View the information below regarding the economy of Gambia. The summary and statistics contains
gdp, industry, agriculture and more for Gambia. If you need other information please visit the
Gambia Country Page.
GDP (2001): $400 million.
Annual growth rate: (2001) 4.6%.
Per capita income (2001): $291.
Natural resources: Seismic studies indicate the possible presence of oil and gas offshore.
Agriculture (23% of GDP): Products--peanuts, rice, millet, sorghum, fish, palm kernels, vegetables, livestock, forestry.
Industry (12% of GDP): Types--peanut products, construction, telecommunications, brewing, soft drinks, agricultural machinery assembly, woodworking, metal working, clothing.
Trade: (2000 est.): Exports--$12.03 million, including re-exports, groundnut and groundnut products (37%), fish and fish products (7%), fruits and vegetables (26%). Major markets--U.K., other EU countries, and Senegal. Imports--$139.3 million, including textiles, readymade foodstuffs, machinery, transportation equipment. 98% for domestic consumption, 2% for re-export. Major suppliers--U.K.; other EU countries; China, Japan, and other Asian countries; West African neighbors. Official Development Assistance (ODA) received from all sources (2001): $50.9 million. U.S. economic aid received (FY 2001): $6.2 million in food aid and assistance to democracy and human rights programs.
The Gambia has a liberal, market-based economy characterized by traditional subsistence agriculture, a historic reliance on groundnuts (peanuts) 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.
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.
The U.K. and other EU countries constitute 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.