CountryFacts.com > Gambia, The > Economy
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Gambia, The Economy
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 The Gambia. 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.
GDP:
purchasing power parity - $2.56 billion (2003 est.)
GDP - real growth rate:
3% (2003 est.)
GDP - per capita:
purchasing power parity - $1,700 (2003 est.)
GDP - composition by sector:
agriculture: 46.8%
industry: 9.3%
services: 43.8% (2003 est.)
Investment (gross fixed):
20% of GDP (2003)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
14% (2003 est.)
Labor force:
400,000 (1996)
Labor force - by occupation:
agriculture 75%, industry, commerce, and services 19%, government 6%
Unemployment rate:
NA (2002 est.)
Budget:
revenues: $58.63 million
expenditures: $62.64 million, including capital expenditures of $4.1 million (2003 est.)
Industries:
processing peanuts, fish, and hides; tourism; beverages; agricultural machinery assembly, woodworking, metalworking; clothing
Industrial production growth rate:
NA
Electricity - production:
85.33 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
79.36 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
1,900 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
rice, millet, sorghum, peanuts, corn, sesame, cassava (tapioca), palm kernels; cattle, sheep, goats
Current account balance:
$-42 million (2003)
Exports:
$156 million f.o.b. (2003 est.)
Exports - commodities:
peanut products, fish, cotton lint, palm kernels, re-exports
Exports - partners:
Malaysia 22.2%, UK 22.2%, Belgium 5.6%, China 5.6%, Germany 5.6%, Italy 5.6%, Thailand 5.6% (2003 est.)
Imports:
$271 million f.o.b. (2003 est.)
Imports - commodities:
foodstuffs, manufactures, fuel, machinery and transport equipment
Imports - partners:
China 25.1%, Senegal 9%, UK 6.7%, Brazil 6.3%, US 5.7%, Netherlands 5.1%, India 4.9% (2003 est.)
Reserves of foreign exchange & gold:
$118 million (2003)
Debt - external:
$476 million (2001 est.)
Economic aid - recipient:
$45.4 million (1995)
Currency:
dalasi (GMD)
Currency code:
GMD
Exchange rates:
dalasi per US dollar - NA (2003), 19.9182 (2002), 15.6872 (2001), 12.7876 (2000), 11.3951 (1999)
Fiscal year:
calendar year
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