Economy of the Gambia

Economy of The Gambia
Sir Dawda Kairaba Jawara International Conference Center in Greater Banjul Area in Serrekunda in The Gambia
CurrencyDalasi (GMD, D)
1 July – 29 June
Trade organisations
AU, AfCFTA, CEN-SAD, ECOWAS, G77, WTO
Country group
Statistics
PopulationIncrease 2,468,569 (2023)[3]
GDP
  • Increase $1.773 billion (nominal, 2019 est.)[4]
  • Increase $6.447 billion (PPP, 2019 est.)[4]
GDP rank
GDP growth
  • 4.8% (2017) 6.6% (2018)
  • 6.0% (2019e) 6.3% (2020f)[5]
GDP per capita
  • Increase $755 (nominal, 2019 est.)[4]
  • Increase $2,745 (PPP, 2019 est.)[4]
GDP per capita rank
GDP by sector
  • agriculture: 33%
  • industry: 8.7%
  • services: 58.3%
  • (2008 est.)
6.5% (2020 est.)[4]
Population below poverty line
  • 48.6% (2015)[6]
  • 9.7% on less than $1.90/day (2020)[7]
35.9 medium (2015)[8]
Labour force
  • Increase 781,558 (2019)[11]
  • 53.4% employment rate (2012)[12]
Labour force by occupation
  • agriculture 75%
  • industry, commerce, and services 19%
  • government 6%
Unemployment8.6%
Average gross salary
$0.65 per man-hour (2015)[citation needed]
Main industries
processing peanuts, fish, and hides; tourism; beverages; agricultural machinery assembly, woodworking, metalworking; clothing
External
Exports$182 million (f.o.b., 2010)
Export goods
lumber, cashews, refined petroleum, fish oil, ground nut oil
Main export partners
Imports$251 million (f.o.b., 2010)
Import goods
clothing and apparel, refined petroleum, rice, raw sugar, palm oil
Main import partners
FDI stock
N/A (2011)
$1 Billion (2005 est.)
Public finances
150% of GDP (2020)
RevenuesD4.5 billion (2015)
Expenses$D963.6 million (2015)
Economic aid$45.4 million (1995)
All values, unless otherwise stated, are in US dollars.

The economy of the Gambia is heavily reliant on agriculture.[15] The Gambia has no significant 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 animal hides.

Short-run economic progress remains highly dependent on foreign aid, and on responsible government economic management as forwarded by International Monetary Fund technical help and advice.

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Population, total - Gambia, The". data.worldbank.org. World Bank. Retrieved 16 February 2020.
  4. ^ a b c d e "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 23 January 2020.
  5. ^ "Global Economic Prospects, January 2020 : Slow Growth, Policy Challenges" (PDF). openknowledge.worldbank.org. World Bank. p. 147. Retrieved 22 January 2020.
  6. ^ "Poverty headcount ratio at national poverty lines (% of population) - Gambia, The". data.worldbank.org. World Bank. Retrieved 16 February 2020.
  7. ^ "Poverty headcount ratio at $1.90 a day (2011 PPP) (% of population) - Gambia, The". data.worldbank.org. World Bank. Retrieved 16 February 2020.
  8. ^ "GINI index (World Bank estimate) - Gambia, The". data.worldbank.org. World Bank. Retrieved 16 February 2020.
  9. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
  10. ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
  11. ^ "Labor force, total - Gambia, The". data.worldbank.org. World Bank & ILO. Retrieved 16 February 2020.
  12. ^ "Employment to population ratio, 15+, total (%) (national estimate) - Gambia, The". data.worldbank.org. World Bank & ILO. Retrieved 16 February 2020.
  13. ^ "Export Partners of the Gambia". The Observatory of Economic Complexity. Retrieved 19 May 2024.
  14. ^ "Export Partners of the Gambia". The Observatory of Economic Complexity. Retrieved 19 May 2024.
  15. ^ "The Gambia". Encyclopaedia Britannica. Retrieved 29 October 2019.