The economy of the Gambia is heavily reliant on agriculture.

The Gambia The Gambia,, ff, Gammbi, ar, غامبيا officially the Republic of The Gambia, is a country in West Africa. It is the smallest country within mainland AfricaHoare, Ben. (2002) ''The Kingfisher A-Z Encyclopedia'', Kingfisher Publicatio ...

has no significant 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 animal hides. Short-run economic progress remains highly dependent on foreign aid, and on responsible government economic management as forwarded by

International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glo ...

technical help and advice.

Economic history

Current GDP per capita
of the Gambia registered a peak growth of 23.3% in the 1970s. Economic growth slowed by 8.30% in the 1980s and a further 5.20% in the 1990s. Re-export trade normally constitutes a major segment of economic activity, but the 50% devaluation of the

CFA franc The CFA franc (french: franc CFA, , Franc of the Financial Community of Africa, originally Franc of the French Colonies in Africa, or colloquially ; abbreviation: F.CFA) is the name of two currencies, the West African CFA franc, used in eight We ...

in January 1994 made

Senegal Senegal,; Wolof: ''Senegaal''; Pulaar: 𞤅𞤫𞤲𞤫𞤺𞤢𞥄𞤤𞤭 (Senegaali); Arabic: السنغال ''As-Sinighal'') officially the Republic of Senegal,; Wolof: ''Réewum Senegaal''; Pulaar : 𞤈𞤫𞤲𞤣𞤢𞥄𞤲𞤣𞤭 ...

ese goods more competitive and hurt the

re-export Re-exportation, also called entrepot trade, is a form of international trade in which a country exports goods which it previously imported without altering them. One such example could be when one member of a free trade agreement charges lower ...

trade. The Gambia has benefited from a rebound in tourism after its decline in response to the military's takeover in July 1994.

Macro-economic trend

This is a chart of trend of gross domestic product of Gambia at market prices estimated by the International Monetary Fund with figures in millions of Dalasi (currency used in Gambia). For purchasing power parity comparisons, the US dollar is exchanged at 4.35 Dalasi only. The Gambia's economy is characterized by traditional subsistence agriculture, a historic reliance on peanuts or groundnuts for export earnings, a re-export trade built up around its ocean port, low import duties, minimal administrative procedures, a fluctuating exchange rate with no exchange controls, and a significant tourism industry. Average wages in 2007 hover around $1–2 per day.

Economic sectors

Agriculture

Agriculture accounts for 23% of gross domestic product (GDP) and employs 75% of the labor force. Within agriculture, peanut production accounts for 5.3% of GDP, other crops 8.3%, livestock 4.4%, fishing 1.8%, and forestry 0.5%.

Industry

Industry accounts for 12% of GDP. Manufacturing accounts for 6% of GDP. The limited amount of manufacturing is primarily agriculturally based (e.g., peanut processing, bakeries, a brewery, and a tannery). Other manufacturing activities include soap, soft drinks, and clothing. Services account for 19% of GDP.

Tourism

Tourism in Gambia has three major strands. There is the traditional sun seeking holiday making use of the hot climate and wonderful beaches. The Gambia is also usually the first African destination for many European

birder Birdwatching, or birding, is the observing of birds, either as a recreational activity or as a form of citizen science. A birdwatcher may observe by using their naked eye, by using a visual enhancement device like binoculars or a telescope, by ...

s, in view of its easily accessed and spectacular avian fauna. There are also a significant number of

African American African Americans (also referred to as Black Americans and Afro-Americans) are an ethnic group consisting of Americans with partial or total ancestry from sub-Saharan Africa. The term "African American" generally denotes descendants of ens ...

s tracing their roots in this country, from which so many Africans were taken during the slave trade. The tourist season is the

dry season The dry season is a yearly period of low rainfall, especially in the tropics. The weather in the tropics is dominated by the tropical rain belt, which moves from the northern to the southern tropics and back over the course of the year. The te ...

, during the Northern Hemisphere winter.

Trade

In FY 1999, the UK and other EU countries were the Gambia's major domestic export markets, accounting for 86% of all exports. This was followed by Asia at 14% of exports, and the African at 8% of exports. The U.K. and the other EU countries - namely, Germany, France, Netherlands, Belgium and Spain - were the major source of imports, accounting for 60% of the total share of imports, followed by Asia at 23%, and African countries at 17%. The Gambia re-exports 11% of its exports going to and 14.6% of its imports coming from the United States.

