Gambia, The Economy 2007

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):
$3.324 billion (2006 est.)

GDP (official exchange rate):
$467.6 million (2006 est.)

GDP - real growth rate:
6.5% (2006 est.)

GDP - per capita (PPP):
$2,000 (2006 est.)

GDP - composition by sector:
agriculture: 32.9%
industry: 9.6%
services: 57.5% (2006 est.)

Labor force:
400,000 (1996)

Labor force - by occupation:
agriculture: 75%
industry: 19%
services: 6% (1996)

Unemployment rate:
NA%

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA% (1998)

Inflation rate (consumer prices):
1.5% (2006 est.)

Investment (gross fixed):
25.5% of GDP (2006 est.)

Budget:
revenues: $113.4 million
expenditures: $139 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 (2005)

Electricity - consumption:
134.9 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

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 (1 January 2006)

Natural gas - production:
0 cu m (2005 est.)

Natural gas - consumption:
0 cu m (2005 est.)

Current account balance:
$-33 million (2006 est.)

Exports:
$135 million f.o.b. (2006 est.)

Exports - commodities:
peanut products, fish, cotton lint, palm kernels, re-exports

Exports - partners:
India 38.5%, UK 15.9%, Indonesia 7.9%, France 7.1%, Italy 4.6% (2006)

Imports:
$249 million f.o.b. (2006 est.)

Imports - commodities:
foodstuffs, manufactures, fuel, machinery and transport equipment

Imports - partners:
China 25.2%, Senegal 11.2%, Cote d'Ivoire 8.1%, Brazil 6.5%, Netherlands 4.5% (2006)

Economic aid - recipient:
$58.15 million (2005)

Reserves of foreign exchange and gold:
$121 million (2006 est.)

Debt - external:
$628.8 million (2003 est.)

Market value of publicly traded shares:
$NA

Currency (code):
dalasi (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)