Gambia Economy
5 and 100 Dalasi
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. Re-export 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 re-export trade. The Gambia has benefited from a rebound in tourism after its decline in response to the military's takeover in July 1994.
Macro-Economic trend
For purchasing power parity comparisons, the US Dollar is exchanged at 4.35 Dalasi only.
The Gambia's economy is characterized by traditional subsistence agriculture, a historic reliance on peanuts or groundnuts for export earnings, a re-export trade built up around its ocean port, low import duties, minimal administrative procedures, a fluctuating exchange rate with no exchange controls, and a significant tourism industry. Average wages in 2007 hover around $1-2 per day.
Agriculture accounts for 23% of gross domestic product (GDP) and employs 75% of the labor force. Within agriculture, peanut production accounts for 5.3% of GDP, other crops 8.3%, livestock 4.4%, fishing 1.8%, and forestry 0.5%. Industry accounts for 12% of GDP and forestry 0.5%. Manufacturing accounts for 6% of GDP. The limited amount of manufacturing is primarily agriculturally based (e.g., peanut processing, bakeries, a brewery, and a tannery). Other manufacturing activities include soap, soft drinks, and clothing. Services account for 19% of GDP.
In FY 1999 the UK and other EU countries were The Gambia's major domestic export markets, accounting for 86% in total; followed by Asia at 14%; and the African subregion, including Senegal, Guinea-Bissau, and Ghana at 8%. The U.K. and the other EU countries--namely, Germany, France, Netherlands, and Belgium--were the major source of imports accounting for 60% of the total share of imports followed by Asia at 23%, and Cote d'Ivoire and other African countries at 17%. The Gambia reports 11% of its exports going to and 14.6% of its imports coming from the United States.
Macro-Economic trend
For purchasing power parity comparisons, the US Dollar is exchanged at 4.35 Dalasi only.
The Gambia's economy is characterized by traditional subsistence agriculture, a historic reliance on peanuts or groundnuts for export earnings, a re-export trade built up around its ocean port, low import duties, minimal administrative procedures, a fluctuating exchange rate with no exchange controls, and a significant tourism industry. Average wages in 2007 hover around $1-2 per day.
Agriculture accounts for 23% of gross domestic product (GDP) and employs 75% of the labor force. Within agriculture, peanut production accounts for 5.3% of GDP, other crops 8.3%, livestock 4.4%, fishing 1.8%, and forestry 0.5%. Industry accounts for 12% of GDP and forestry 0.5%. Manufacturing accounts for 6% of GDP. The limited amount of manufacturing is primarily agriculturally based (e.g., peanut processing, bakeries, a brewery, and a tannery). Other manufacturing activities include soap, soft drinks, and clothing. Services account for 19% of GDP.
In FY 1999 the UK and other EU countries were The Gambia's major domestic export markets, accounting for 86% in total; followed by Asia at 14%; and the African subregion, including Senegal, Guinea-Bissau, and Ghana at 8%. The U.K. and the other EU countries--namely, Germany, France, Netherlands, and Belgium--were the major source of imports accounting for 60% of the total share of imports followed by Asia at 23%, and Cote d'Ivoire and other African countries at 17%. The Gambia reports 11% of its exports going to and 14.6% of its imports coming from the United States.
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