Statistics

GDP: :''purchasing power parity'' $2.264 billion (2008 est.) :''real growth rate:'' 5.5% (2019 est.) :''per capita:'' purchasing power parity - $1,300 (2008 est.) :''composition by sector:'' ::''agriculture:'' 33% ::''industry:'' 8.7% ::''services:'' 58.3% (2008 est.) Inflation rate (consumer prices): 6.5% (2019 est.) Labor force: 400,000 Labor force - by occupation: agriculture 75%, industry, commerce, and services 19%, government 6% Budget: :''revenues:'' $88.6 million :''expenditures:'' $98.2 million, including capital expenditures of $ (Not Available) (FY96/97 est.) Industries: processing

peanut The peanut (''Arachis hypogaea''), also known as the groundnut, goober (US), pindar (US) or monkey nut (UK), is a legume crop grown mainly for its edible seeds. It is widely grown in the tropics and subtropics, important to both small and ...

s, fish, and hides; tourism; beverages; agricultural machinery assembly, woodworking, metalworking; clothing Electricity :''production:'' 75 GWh, entirely from fossil fuels (1998) :''consumption:'' 70 GWh (1998) :''Electricity is not imported or exported from the Gambia.'' Agriculture - products:

s, pearl millet, sorghum,

rice Rice is the seed of the grass species '' Oryza sativa'' (Asian rice) or less commonly ''Oryza glaberrima'' (African rice). The name wild rice is usually used for species of the genera '' Zizania'' and '' Porteresia'', both wild and domesticat ...

maize Maize ( ; ''Zea mays'' subsp. ''mays'', from es, maíz after tnq, mahiz), also known as corn (North American and Australian English), is a cereal grain first domesticated by indigenous peoples in southern Mexico about 10,000 years ago. The ...

cassava ''Manihot esculenta'', commonly called cassava (), manioc, or yuca (among numerous regional names), is a woody shrub of the spurge family, Euphorbiaceae, native to South America. Although a perennial plant, cassava is extensively cultivated ...

(

tapioca Tapioca (; ) is a starch extracted from the storage roots of the cassava plant (''Manihot esculenta,'' also known as manioc), a species native to the North and Northeast regions of Brazil, but whose use is now spread throughout South America ...

palm kernel The palm kernel is the edible seed of the oil palm fruit. The fruit yields two distinct oils: palm oil derived from the outer parts of the fruit, and palm kernel oil derived from the kernel. The pulp left after oil is rendered from the kernel is ...

cattle Cattle (''Bos taurus'') are large, domesticated, cloven-hooved, herbivores. They are a prominent modern member of the subfamily Bovinae and the most widespread species of the genus ''Bos''. Adult females are referred to as cows and adult ma ...

sheep Sheep or domestic sheep (''Ovis aries'') are domesticated, ruminant mammals typically kept as livestock. Although the term ''sheep'' can apply to other species in the genus '' Ovis'', in everyday usage it almost always refers to domesticated ...

goat The goat or domestic goat (''Capra hircus'') is a domesticated species of goat-antelope typically kept as livestock. It was domesticated from the wild goat (''C. aegagrus'') of Southwest Asia and Eastern Europe. The goat is a member of the a ...

s; forest and fishery resources not fully exploited. Exports: $132 million (f.o.b., 1998) :''commodities:''

s and peanut products, fish,

cotton Cotton is a soft, fluffy staple fiber that grows in a boll, or protective case, around the seeds of the cotton plants of the genus '' Gossypium'' in the mallow family Malvaceae. The fiber is almost pure cellulose, and can contain minor pe ...

lint,

s. :''partners:''

Benelux The Benelux Union ( nl, Benelux Unie; french: Union Benelux; lb, Benelux-Unioun), also known as simply Benelux, is a politico- economic union and formal international intergovernmental cooperation of three neighboring states in western Europe: ...

78%, Japan, United Kingdom, Hong Kong, France, Spain (1997) Imports: $201 million (f.o.b., 1998) :''commodities:'' foodstuffs, manufactures, fuel, machinery and transport equipment. :''partners:'' Hong Kong, United Kingdom, Netherlands, Ivory Coast, France,

, Belgium (1997) Debt - external: $430 million (1997 est.) Economic aid - recipient: $45.400 million (1995) Currency: Dalasi (D) Exchange rates: dalasi (D) per US$1 – 43.860 (January 2017), 11.626 (November 1999), 10.643 (1998), 10.200 (1997), 9.789 (1996), 9.546 (1995) Fiscal year: 1 July - 30 June

References

External links

*
The Gambia latest trade data on ITC Trade Map

Company formation Gambia
{{Africa in topic, Economy of Gambia Gambia, The