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Gambia, The Economy 2014
http://www.theodora.com/wfbcurrent/gambia_the/gambia_the_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 28, 2014

Economy - overview:
The Gambia has sparse natural resource deposits and a limited agricultural base, and relies in part on remittances from workers overseas and tourist receipts. About three-quarters of the population depends on the agricultural sector for its livelihood and the sector provides for about one-quarter of GDP. The agricultural sector has untapped potential - less than half of arable land is cultivated. Small-scale manufacturing activity features the processing of peanuts, fish, and hides. The Gambia's natural beauty and proximity to Europe has made it one of the larger markets for tourism in West Africa, boosted by government and private sector investments in eco-tourism and upscale facilities. In 2012, however, sluggish tourism led to a decline in GDP. Tourism brings in about one-fifth of GDP. Agriculture also took a hit in 2012 due to unfavorable weather patterns. The Gambia's re-export trade accounts for almost 80% of goods exports. Unemployment and underemployment rates remain high. Economic progress depends on sustained bilateral and multilateral aid, on responsible government economic management, and on continued technical assistance from multilateral and bilateral donors. International donors and lenders continue to be concerned about the quality of fiscal management and The Gambia's debt burden.

GDP (purchasing power parity):
$3.409 billion (2012 est.)
country comparison to the world: 178

$3.239 billion (2011 est.)
$3.383 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$895.7 million (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.3% (2012 est.)
country comparison to the world: 55

-4.3% (2011 est.)
6.5% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,900 (2012 est.)
country comparison to the world: 194

$1,800 (2011 est.)
$2,000 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
17.5% of GDP (2012 est.)
country comparison to the world: 89

23.6% of GDP (2011 est.)
23.5% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 88.3%
government consumption: 10.9%
investment in fixed capital: 18.9%
investment in inventories: 0%
exports of goods and services: 28.5%
imports of goods and services: -46.7%

(2012 est.)
[see also: country ranks ]

GDP - composition, by sector of origin:
agriculture: 19.1%
industry: 13.1%
services: 67.8% (2012 est.)

Agriculture - products:
rice, millet, sorghum, peanuts, corn, sesame, cassava (manioc), palm kernels; cattle, sheep, goats

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

Industrial production growth rate:
2.4% (2012 est.)
country comparison to the world: 96
[see also: Industrial production growth rate country ranks ]

Labor force:
777,100 (2007)
country comparison to the world: 151
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 75%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 19%
services: 6% (1996)

Unemployment rate:
NA%
[see also: Unemployment rate country ranks ]

Population below poverty line:
48.4% (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 36.9% (2003)

Distribution of family income - Gini index:
50.2 (1998)
country comparison to the world: 22


[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $230.7 million
[see also: Budget revenues country ranks ]
expenditures: $271.2 million (2012 est.)

Taxes and other revenues:
25.8% of GDP (2012 est.)
country comparison to the world: 121
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.5% of GDP (2012 est.)
country comparison to the world: 158
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
4.6% (2012 est.)
country comparison to the world: 139

4.8% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9% (31 December 2009)
country comparison to the world: 21

11% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
28% (31 December 2012 est.)
country comparison to the world: 7

28% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$217.9 million (31 December 2012 est.)
country comparison to the world: 174

$220.5 million (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$512.2 million (31 December 2012 est.)
country comparison to the world: 177

$487.9 million (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$386.2 million (31 December 2012 est.)
country comparison to the world: 171

$380.3 million (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-152.5 million (2012 est.)
country comparison to the world: 77

$-112.5 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$111.8 million (2012 est.)
country comparison to the world: 189

$113.4 million (2011 est.)
[see also: Exports country ranks ]

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

Exports - partners:
China 57.1%, India 18.6%, France 4.6%, UK 4% (2012)

Imports:
$365.8 million (2012 est.)
country comparison to the world: 194

$337.5 million (2011 est.)
[see also: Imports country ranks ]

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

Imports - partners:
China 27.6%, Senegal 8.5%, Brazil 8.1%, UK 6.4%, India 6.1%, Indonesia 4.1% (2012)

Reserves of foreign exchange and gold:
$236.2 million (31 December 2012 est.)
country comparison to the world: 157

$223.2 million (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$481.5 million (31 December 2012 est.)
country comparison to the world: 175

$466.5 million (31 December 2011 est.)
[see also: Debt - external country ranks ]

Exchange rates:
dalasis (GMD) per US dollar -

32.0771 (2012 est.)
29.4615 (2011 est.)
28.012 (2010 est.)
26.6444 (2009)
22.75 (2008)


NOTE: The information regarding Gambia, The on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Gambia, The Economy 2014 information contained here. All suggestions for corrections of any errors about Gambia, The Economy 2014 should be addressed to the CIA.



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