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Gambia, The Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Gambia, The Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
The government has invested in the agriculture sector because three-quarters of the population depends on the sector for its livelihood and agriculture provides for about one-third of GDP, making The Gambia largely reliant on sufficient rainfall. The agricultural sector has untapped potential - less than half of arable land is cultivated and agricultural productivity is low. Small-scale manufacturing activity features the processing of cashews, groundnuts, fish, and hides. The Gambia's reexport 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. 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 location on the ocean and proximity to Europe has made it one of the most frequented tourist destinations in West Africa, boosted by private sector investments in eco-tourism and facilities. Tourism normally brings in about 20% of GDP, but it 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 were concerned about the quality of fiscal management under the administration of former President Yahya JAMMEH, who reportedly stole hundreds of millions of dollars of the country’s funds during his 22 years in power, but anticipate significant improvements under the new administration of President Adama BARROW, who assumed power in early 2017. As of April 2017, the IMF, the World Bank, the European Union, and the African Development Bank were all negotiating with the new government of The Gambia to provide financial support in the coming months to ease the country’s financial crisis.The country faces a limited availability of foreign exchange, weak agricultural output, a border closure with Senegal, a slowdown in tourism, high inflation, a large fiscal deficit, and a high domestic debt burden that has crowded out private sector investment and driven interest rates to new highs. The government has committed to taking steps to reduce the deficit, including through expenditure caps, debt consolidation, and reform of state-owned enterprises.

GDP (purchasing power parity):
$3.582 billion (2017 est.) $3.478 billion (2016 est.) $3.402 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 183

GDP (official exchange rate):
$1.038 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3% (2017 est.) 2.2% (2016 est.) 4.3% (2015 est.)
country comparison to the world: 115
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,700 (2017 est.) $1,700 (2016 est.) $1,700 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 216

Gross national saving:
10% of GDP (2017 est.) 9.8% of GDP (2016 est.) 4.7% of GDP (2015 est.)
country comparison to the world: 159
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 87.2%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10.5%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 20.1%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -8%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 21.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -31.7% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 20.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 14.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 65.4% (2017 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:
3.9% (2017 est.)
country comparison to the world: 72
[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)

Distribution of family income - Gini index:
50.2 (1998)
country comparison to the world: 17
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $187 million
[see also: Budget - revenues country ranks ]
expenditures: $369.9 million (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
18% of GDP (2017 est.)
country comparison to the world: 168
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-17.6% of GDP (2017 est.)
country comparison to the world: 215
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
116.1% of GDP (2016 est.) 110.2% of GDP (2015 est.)
country comparison to the world: 10
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
8.3% (2017 est.) 7.2% (2016 est.)
country comparison to the world: 200
[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 2017 est.) 30.4% (31 December 2016 est.)
country comparison to the world: 6
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$225.1 million (31 December 2017 est.) $279.6 million (31 December 2016 est.)
country comparison to the world: 182
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$435.6 million (31 December 2017 est.) $529.9 million (31 December 2016 est.)
country comparison to the world: 187
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$408.5 million (31 December 2017 est.) $496.7 million (31 December 2016 est.)
country comparison to the world: 179
[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:
-$97 million (2017 est.) -$86 million (2016 est.)
country comparison to the world: 79
[see also: Current account balance country ranks ]

Exports:
$109.7 million (2017 est.) $106.6 million (2016 est.)
country comparison to the world: 195
[see also: Exports country ranks ]

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

Exports - partners:
Mali 36.3%, Guinea 24.5%, Senegal 12.3%, China 11.7%, Guinea-Bissau 5.8% (2016)

Imports:
$316.1 million (2017 est.) $326.7 million (2016 est.)
country comparison to the world: 196
[see also: Imports country ranks ]

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

Imports - partners:
Cote dIvoire 13%, Brazil 12.3%, China 11%, Belgium 8.6%, India 5.7%, Spain 4.7%, Senegal 4.6% (2016)

Reserves of foreign exchange and gold:
$22.8 million (31 December 2017 est.) $87.64 million (31 December 2016 est.)
country comparison to the world: 174
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
g: $619.7 million (31 December 2017 est.) $571.2 million (31 December 2016 est.)
country comparison to the world: 176
[see also: Debt - external country ranks ]

Exchange rates:
dalasis (GMD) per US dollar - 49.74 (2017 est.) 43.8846 (2016 est.) 43.8846 (2015 est.) 41.89 (2014 est.) 41.733 (2013 est.)

NOTE: 1) The information regarding Gambia, The on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Gambia, The Economy 2018 information contained here. All suggestions for corrections of any errors about Gambia, The Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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