Abstract
This 2011 Article IV Consultation highlights that the Gambian economy has performed well in recent years, despite a difficult global environment. The external current account deficit has widened in recent years, owing to weak tourism receipts and remittances and high global commodity prices. Executive Directors have commended the authorities for making progress in poverty reduction and achieving strong growth and low inflation despite a difficult global environment. Directors have welcomed the improved fiscal performance and supported the government’s plans for additional fiscal consolidation in the period ahead.
BACKGROUND: ACHIEVING ROBUST GROWTH IN A DIFFICULT GLOBAL ENVIRONMENT
1. The Gambian economy achieved robust growth with low-to-moderate inflation in recent years, despite the global economic crisis (Figure 1). Real GDP growth averaged around 6½ percent a year during 2008–10, driven mainly by agriculture. Tourism and remittances, however, were hit hard by the global crisis. Meanwhile, inflation ranged between 2½ and 7 percent (year-on-year), as the Central Bank of The Gambia (CBG) generally maintained a restrained monetary stance. At times, this required extensive mopping up of liquidity generated by central bank financing of fiscal deficits.
Strong Performance Despite the Global Crisis
Citation: IMF Staff Country Reports 2012, 017; 10.5089/9781463935108.002.A001
Source: The Gambian authorities and Fund staff estimates and projections.
Strong Performance Despite the Global Crisis
Citation: IMF Staff Country Reports 2012, 017; 10.5089/9781463935108.002.A001
Source: The Gambian authorities and Fund staff estimates and projections.Strong Performance Despite the Global Crisis
Citation: IMF Staff Country Reports 2012, 017; 10.5089/9781463935108.002.A001
Source: The Gambian authorities and Fund staff estimates and projections.Strong Performance Despite the Global Crisis
Citation: IMF Staff Country Reports 2012, 017; 10.5089/9781463935108.002.A001
Source: The Gambian authorities and Fund staff estimates and projections.Strong Performance Despite the Global Crisis
Citation: IMF Staff Country Reports 2012, 017; 10.5089/9781463935108.002.A001
Source: The Gambian authorities and Fund staff estimates and projections.2. The government’s fiscal deficit widened substantially during this period, resulting in a sharp increase in domestic debt (Figure 2). The deterioration of the fiscal balance was caused by a steady decline in government revenues and episodes of large spending overruns. After peaking at nearly 17½ percent of GDP in 2007, revenues fell to just under 15 percent of GDP in 2010, as collections from all major taxes were eroded away. At the same time, expenditures (excluding donor financed projects) rose from about 14½ percent of GDP to 18 percent of GDP. Extra-budgetary expenditures, including realized contingent liabilities, were major factors behind the surge in government spending, particularly in 2009 and 2010. The ensuing large fiscal deficits, were mostly financed with domestic borrowing.1
Unsustainable Fiscal Policy
Citation: IMF Staff Country Reports 2012, 017; 10.5089/9781463935108.002.A001
Source: The Gambian authorities and Fund staff estimates and projections.
Unsustainable Fiscal Policy
Citation: IMF Staff Country Reports 2012, 017; 10.5089/9781463935108.002.A001
Source: The Gambian authorities and Fund staff estimates and projections.Unsustainable Fiscal Policy
Citation: IMF Staff Country Reports 2012, 017; 10.5089/9781463935108.002.A001
Source: The Gambian authorities and Fund staff estimates and projections.3. Despite having received extensive debt relief, The Gambia continued to face a heavy debt burden, especially because of rising domestic debt. As of end-2010, domestic debt had risen to almost 30 percent of GDP. Correspondingly, interest on domestic debt has consumed an increasing share of government revenues (18 percent of government revenues in 2011). Moreover, most domestic debt consists of short-term Treasury bills, which poses substantial rollover risks. Despite a large reduction in its external debt under the Highly Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI) in December 2007, external debt indicators suggest that The Gambia is still at high risk of debt distress.2
4. The banking sector expanded at a rapid pace in recent years. Between 2007 and 2010, the number of banks doubled (to 14),3 helping to fuel a deepening of financial intermediation. During this period, credit to the private sector and public enterprises relative to GDP grew by about 4½ percentage points, to nearly 17½ percent of GDP.
The new banks are mostly foreign-owned, which generated substantial foreign direct investment, including from the increase in the minimum capital requirement effective at the capacity, while intense competition among a high number of banks in a relatively small market contributed to increased risks to the banking system.
5. Progress on reducing poverty has been mixed. Various social indicators have shown strong improvement (Table 9), notably in education (primary school enrolment and completion and youth literacy rates) and health (immunization and child and maternal mortality rates), but a large share of the population still lives in poverty (58 percent in 2008). 4 The government’s recent initiative to provide greater support to agriculture is expected to have contributed to some progress in reducing the incidence of poverty, by boosting incomes for the rural poor. In addition, the authorities are finalizing a new poverty reduction strategy, the Programme for Accelerated Growth and Employment (PAGE), which places further emphasis on agriculture, as well as investment in infrastructure.
