Economy of Gambia The
| 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): | $3.284 billion (2006 est.) |
| GDP (official exchange rate): | $462.5 million (2006 est.) |
| GDP - real growth rate: | 5.3% (2006 est.) |
| GDP - per capita (PPP): | $2,000 (2006 est.) |
| GDP - composition by sector: | agriculture: 30.5% industry: 13.9% services: 55.6% (2006 est.) |
| Labor force: | 400,000 (1996) |
| Labor force - by occupation: | agriculture: 75% industry: 19% services: 6% |
| Unemployment rate: | NA% |
| Population below poverty line: | NA% |
| Household income or consumption by percentage share: | lowest 10%: NA% highest 10%: NA% |
| Inflation rate (consumer prices): | 14% (2006 est.) |
| Investment (gross fixed): | 20.3% of GDP (2006 est.) |
| Budget: | revenues: $112.7 million expenditures: $155.1 million; including capital expenditures of $4.1 million (2006 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: | 145 million kWh (2004) |
| Electricity - production by source: | fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (2001) |
| Electricity - consumption: | 134.9 million kWh (2004) |
| Electricity - exports: | 0 kWh (2004) |
| Electricity - imports: | 0 kWh (2004) |
| Oil - production: | 0 bbl/day (2004 est.) |
| Oil - consumption: | 2,000 bbl/day (2004 est.) |
| Oil - exports: | NA bbl/day |
| Oil - imports: | NA bbl/day |
| Oil - proved reserves: | 0 bbl |
| Natural gas - production: | 0 cu m (2004 est.) |
| Natural gas - consumption: | 0 cu m (2004 est.) |
| Current account balance: | -$54.61 million (2006 est.) |
| Exports: | $130.5 million f.o.b. (2006 est.) |
| Exports - commodities: | peanut products, fish, cotton lint, palm kernels, re-exports |
| Exports - partners: | India 36.8%, UK 15.1%, Indonesia 7.5%, France 6.8%, Italy 4.3%, Senegal 4.2% (2006) |
| Imports: | $212.2 million f.o.b. (2006 est.) |
| Imports - commodities: | foodstuffs, manufactures, fuel, machinery and transport equipment |
| Imports - partners: | China 25%, Senegal 12.6%, Cote d'Ivoire 8%, Brazil 6.2%, Netherlands 4.4% (2006) |
| Reserves of foreign exchange and gold: | $88.11 million (2006 est.) |
| Debt - external: | $628.8 million (2003 est.) |
| Economic aid - recipient: | $59.8 million (2003) |
| Currency (code): | dalasi (GMD) |
| Currency code: | GMD |
| Exchange rates: | dalasi per US dollar - 28.3 (2006), 30.38 (2005), 30.03 (2004), 27.306 (2004), 19.918 (2003), 15.687 (2002), 15.687 (2001) |
| Fiscal year: | calendar year |