<hdr>The World Factbook 1994: The Gambia<nl>Economy</hdr><body>
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<item><hi format=bold>Overview:</hi> The Gambia has no important mineral or other natural resources and has a limited agricultural base. It is one of the world's poorest countries with a per capita income of roughly $800. 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, has fostered a respectable 4% rate of growth in recent years. Re-export trade constitutes one-third of economic activity; however, border closures associated with Senegal's monetary crisis in late 1993 led to a 50% decline in re-export trade, reducing government revenues in turn. Devaluation of the CFA franc in January 1994 has made Senegalese goods more competitive, and is likely to prompt a relaxation of Senegalese controls, paving the way for a comeback in re-exports.
<item><hi format=bold>National product:</hi> GDP—purchasing power equivalent—$740 million (1993 est.)
<item><hi format=bold>National product real growth rate:</hi> 4.5% (FY92 est)
<item><hi format=bold>National product per capita:</hi> $800 (1993 est.)
<item><hi format=bold>Agriculture:</hi> accounts for 30% of GDP and employs about 75% of the population; imports one-third of food requirements; 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
<item><hi format=bold>Economic aid:</hi>
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<item>• <hi format=ital>recipient:</hi> US commitments, including Ex-Im (FY70-89), $93 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $535 million; Communist countries (1970-89), $39 million