Gambia Economy

Gambia lies close to European borders. Gambia’s close proximity to Europe, coupled with its picturesque landscape makes it a favorite tourist destination. Consequently, the tourism industry plays an important role in the economy of Gambia. The agriculture segment is limited in Gambia. Gambia does not harbor natural and mineral resource deposits.
Major portion of economic activities comprise re export trade. However, pre shipment inspection plan as well as the fluctuating currency (dalasi) value have minimized re export to a great extent.

Components of Gambian Economy:
The agriculture sector in Gambia has the following products to offer:

They are sorghum, corn, rice, millet, peanuts, sesame, palm kernels, cassava.

Livestock
– sheep, cattle, goats.

Industries in Gambia comprise the following:

Fish
Peanuts processing
Hides
Tourism
Beverages
Assembling of agriculture machinery
Metal works
Wood work
Clothing
Gambia trade:
Gambia export commodities:

Cotton lint
Products made of peanuts
Fish
Palm kernels
Re export

Export partners:
(2005)

India
United Kingdom
Indonesia
Kenya

Gambia import commodities:

Fuel
Transport equipments
Machinery
Food products

Import partners:

Cote d’Ivoire
Senegal
Brazil
China
United States of America
United Kingdom
Netherlands

Debt(external, 2003):
USD$628.8 million.

Currency of Gambia is dalasi. The ISO 4217 code of Gambian currency is GMD.
Gross domestic product in 2006:

GDP PPP- USD$3.25 billion
GDP real growth rate-5%
GDP per capita (purchasing power parity)-USD2,000

GDP (sectoral):

Agriculture-30.5%
Service-55.6%
Industry-13.9%

Workforce in Gambia (1996):
Gambia had a total workforce of 400,000 workers.
Different sectors engaged the following percentage of workforce:

Agriculture-75%
Service-6%
Industry-19%.

Rate of inflation at consumer prices in Gambia was 14% in the year 2006.

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Last Updated on : 25th June 2013