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Economy ::Gambia, The

Economy - overview:

The Gambia has no confirmed mineral or natural resource deposits 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 hides. Reexport trade normally constitutes a major segment of economic activity, but a 1999 government-imposed preshipment inspection plan, and instability of the Gambian dalasi (currency) have drawn some of the reexport trade away from The Gambia. The Gambia's natural beauty and proximity to Europe has made it one of the larger markets for tourism in West Africa. The government's 1998 seizure of the private peanut firm Alimenta eliminated the largest purchaser of Gambian groundnuts. Despite an announced program to begin privatizing key parastatals, no plans have been made public that would indicate that the government intends to follow through on its promises. Unemployment and underemployment rates remain extremely high; short-run economic progress depends on sustained bilateral and multilateral aid, on responsible government economic management, on continued technical assistance from the IMF and bilateral donors, and on expected growth in the construction sector.

GDP (purchasing power parity):

$2.277 billion (2008 est.) country comparison to the world: 180 $2.15 billion (2007 est.)

$2.023 billion (2006 est.)

note: data are in 2008 US dollars

GDP (official exchange rate):

$810 million (2008 est.)

GDP - real growth rate:

5.9% (2008 est.) country comparison to the world: 66 6.3% (2007 est.)

6.5% (2006 est.)

GDP - per capita (PPP):

$1,300 (2008 est.) country comparison to the world: 202 $1,300 (2007 est.)

$1,200 (2006 est.)

note: data are in 2008 US dollars

GDP - composition by sector:

agriculture: 33.3%

industry: 7.6%

services: 59% (2008 est.)

Labor force:

777,100 (2007) country comparison to the world: 143

Labor force - by occupation:

agriculture: 75%

industry: 19%

services: 6% (1996)

Unemployment rate:

The 2009 CIA World Factbook

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