Overview: The Gambia has no important mineral or other natural resources and has a limited agricultural base. It is one of the world's poorest countries with a per capita income of roughly $800. 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, has fostered a respectable 4% rate of growth in recent years. Re-export trade constitutes one-third of economic activity; however, border closures associated with Senegal's monetary crisis in late 1993 led to a 50% decline in re-export trade, reducing government revenues in turn. Devaluation of the CFA franc in January 1994 has made Senegalese goods more competitive, and is likely to prompt a relaxation of Senegalese controls, paving the way for a comeback in re-exports.

National product: GDP - purchasing power equivalent - $740 million (1993 est.)

National product real growth rate: 4.5% (FY92 est)

National product per capita: $800 (1993 est.)

Inflation rate (consumer prices): 5% (FY 92 est.)

Unemployment rate: NA%

Budget:
revenues: $94 million
expenditures: $80 million, including capital expenditures of $25 million (FY91 est.)

Exports: $164 million (f.o.b., FY92 est.)
commodities: peanuts and peanut products, fish, cotton lint, palm kernels
partners: Japan 60%, Europe 29%, Africa 5%, US 1%, other 5% (1989)

Imports: $214 million (f.o.b., FY92 est.)
commodities: foodstuffs, manufactures, raw materials, fuel, machinery and transport equipment
partners: Europe 57%, Asia 25%, USSR and Eastern Europe 9%, US 6%, other 3% (1989)

External debt: $336 million (December 1990 est.)

Industrial production: growth rate 6.7% (year NA); accounts for 5.8% of GDP (FY90)

Electricity:
capacity: 30,000 kW
production: 65 million kWh
consumption per capita: 75 kWh (1991)

Industries: peanut processing, tourism, beverages, agricultural machinery assembly, woodworking, metalworking, clothing

Agriculture: accounts for 30% of GDP and employs about 75% of the population; imports one-third of food requirements; 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

Economic aid:
recipient: 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

Currency: 1 dalasi (D) = 100 butut
Exchange rates: dalasi (D) per US$1 - 9.440 (November 1993), 8.888 (1992), 8.803 (1991), 7.883 (1990), 7.5846 (1989), 6.7086 (1988)

Fiscal year: 1 July - 30 June

NOTE: The information regarding The Gambia on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of The Gambia Economy 1995 information contained here. All suggestions for corrections of any errors about The Gambia Economy 1995 should be addressed to the CIA.