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Gambia, The
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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 the 50% devaluation of the CFA franc in January 1994 made Senegalese goods more competitive and hurt the reexport trade. The Gambia has benefited from a rebound in tourism after its decline in response to the military's takeover in July 1994. Short-run economic progress remains highly dependent on sustained bilateral and multilateral aid and on responsible government economic management as forwarded by IMF technical help and advice. Annual GDP growth is expected to fall to less than 4% over 2000-01.

GDP: purchasing power parity - $1.4 billion (1999 est.)

GDP - real growth rate: 4.2% (1999 est.)

GDP - per capita: purchasing power parity - $1,030 (1999 est.)

GDP - composition by sector:
agriculture: 23%
industry: 13%
services: 64% (1997 est.)

Population below poverty line: NA%

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

Inflation rate (consumer prices): 2.5% (1999 est.)

Labor force: 400,000

Labor force - by occupation: agriculture 75%, industry, commerce, and services 19%, government 6%

Unemployment rate: NA%

Budget:
revenues: $88.6 million
expenditures: $98.2 million, including capital expenditures of $NA (FY96/97 est.)

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

Industrial production growth rate: NA%

Electricity - production: 75 million kWh (1998)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 70 million kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

Agriculture - products: peanuts, millet, sorghum, rice, corn, cassava (tapioca), palm kernels; cattle, sheep, goats; forest and fishery resources not fully exploited

Exports: $132 million (f.o.b., 1998)

Exports - commodities: peanuts and peanut products, fish, cotton lint, palm kernels

Exports - partners: Benelux 78%, Japan, UK, Hong Kong, France, Spain (1997)

Imports: $201 million (f.o.b., 1998)

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

Imports - partners: Hong Kong, UK, Netherlands, Cote d'Ivoire, France, Senegal, Belgium (1997)

Debt - external: $430 million (1997 est.)

Economic aid - recipient: $45.4 million (1995)

Currency: 1 dalasi (D) = 100 butut

Exchange rates: dalasi (D) per US$1 - 11.626 (November 1999), 10.643 (1998), 10.200 (1997), 9.789 (1996), 9.546 (1995)

Fiscal year: 1 July - 30 June



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