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World > Africa > Gambia, The > Economy (Notes)

Gambia, The - Economy (Notes)


ECONOMY
The Gambia has a liberal, market-based economy characterized 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.

Agriculture accounts for roughly 30% of gross domestic product (GDP) and employs 75% of the labor force. Within agriculture, peanut production accounts for 6.9% of GDP, other crops 8.3%, livestock 5.3%, fishing 1.8%, and forestry 0.5%. Industry accounts for approximately 14% of GDP and services approximately 54%. The limited amount of manufacturing is primarily agriculturally based (e.g., peanut processing, bakeries, a brewery, and a tannery). Other manufacturing activities include soap, soft drinks, and clothing.

Previously, the U.K. and other EU countries constituted The Gambia's major domestic export markets. However, in recent years India, Thailand, and China have gained increasing proportions of Gambian exports. The African sub-region, including Senegal, Guinea-Bissau, and Ghana are also important trade partners. China and Brazil have become important source countries for Gambian imports. The U.K., other EU countries, and Senegal also command a large share of Gambian imports.


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Foreign Relations
Relations with U.S.





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