About Gambia and Key Financial Statistics

About Gambia and Key Financial Statistics

Overview of Economy:

The Gambia has sparse natural resource deposits and a limited agricultural base. It relies heavily on remittances from workers overseas and tourist receipts. Remittance inflows to The Gambia amount to about 20% of the country’s GDP. The government has invested strongly in the agriculture sector because three-quarters of the population depends on the sector for its livelihood and agriculture provides for about one-fifth of GDP. The agricultural sector has untapped potential - less than half of arable land is cultivated. Small-scale manufacturing activity features the processing of peanuts, fish, and hides. The Gambia's natural beauty and proximity to Europe has made it one of the larger tourist destinations in West Africa, boosted by government and private sector investments in eco-tourism and upscale facilities. Tourism normally brings in about one-fifth of GDP, but suffered in 2014 from tourists’ fears of Ebolavirus in neighboring West African countries. The Gambia's re-export trade accounts for almost 80% of goods exports and China was its largest trade partner for both exports and imports in 2013. In 2012 the IMF renewed an extended credit facility of $28.3 million for three years. Unemployment and underemployment remain high. Economic progress depends on sustained bilateral and multilateral aid, on responsible government economic management, and on continued technical assistance from multilateral and bilateral donors. International donors and lenders continue to be concerned about the quality of fiscal management. The Gambia's debt interest payments are projected to consume about 31% of government revenue in 2015. Relations with international donors have been tarnished by the country’s human rights record on homosexuality and human trafficking, perceptions of graft, and a declaration by the president in 2014 that the country would stop using English as the national language.

Gross Domestic Product (In USD):

$3.093 billion (2014 est.)

$3.1 billion (2013 est.)

$2.958 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 19.7

% Industry: 13

% Services: 67.3

Composition of Labor Force by Occupation:

% Agriculture: 75

% Industry: 19

% Services: 6

Per Capita Income:

$1,600 (2014 est.)

$1,600 (2013 est.)

$1,500 (2012 est.)

Exports:

$123.5 million (2014 est.)

$132.2 million (2013 est.)

Key Export Commodities:

peanut products, fish, cotton lint, palm kernels

Export Partners:

China 34.4%, India 32.9%, UK 8.2%, France 4.4% (2014)

Imports:

$335 million (2014 est.)

$304.1 million (2013 est.)

Key Import Commodities:

foodstuffs, manufactures, fuel, machinery and transport equipment

Import Partners:

China 31.3%, Brazil 8.6%, India 7.9%, Senegal 7.2% (2014)

Inflation Rate (Consumer Price Index):

6.2% (2014 est.)

5.2% (2013 est.)

Exchange Rate to USD:

dalasis (GMD) per US dollar -

41.733 (2014 est.)

41.733 (2013 est.)

32.08 (2012 est.)

29.4615 (2011 est.)

28.012 (2010 est.)

Unemployment Rate:

NA%

S&P Rating:

Standard & Poor's Ratings:

    • AAA: The best quality borrowers, reliable and stable

    • AA: Quality borrowers, a bit higher risk than AAA

    • A: Economic situation can affect finance

    • BBB: Medium class borrowers, which are satisfactory at the moment

    • BB: More prone to changes in the economy

    • B: Financial situation varies noticeably

    • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings