Economy - overview:
The Gambia has no significant mineral or natural resource deposits
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 saw substantially lower prices and
sales. Despite an announced program to begin privatizing key
parastatals, no plans have been made public that would indicate that
the government intends to follow through on its promises.
Unemployment and underemployment rates remain extremely high;
short-run economic progress depends on sustained bilateral and
multilateral aid, on responsible government economic management, on
continued technical assistance from the IMF and bilateral donors,
and on expected growth in the construction sector.
GDP (purchasing power parity):
$2.799 billion (2004 est.)
GDP - real growth rate:
6% (2004 est.)
GDP - per capita:
purchasing power parity - $1,800 (2004 est.)
GDP - composition by sector: agriculture: 26.8% industry: 14.5% services: 58.7% (2004 est.)
Labor force:
400,000 (1996)
Labor force - by occupation:
agriculture 75%, industry, commerce, and services 19%, government 6%
Unemployment rate:
NA (2002 est.)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA