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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 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.

    GDP: purchasing power parity—$1.3 billion (1998 est.)

    GDP—real growth rate: 3.8% (1998 est.)

    GDP—per capita: purchasing power parity—$1,000 (1998 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): 3% (1998 est.)

    Labor force: NA

    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: 70 million kWh (1996)

    Electricity—production by source:
    fossil fuel: 100%
    hydro: 0%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 70 million kWh (1996)

    Electricity—exports: 0 kWh (1996)

    Electricity—imports: 0 kWh (1996)

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

    Exports: $120 million (f.o.b., 1997)

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

    Exports—partners: Belgium, Japan, Senegal, Hong Kong, France, Switzerland, UK, US, Indonesia (1997)

    Imports: $207 million (f.o.b., 1997)

    Imports—commodities: foodstuffs, manufactures, raw materials, fuel, machinery and transport equipment

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

    Debt—external: $426 million (1995 est.)

    Economic aid—recipient: $45.4 million (1995)

    Currency: 1 dalasi (D) = 100 butut

    Exchange rates: dalasi (D) per US$1—10.947 (December 1998), 10.643 (1998), 10.200 (1997), 9.789 (1996), 9.546 (1995), 9.576 (1994)

    Fiscal year: 1 July—30 June

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)