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. 1996 Index
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The Gambia Economy 1996
The Gambia has no important mineral or other natural resources and has a
limited agricultural base. About 75% of the population is engaged in crop
production and livestock raising, which contribute 30% to GDP. Small-scale
manufacturing activity - processing peanuts, fish, and hides - accounts for
less than 10% of GDP. A sustained structural adjustment program, including a
liberalized trade policy, had fostered a respectable 4% rate of growth in
recent years. Reexport trade constitutes one-third of economic activity;
however, border closures associated with Senegal's monetary crisis in late
1993 led to a halving of reexport trade, reducing government revenues in
turn. The 50% devaluation of the CFA franc in January 1994 has made
Senegalese goods more competitive and apparently prompted a relaxation of
Senegalese controls, paving the way for a comeback in reexports. But
overwhelming these developments were the devastating effects of the
military's takeover in July 1994. By October, traffic at the Port of Banjul
had fallen precipitously as importers nervously scaled back their activities
with the commencement of the anticorruption drive by the new regime.
Concerned with the growing potential for serious unrest after a countercoup
attempt was bloodily put down by the regime, the United Kingdom and the EU
in November issued a travelers advisory for The Gambia, which brought a halt
to tourism almost immediately. The Gambia faces additional problems in 1995
if, as is likely, economic sanctions by Western governments remain in effect
in response to indications that the military regime intends to stay in power
far longer than expected by the donors.
GDP - purchasing power parity - $1 billion (1993 est.)
-
National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$89 million, including capital expenditures of $24 million (FY92/93 est.)
$81 million (f.o.b., FY92/93 est.)
peanuts and peanut products, fish, cotton lint, palm kernels
Japan 60%, Europe 29%, Africa 5%, US 1%, other 5% (1989)
$154 million (f.o.b., FY92/93 est.)
foodstuffs, manufactures, raw materials, fuel, machinery and transport
equipment
Europe 57%, Asia 25%, USSR and Eastern Europe 9%, US 6%, other 3% (1989)
$286 million (FY92/93 est.)
peanut processing, tourism, beverages, agricultural machinery assembly,
woodworking, metalworking, clothing
accounts for 30% of GDP; one-third of food requirements is imported; major
export crop is peanuts; other principal crops - millet, sorghum, rice, corn,
cassava, palm kernels; livestock - cattle, sheep, goats; forestry and
fishing resources not fully exploited
US commitments, including Ex-Im (FY70-89), $93 million; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-89), $535 million;
Communist countries (1970-89), $39 million
dalasi (D) per US$1 - 9.565 (January 1995), 9.576 (1994), 9.129 (1993),
8.888 (1992), 8.803 (1991), 7.883 (1990)
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