2008 est.)

Electricity - production

200.2 million kWh (2007 est.)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

143.6 million kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

0 bbl/day (2007 est.)

Oil - consumption

2,082 bbl/day (2006 est.)

Oil - imports

2,123 bbl/day (2005)

Oil - exports

41.62 bbl/day (2005)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

0 cu m (2007 est.)

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.)

Current Account Balance

-$127 million (2008 est.)
-$80.3 million (2007 est.)

Agriculture - products

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

Exports

$85 million (2008 est.)
$91.4 million (2007 est.)

Exports - commodities

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

Exports - partners

India 32.4%, Japan 22.2%, China 10.7%, Belgium 5.5%, UK 4.7% (2008)

Imports

$299 million (2008 est.)
$262.9 million (2007 est.)

Imports - commodities

foodstuffs, manufactures, fuel, machinery and transport equipment

Imports - partners

China 22.7%, Senegal 11.7%, Cote d'Ivoire 8.4%, Brazil 7.4%, Netherlands 4.9% (2008)

Reserves of foreign exchange and gold

$140 million (31 December 2008 est.)
$142.8 million (31 December 2007 est.)

Debt - external

$628.8 million (2003 est.)

Market value of publicly traded shares

$NA

Economic aid - recipient

$58.15 million (2005)

Currency (code)

dalasi (GMD)

Currency (code)

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