Economy of the Gambia

Economy of The Gambia
	Sir Dawda Kairaba Jawara International Conference Center in Greater Banjul Area in Serrekunda in The Gambia
Currency	Dalasi (GMD, D)
Fiscal year	1 July – 29 June
Trade organisations	AU, AfCFTA, CEN-SAD, ECOWAS, G77, WTO
Country group	Developing/Emerging; Lower middle income economy;
Statistics
Population	2,468,569 (2023)
GDP	$1.773 billion (nominal, 2019 est.); $6.447 billion (PPP, 2019 est.);
GDP rank	167th (nominal, 2019); 160th (PPP, 2019);
GDP growth	4.8% (2017) 6.6% (2018); 6.0% (2019e) 6.3% (2020f);
GDP per capita	$755 (nominal, 2019 est.); $2,745 (PPP, 2019 est.);
GDP per capita rank	172st (nominal, 2019); 157th (PPP, 2018);
GDP by sector	agriculture: 33%; industry: 8.7%; services: 58.3%; (2008 est.);
Inflation (CPI)	6.5% (2020 est.)
Population below poverty line	48.6% (2015); 9.7% on less than $1.90/day (2020);
Gini coefficient	35.9 medium (2015)
Human Development Index	0.466 low (2018) (174th); 0.293 IHDI (2018);
Labour force	781,558 (2019); 53.4% employment rate (2012);
Labour force by occupation	agriculture 75%; industry, commerce, and services 19%; government 6%;
Unemployment	8.6%
Average gross salary	$0.65 per man-hour (2015)
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	India 31.1%; China 22.8%; Italy 6.83%; Chile 6.55% (2022);
Imports	$251 million (f.o.b., 2010)
Import goods	clothing and apparel, refined petroleum, rice, raw sugar, palm oil
Main import partners	China 31.5%; Senegal 12.3%; India 8.43%; Brazil 7.86% (2022);
FDI stock	N/A (2011)
Gross external debt	$1 Billion (2005 est.)
Public finances
Government debt	150% of GDP (2020)
Revenues	D4.5 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. The Gambia has a mixed economy with a heavy reliance on agriculture, combined with relatively weak centralized economic planning and government regulation. Before 2017 the Gambia had a under Yahya Jammeh liberal, market-based economy characterised 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. The Gambia also 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.