Gambia, The, with a population of 2,705,992, is ranked 134th in the world, just behind Albania. Located in West Africa, it covers an area of 11,300 square kilometers, ranking 151st globally, just below Qatar.
The Gambia, with a GDP of $2,187,194,563.49 in 2022, holds the 170th rank globally. It follows Cabo Verde, which has a GDP of $2,226,862,134.09. In terms of GDP per capita, The Gambia ranks 172nd with $808.28. It is surpassed by Burkina Faso, with a GDP per capita of $830.04.
Despite facing challenges, The Gambia’s economy shows potential for growth and development, with opportunities for further diversification and investment to improve the standard of living for its citizens.
What are the economic activities of Gambia?
- Primary activities: 20.4% of GDP.
- Secondary activities: 14.2% of GDP.
- Tertiary activities: 65.4% of GDP.
Primary Sector of Gambia
The primary sector in The Gambia is mainly focused on agriculture due to its favorable climate and abundant natural resources. With 62.65% of the land dedicated to agriculture, the country produces a variety of crops such as groundnuts, rice, millet, and vegetables, along with animal products like milk.
Despite contributing 20.4% to the GDP, agriculture plays a crucial role in the economy by providing employment and sustaining livelihoods. The diverse range of agricultural products highlights the sector’s significance, showcasing the country’s agricultural potential and importance in ensuring food security and economic stability.
The country’s diverse geology provides abundant natural resources. Fish from its rivers and oceans support the fishing industry, while clay, silica sand, titanium, tin, and zircon contribute significantly to the economy through mining and export activities.
Secondary Sector of Gambia
What is the secondary sector or what are secondary activities?
The secondary sector involves industries that transform raw materials from primary activities into finished products for consumption. In Gambia, the main industrial products include peanuts, fish, hides, beverages, agricultural machinery assembly, woodworking, metalworking, and clothing.
Manufactures make up a small percentage of Gambia’s total exports in 2023, indicating a reliance on other sectors for economic growth and sustainability.
Tertiary sector of Gambia
What is the tertiary sector or what are tertiary activities?
The tertiary sector in Gambia encompasses services that provide knowledge and time to enhance productivity and meet needs. It involves intangible goods such as advice, attention, and expertise, catering to both consumer and business demands. Key tertiary activities in Gambia include healthcare and medical care, education and training, banking and finance, tourism and hospitality, transportation and logistics, and communication and information exchange. These services play a crucial role in driving the country’s economy and meeting the diverse needs of its population.
In particular, The Gambia’s economy heavily relies on tourism, contributing significantly to its GDP. With an impressive 620,000 annual tourist arrivals, accounting for 0.2291 of the population, the industry thrives. Popular destinations like the vibrant Banjul and the serene Kololi Beach attract visitors worldwide, showcasing the country’s natural beauty and rich culture.
Another example of tertiary economic activity is the mobile cellular sector, with approximately 2.7 million subscriptions, supporting technological growth. This connectivity fosters innovation and enhances business operations across various industries.
International Trade of Gambia
Import Activities of Gambia
The import activities of Gambia are of high importance, with imports totaling $67,295,724.81 in 2023, representing 30.77% of the country’s GDP.
Gambia heavily relies on imports, with key partners including China (31%), Senegal (12%), India (8%), Brazil (8%), and the US (5%). Import commodities such as cotton fabric, rice, raw sugar, poultry, and palm oil contribute significantly to the country’s economy.
Exports Activities of Gambia
In Gambia, exports totaled $99,947,298.44 in 2023, accounting for 4.57% of GDP. With low importance, exports play a minor role in the country’s economy.
Gambia primarily exports coconuts, Brazil nuts, cashews, wood, shellfish, scrap iron, and fish oil. Its key export partners are India (31%), China (23%), Italy (7%), Chile (7%), and Portugal (5%).
Gambia economy challenges in 2024
In 2024, The Gambia faces economic challenges with high poverty and inflation rates. It heavily relies on foreign aid and remittances, with structural reforms tied to IMF support. The country’s agriculture-based economy struggles to sustain its population of 2.7 million.
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