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Business Profile:
The economy of The Gambia is basically agricultural, with groundnuts (in the form of nuts, oil and cattle cake) accounting for 50 per cent of total exports. Peanut production was 136,000 metric tons in 2005. Cotton, citrus fruits and mangos are also cultivated for export. Forestry and fishing are also important. Rice, millet and maize are the main staples, but The Gambia must import large quantities of rice along with various other foodstuffs and petroleum products. There are no viable mineral deposits although surveys have located some oil deposits. The small industrial sector is dominated by agro-industrial activities; drinks and construction materials are produced for the domestic market.

After a disastrous spell following the 1994 coup, tourism is once again a viable generator of foreign exchange, and has performed relatively well since then. Principal markets for exports are Belgium, Luxembourg, Japan and Guinea. Government economic strategy aims to position The Gambia as a regional hub for trade, based on an important re-export trade (mostly of Senegalese goods) as well as finance and telecommunications. Substantial infrastructural progress has been made (such as the construction of new roads, street lighting, schools and hospitals. International aid remains essential to the health of The Gambia’s economy.

Local people are notoriously bad time keepers. So much so that people refer to GMT as Gambia Maybe Time.




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Opening Hours:
Government hours 8 am to 4 pm
Business hours 9 am to 5 pm
Some banks open Saturday mornings
Friday is half-day 12.30 pm

Agriculture:
products: groundnuts (140,000 tonnes - 2005), millet, sorghum, rice, corn, sesame, cassava (tapioca), palm kernels; cattle, sheep, goats; forest and fishery resources not fully exploited.

Export Commodities:
Groundnut products, fish, raw cotton, palm kernels, hides & entrepot trade

Export Partners (Principle):
UK 26.7%, Belgium 6.7%, China 6.7%, Germany 6.7%, Italy 6.7%, Malaysia 6.7%, Thailand 6.7% (2003)

Economy as % of GDP:
Agriculture: 33.0%
Industry: 13.0%
Manufacturing: 5.1%
Services: 53% (2005)

GDP:
US $460 million -
GDP growth 6.85% (2005)

GDP by sector:
Agriculture: 46.8%, industry: 9.3%, services: 43.8% (2004 est.)

GNI per capita:
US $356

Industries:
Processing peanuts, fish, and hides; tourism; beverages; agricultural machinery assembly, woodworking, metalworking; clothing

Imports:
Commodities: foodstuffs incl. rice, flour, sugar, manufactured goods, petroleum, heavy fuel oil, cement bulk & bags, auto vehicles, machinery equipment

Import Partners:
China + Hong Kong 25%, Senegal 12.6%, Cote d'Ivoire 8%, Brazil 6.2%, Netherlands 4.4% (2006)

Inflation - Annual:
(consumer price index)
3.2% per annum

Labour Force:
400,000

Labor Force by Occupation:
agriculture 75%, industry, commerce, and services 19%, government 6%



For more details see the
Central Bank of Gambia
(Statistics)


Last updated: September 2007

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