Economy Gambia, The
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 a 1999 government-imposed preshipment inspection plan,
and instability of the Gambian dalasi (currency) have drawn some of
the reexport trade away from The Gambia. The government's 1998
seizure of the private peanut firm Alimenta eliminated the largest
purchaser of Gambian groundnuts; the following two marketing seasons
have seen substantially lower prices and sales. A decline in tourism
in 2000 has also held back growth. Unemployment and underemployment
rates are extremely high. Shortrun economic progress remains highly
dependent on sustained bilateral and multilateral aid, on
responsible government economic management as forwarded by IMF
technical help and advice, and on expected growth in the
construction sector.
GDP:
purchasing power parity - $2.582 billion (2002 est.)
GDP - real growth rate:
5.7% (2001 est.)
GDP - per capita:
purchasing power parity - $1,800 (2002 est.)
GDP - composition by sector:
agriculture: 33%
industry: 13%
services: 54% (1999 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
5.5% (2002 est.)
Labor force:
400,000