Economy Overview:

    The Gambia has no important mineral or other natural resources and has a
    limited agricultural base. About 75% of the population is engaged in crop
    production and livestock raising, which contribute 30% to GDP. Small-scale
    manufacturing activity - processing peanuts, fish, and hides - accounts for
    less than 10% of GDP. A sustained structural adjustment program, including a
    liberalized trade policy, had fostered a respectable 4% rate of growth in
    recent years. Reexport trade constitutes one-third of economic activity;
    however, border closures associated with Senegal's monetary crisis in late
    1993 led to a halving of reexport trade, reducing government revenues in
    turn. The 50% devaluation of the CFA franc in January 1994 has made
    Senegalese goods more competitive and apparently prompted a relaxation of
    Senegalese controls, paving the way for a comeback in reexports. But
    overwhelming these developments were the devastating effects of the
    military's takeover in July 1994. By October, traffic at the Port of Banjul
    had fallen precipitously as importers nervously scaled back their activities
    with the commencement of the anticorruption drive by the new regime.
    Concerned with the growing potential for serious unrest after a countercoup
    attempt was bloodily put down by the regime, the United Kingdom and the EU
    in November issued a travelers advisory for The Gambia, which brought a halt
    to tourism almost immediately. The Gambia faces additional problems in 1995
    if, as is likely, economic sanctions by Western governments remain in effect
    in response to indications that the military regime intends to stay in power
    far longer than expected by the donors.


National product:
    GDP - purchasing power parity - $1 billion (1993 est.)
National product real growth rate:
    NA%
National product per capita:
    $1,050 (1993 est.)
Inflation rate (consumer prices):
    6.5% (1993)
Unemployment rate:
    NA%
Budget:
  revenues:
    $94 million
  expenditures:
    $89 million, including capital expenditures of $24 million (FY92/93 est.)


Industrial production:

    growth rate 6.7%
Electricity:
  capacity:
    30,000 kW


  production:
    70 million kWh
  consumption per capita:
    64 kWh (1993)


Economic Activity

Industries:

    peanut processing, tourism, beverages, agricultural machinery assembly,
    woodworking, metalworking, clothing
Agriculture:
    accounts for 30% of GDP; one-third of food requirements is imported; major
    export crop is peanuts; other principal crops - millet, sorghum, rice, corn,
    cassava, palm kernels; livestock - cattle, sheep, goats; forestry and
    fishing resources not fully exploited

Exports:

    $81 million (f.o.b., FY92/93 est.)
  Commodities:
    peanuts and peanut products, fish, cotton lint, palm kernels
   Major Trade Partners::
    Japan 60%, Europe 29%, Africa 5%, US 1%, other 5% (1989)


Imports:

    $154 million (f.o.b., FY92/93 est.)
  Commodities:
    foodstuffs, manufactures, raw materials, fuel, machinery and transport
    equipment
   Major Trade Partners::
    Europe 57%, Asia 25%, USSR and Eastern Europe 9%, US 6%, other 3% (1989)
External debt:
    $286 million (FY92/93 est.)