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.

GDP purchasing power parity - $1.23 billion (1997 est.)

GDP - real growth rate 2.1% (1997 est.)

GDP - per capita purchasing power parity - $1,000 (1997 est.)

GDP - composition by sector
agriculture: 27%
industry: 15%
services: 58% (1993 est.)

Inflation rate - consumer price index 2.2% (1997)

Labor force
total: NA
by occupation: agriculture 75.0%, industry, commerce, and services 18.9%, government 6.1%

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 - capacity 29,000 kW (1995)

Electricity - production 73 million kWh (1995)

Electricity - consumption per capita 74 kWh (1995)

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

Exports
total value: $160 million (f.o.b., 1995)
commodities: peanuts and peanut products 70%, fish, cotton lint, palm kernels
partners: Japan, Senegal, Hong Kong, France, Switzerland, UK, Indonesia

Imports
total value: $140 million (c.i.f., 1995)
commodities: foodstuffs, manufactures, raw materials, fuel, machinery and transport equipment
partners: China, Cote d'Ivoire, Hong Kong, UK, Germany

Debt - external $426 million (1995 est.)

Economic aid
recipient: bilateral $36.1 million; multilateral $34.7 million (1994)

Currency 1 dalasi (D) = 100 butut

Exchange rates dalasi (D) per US$1 - 10.513 (December 1997), 10.200 (1997), 9.789 (1996), 9.546 (1995), 9.576 (1994), 9.129 (1993)

Fiscal year 1 July - 30 June

NOTE: The information regarding The Gambia on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of The Gambia Economy 1998 information contained here. All suggestions for corrections of any errors about The Gambia Economy 1998 should be addressed to the CIA.