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Gambia:
Economy

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Gambia Page


Economy - overview
Definition
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)
Definition - World rank and map
$2.106 billion (2007 est.)
GDP (official exchange rate)
Definition
$653 million (2007 est.)
GDP - real growth rate
Definition - World rank and map
7% (2007 est.)
GDP - per capita
Definition - World rank and map
$1,300 (2007 est.)
GDP - composition by sector
Definition
agriculture: 32.8%
industry: 8.7%
services: 58.5% (2007 est.)
Labor force
Definition
400,000 (1996)
Labor force - by occupation
Definition
agriculture: 75%
industry: 19%
services: 6% (1996)
Unemployment rate
Definition - World rank and map
NA%
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: 1.8%
highest 10%: 37% (1998)
Distribution of family income - Gini index
Definition - World rank and map
50.2 (1998)
Inflation rate (consumer prices)
Definition - World rank and map
5% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
25.4% of GDP (2007 est.)
Budget
Definition
revenues: $181.1 million
expenditures: $163.4 million (2007 est.)
Agriculture - products
Definition
rice, millet, sorghum, peanuts, corn, sesame, cassava (tapioca), palm kernels; cattle, sheep, goats
Industries
Definition
processing peanuts, fish, and hides; tourism, beverages, agricultural machinery assembly, woodworking, metalworking, clothing
Industrial production growth rate
Definition - World rank and map
-2.3% (2007 est.)
Electricity - production
Definition - World rank and map
145 million kWh (2005)
Electricity - consumption
Definition - World rank and map
134.9 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
77.8 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
2,030 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
1.2 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
41.5 bbl/day (2004)
Oil - imports
Definition - World rank and map
2,050 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$70 million (2007 est.)
Exports
Definition - World rank and map
$93 million f.o.b. (2007 est.)
Exports - commodities
Definition
peanut products, fish, cotton lint, palm kernels, re-exports
Exports - partners
Definition
India 36.5%, China 15%, UK 9%, Indonesia 7.8%, France 4.9%, Belgium 4% (2006)
Imports
Definition - World rank and map
$271 million f.o.b. (2007 est.)
Imports - commodities
Definition
foodstuffs, manufactures, fuel, machinery and transport equipment
Imports - partners
Definition
China 24.3%, Senegal 11.5%, Cote d'Ivoire 8.3%, Brazil 6.7%, Netherlands 5.2% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$142.8 million (31 December 2007 est.)
Debt - external
Definition - World rank and map
$628.8 million (2003 est.)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$58.15 million (2005)
Currency (code)
Definition
dalasi (GMD)
Exchange rates
Definition
dalasi per US dollar - 27.79 (2007), 28.066 (2006), 28.575 (2005), 30.03 (2004), 27.306 (2003)
Fiscal year
Definition
calendar year


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