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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