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Gambia, The Economy 2017
http://www.theodora.com/wfbcurrent/gambia_the/gambia_the_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Gambia, The Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
The government has invested strongly in the agriculture sector because three-quarters of the population depends on the sector for its livelihood and agriculture provides for another one-fifth 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 re-export trade accounts for almost 80% of goods exports and China has been its largest trade partner for both exports and imports for several years.The Gambia has sparse natural resource deposits and a limited agricultural base. It relies heavily on remittances from workers overseas and tourist receipts. Remittance inflows to The Gambia amount to about one-fifth of the country’s GDP. The Gambia's natural beauty and proximity to Europe has made it one of the larger tourist destinations in West Africa, boosted by government and private sector investments in eco-tourism and upscale facilities. Tourism normally brings in about 20% of GDP, but suffered in 2014 from tourists’ fears of Ebola virus in neighboring West African countries. Unemployment and underemployment 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. The IMF provided $10.8 million in emergency financial assistance to The Gambia in April 2015 to shore up the country’s finances. Relations with international donors have been tarnished by the country’s human rights record.

GDP (purchasing power parity):
$3.387 billion (2016 est.) $3.31 billion (2015 est.) $3.172 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 182
[see also: GDP country ranks ]

GDP (official exchange rate):
$886 million (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.3% (2016 est.) 4.4% (2015 est.) -0.2% (2014 est.)
country comparison to the world: 125
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,700 (2016 est.) $1,700 (2015 est.) $1,600 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 214
[see also: GDP - per capita country ranks ]

Gross national saving:
11.4% of GDP (2016 est.) 4.5% of GDP (2015 est.) 14.2% of GDP (2014 est.)
country comparison to the world: 147
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 80.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 9.7%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 19.1%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -1.5%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 24.8%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -32.8% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 21.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 15.6%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 63% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

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

Industrial production growth rate:
1.2% (2016 est.)
country comparison to the world: 141
[see also: Industrial production growth rate country ranks ]

Labor force:
777,100 (2007 est.)
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%
[see also: Labor force - by occupation - industry country ranks ]
services: 6% (1996)
[see also: Labor force - by occupation - services country ranks ]

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)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
50.2 (1998)
country comparison to the world: 20
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $231.5 million
[see also: Budget revenues country ranks ]
expenditures: $323.6 million (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
26.1% of GDP (2016 est.)
country comparison to the world: 106
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-10.4% of GDP (2016 est.)
country comparison to the world: 201
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
7.4% (2016 est.) 6.9% (2015 est.)
country comparison to the world: 191
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9% (31 December 2009) 11% (31 December 2008)
country comparison to the world: 34
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
30.6% (31 December 2016 est.) 30.8% (31 December 2015 est.)
country comparison to the world: 7
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$236.9 million (31 December 2016 est.) $275.4 million (31 December 2015 est.)
country comparison to the world: 180
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$534.7 million (31 December 2014 est.) $511.5 million (31 December 2013 est.)
country comparison to the world: 181
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$420.8 million (31 December 2016 est.) $466.7 million (31 December 2015 est.)
country comparison to the world: 177
[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:
-$112 million (2016 est.) -$136 million (2015 est.)
country comparison to the world: 69
[see also: Current account balance country ranks ]

Exports:
$120 million (2016 est.) $113.2 million (2015 est.)
country comparison to the world: 194
[see also: Exports country ranks ]

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

Exports - partners:
China 47.6%, India 27.2%, France 5.9%, UK 4.9% (2015)

Imports:
$363.9 million (2016 est.) $365.1 million (2015 est.)
country comparison to the world: 198
[see also: Imports country ranks ]

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

Imports - partners:
China 34.2%, Brazil 8.1%, Senegal 6.9%, India 5.7%, Netherlands 4.8% (2015)

Reserves of foreign exchange and gold:
$91.7 million (31 December 2016 est.) $83.8 million (31 December 2015 est.)
country comparison to the world: 166
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
g: $541.8 million (31 December 2016 est.) $502.5 million (31 December 2015 est.)
country comparison to the world: 176
[see also: Debt - external country ranks ]

Exchange rates:
dalasis (GMD) per US dollar - 44.5 (2016 est.) 41.89 (2015 est.) 41.89 (2014 est.) 41.733 (2013 est.) 32.08 (2012 est.)

NOTE: The information regarding Gambia, The on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Gambia, The Economy 2017 information contained here. All suggestions for corrections of any errors about Gambia, The Economy 2017 should be addressed to the CIA.




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