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Janyanfara
Tanzania
1350 Posts |
 Posted - 22 Dec 2007 : 12:55:16
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Economy of the Gambia,
(Redirected from Economy of The Gambia)
The Gambia has no important 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 hides. Re-export trade normally constitutes a major segment of economic activity, but the 50% devaluation of the CFA franc in January 1994 made Senegalese goods more competitive and hurt the re-export trade. The Gambia has benefited from a rebound in tourism after its decline in response to the military's takeover in July 1994.
[edit] Overview
Current GDP per capita of The Gambia registered a peak growth of 233% in the Seventies. But this proved unsustainable and it consequently shrank by 8.30% in the Eighties and a further 5.20% in the Nineties.
Tourism in this country has three major strands. There is the traditional "sun, sea and sex" holiday making use of the hot climate and wonderful beaches. The Gambia is also usually the first African destination for many European birders, in view of its easily accessed and spectacular avian fauna. There are also a significant number of African-Americans tracing their roots in this country, from which so many Africans were taken during the slave trade.
The tourist season is the dry season, during the Northern Hemisphere winter.
Short-run economic progress remains highly dependent on sustained bilateral and multilateral aid and on responsible government economic management as forwarded by IMF technical help and advice. Annual GDP growth is expected to fall to less than 4% over 2000-01.
[edit] Macro-economic trend
This is a chart of trend of gross domestic product of Gambia at market prices estimated by the International Monetary Fund with figures in millions of Dalasi.
Year Gross Domestic Product US Dollar Exchange Inflation Index (2000=100)
1980 435 1.71 Dalasi 13
1985 782 4.09 Dalasi 25
1990 2,367 8.13 Dalasi 65
1995 3,617 9.49 Dalasi 90
2000 5,382 12.78 Dalasi 100
2005 13,174 28.70 Dalasi 158
For purchasing power parity comparisons, the US Dollar is exchanged at 4.35 Dalasi only.
The Gambia has a liberal, market-based economy characterized by traditional subsistence agriculture, a historic reliance on peanuts or groundnuts 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 23% of gross domestic product (GDP) and employs 75% of the labor force. Within agriculture, peanut production accounts for 5.3% of GDP, other crops 8.3%, livestock 4.4%, fishing 1.8%, and forestry 0.5%. Industry accounts for 12% of GDP and forestry 0.5%. Manufacturing accounts for 6% of GDP. 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. Services account for 19% of GDP.
In FY 1999 the UK and other EU countries were The Gambia's major domestic export markets, accounting for 86% in total; followed by Asia at 14%; and the African subregion, including Senegal, Guinea-Bissau, and Ghana at 8%. The U.K. and the other EU countries--namely, Germany, France, Netherlands, and Belgium--were the major source of imports accounting for 60% of the total share of imports followed by Asia at 23%, and Cote d'Ivoire and other African countries at 17%. The Gambia reports 11% of its exports going to and 14.6% of its imports coming from the United States.
GDP:
purchasing power parity $1.4 billion (1999 est.)
real growth rate: 4.2% (1999 est.)
per capita: purchasing power parity - $1,030 (1999 est.)
composition by sector:
agriculture: 23%
industry: 13%
services: 64% (1997 est.)
Inflation rate (consumer prices): 2.5% (1999 est.)
Labor force: 400,000
Labor force - by occupation: agriculture 75%, industry, commerce, and services 19%, government 6%
Budget:
revenues: $88.6 million
expenditures: $198.2 million, including capital expenditures of $ (Not Available) (FYT2000/2006.)
Industries: processing peanuts, fish, and hides; tourism; beverages; agricultural machinery assembly, woodworking, metalworking; clothing
Electricity
production: 75 GWh, entirely from fossil fuels (1998)
consumption: 70 GWh (1998)
Electricity is not imported or exported from The Gambia.
Agriculture - products: peanuts, pearl millet, sorghum, rice, maize, cassava (tapioca), palm kernels; cattle, sheep, goats; forest and fishery resources not fully exploited. With peanut comprising of major export.
Exports: $102 million (f.o.b., 2002)
commodities: peanuts and peanut products, fish, cotton lint, palm kernels.
partners: Benelux 78%, Japan, United Kingdom, Hong Kong, France, Spain (1997)
Imports: $201 million (f.o.b., 1998/2005)
commodities: foodstuffs, manufactures, fuel, machinery and transport equipment.
partners: Hong Kong, United Kingdom, Netherlands, Côte d'Ivoire, France, Senegal, Belgium (1997/2005)
Debt - external: $430 million (1997 est.):(556million22006 est.)
Economic aid - recipient: $45.4 million (1995/2004)
Currency: 1 dalasi (D) = 100 butut
Exchange rates: dalasi (D) per US$1 - 11.626 (November 1999), 10.643 (1998), 10.200 (1997), 9.789 (1996), 9.546 (1995), US$1-24 (February 2006)
Fiscal year: 1 July - 30 June
Interesting account of our dear motherland.
Your comments!
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Edited by - Janyanfara on 22 Dec 2007 15:12:01 |
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jambo
3300 Posts |
Posted - 22 Dec 2007 : 13:47:17
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this makes me think, i look at it and remember someone once saying "Ah the Gambia", nice place but hard to figure out. I asked why and they said you never know what they need, there are no upto date figures everything is practically be jammeh's days.
is this true, some of the figures here are from the 1990's
look at the last sentence exchange rate |
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Janyanfara
Tanzania
1350 Posts |
Posted - 22 Dec 2007 : 15:05:32
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Jambo,
Sorry I had missed out some figures while in a hurry.Figure now updated.
Thanks |
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Sister Omega
United Kingdom
2085 Posts |
Posted - 23 Dec 2007 : 02:13:02
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Janyanfara you didn't cite any sources for these figures. Where are the name of your references so these figures can be cross referenced? Otherwise these figures are just figures and can be regarded as nothing but fiction.
Peace
Sister Omega |
Peace
Sister Omega |
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Santanfara
3460 Posts |
Posted - 23 Dec 2007 : 08:49:02
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| janyafara,nice analysis .what would be the reasons that will cause a nation to term as heavily indebted nation ? |
Surah- Ar-Rum 30-22
"And among His signs is the creation of heavens and the earth, and the difference of your languages and colours. verily, in that are indeed signs for men of sound knowledge." Qu'ran
www.suntoumana.blogspot.com |
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Janyanfara
Tanzania
1350 Posts |
Posted - 24 Dec 2007 : 14:43:47
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Sister Omega,
What other source do want me to cite?Or should I say I got it from the Daily jammeh newspaper so that you can belief?You never seem to get the meaasge do you?Even if it is from your darling husband, you would not belief as the figures were not given by state house who would never want the truth to come out to the people.
Sister we dig and we dig very deep.
Stay tuned |
Edited by - Janyanfara on 24 Dec 2007 14:44:15 |
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