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Economy
Economy—overview: The Gambia has no important mineral or other natural resources and has a limited agricultural base. About 75% of the population depends on crops and livestock for its livelihood. Small-scale manufacturing activity features the processing of peanuts, fish, and hides. Reexport trade normally constitutes a major segment of economic activity, but the 50% devaluation of the CFA franc in January 1994 made Senegalese goods more competitive and hurt the reexport trade. The Gambia has benefited from a rebound in tourism after its decline in response to the military's takeover in July 1994. Short-run economic progress remains highly dependent on sustained bilateral and multilateral aid and on responsible government economic management as forwarded by IMF technical help and advice.
GDP: purchasing power parity—$1.3 billion (1998 est.)
GDP—real growth rate: 3.8% (1998 est.)
GDP—per capita: purchasing power parity—$1,000 (1998 est.)
GDP—composition by sector:
agriculture: 23%
industry: 13%
services: 64% (1997 est.)
Population below poverty line: NA%
Household income or consumption
by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices): 3% (1998 est.)
Labor force: NA
Labor force—by occupation: agriculture 75%, industry, commerce, and services 19%, government 6%
Unemployment rate: NA%
Budget:
revenues: $88.6 million
expenditures: $98.2 million, including capital expenditures of
$NA (FY96/97 est.)
Industries: processing peanuts, fish, and hides; tourism; beverages; agricultural machinery assembly, woodworking, metalworking; clothing
Industrial production growth rate: NA%
Electricity—production: 70 million kWh (1996)
Electricity—production by
source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1996)
Electricity—consumption: 70 million kWh (1996)
Electricity—exports: 0 kWh (1996)
Electricity—imports: 0 kWh (1996)
Agriculture—products: peanuts, millet, sorghum, rice, corn, cassava (tapioca), palm kernels; cattle, sheep, goats; forest and fishery resources not fully exploited
Exports: $120 million (f.o.b., 1997)
Exports—commodities: peanuts and peanut products, fish, cotton lint, palm kernels
Exports—partners: Belgium, Japan, Senegal, Hong Kong, France, Switzerland, UK, US, Indonesia (1997)
Imports: $207 million (f.o.b., 1997)
Imports—commodities: foodstuffs, manufactures, raw materials, fuel, machinery and transport equipment
Imports—partners: Cote d'Ivoire, Hong Kong, UK, Germany, Netherlands, France, Belgium (1997)
Debt—external: $426 million (1995 est.)
Economic aid—recipient: $45.4 million (1995)
Currency: 1 dalasi (D) = 100 butut
Exchange rates: dalasi (D) per US$1—10.947 (December 1998), 10.643 (1998), 10.200 (1997), 9.789 (1996), 9.546 (1995), 9.576 (1994)
Fiscal year: 1 July—30 June