The Gambia: Selected Economic Indicators
Percentage change between December of the previous year and December of the current year (September for 2011).
Average for the month of December (October for 2011).
Defined as gross domestic interest bearing debt.
The Gambia: Selected Economic Indicators
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |||
|---|---|---|---|---|---|---|---|---|---|
| Act. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||
| National account and prices | (Percent change; unless otherwise indicated) | ||||||||
| Nominal GDP (millions of dalasi) | 26,811 | 29,673 | 32,810 | 36,286 | 40,122 | 44,372 | 49,076 | ||
| Nominal GDP | 10.6 | 10.7 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | ||
| GDP at constant prices | 6.3 | 5.5 | 5.5 | 5.5 | 5.5 | 5.5 | 5.5 | ||
| GDP per capita (US$) | 560 | 566 | 567 | 573 | 589 | 606 | 625 | ||
| GDP deflator | 4.0 | 4.9 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | ||
| Consumer prices (average) | 5.0 | 5.4 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | ||
| Consumer prices (end of period) | 5.8 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | ||
| External sector | |||||||||
| Exports, f.o.b. | 3.6 | 12.6 | 5.3 | 5.9 | 6.0 | 6.7 | 7.4 | ||
| Of which: domestic exports | 25.5 | 34.3 | −0.1 | 6.8 | 6.0 | 6.8 | 10.3 | ||
| Imports, f.o.b. | 5.3 | 4.3 | 7.1 | 4.2 | 7.1 | 7.5 | 7.2 | ||
| Terms of trade (deterioration −) | −0.2 | −0.7 | 1.2 | 1.0 | 2.0 | 2.0 | 2.0 | ||
| NEER change (depreciation −)1 | −1.6 | −4.3 | … | … | … | … | … | ||
| REER (depreciation -)1 | 0.3 | −4.0 | … | … | … | … | … | ||
| Money and credit | (Percent change; in beginning-of-year broad money) | ||||||||
| Broad money | 13.7 | 13.3 | 13.2 | 13.2 | 13.3 | 13.4 | 13.5 | ||
| Net foreign assets | 1.3 | 2.4 | 3.9 | 1.0 | 2.3 | 3.1 | 3.2 | ||
| Net domestic assets, of which: | 12.3 | 10.9 | 9.3 | 12.2 | 11.0 | 10.2 | 10.3 | ||
| Credit to the government (net) | 16.4 | 7.4 | 4.3 | 2.3 | 1.0 | 0.8 | 0.9 | ||
| Credit to the private sector (net) | 4.7 | 4.3 | 9.3 | 9.1 | 9.2 | 8.4 | 8.3 | ||
| Other items (net) | −9.6 | −1.8 | −6.5 | −1.1 | −1.1 | −1.0 | −0.9 | ||
| Velocity (level) | 2.0 | 2.0 | 1.9 | 1.9 | 1.8 | 1.8 | 1.7 | ||
| Average treasury bill rate (in percent)2 | 11.3 | 9.3 | … | … | … | … | … | ||
| Central government budget | (In percent of GDP; unless otherwise indicated) | ||||||||
| Domestic revenues | 14.8 | 14.0 | 14.3 | 14.8 | 15.4 | 15.4 | 15.4 | ||
| Grants | 4.0 | 4.5 | 3.3 | 3.5 | 3.5 | 3.6 | 3.5 | ||
| Total expenditure and net lending | 24.8 | 22.1 | 20.5 | 20.8 | 20.9 | 20.9 | 20.9 | ||
| Overall balance | −5.6 | −3.6 | −3.0 | −2.4 | −2.0 | −1.9 | −2.0 | ||
| Basic balance | −3.3 | −1.5 | −0.4 | −0.3 | 0.2 | 0.1 | −0.1 | ||
| Net foreign financing | 1.4 | 0.9 | 1.3 | 1.4 | 1.5 | 1.4 | 1.5 | ||
| Net domestic financing | 4.2 | 2.7 | 1.6 | 1.0 | 0.5 | 0.5 | 0.5 | ||
| Public debt | 69.2 | 68.4 | 67.5 | 64.9 | 62.1 | 59.4 | 57.0 | ||
| Domestic public debt3 | 29.3 | 29.2 | 28.0 | 26.4 | 24.3 | 22.5 | 20.9 | ||
| External public debt | 39.9 | 39.2 | 39.5 | 38.5 | 37.8 | 36.9 | 36.1 | ||
| External public debt (millions of US$) | 377.1 | 386.0 | 399.8 | 415.2 | 432.6 | 450.6 | 470.9 | ||
| External sector | |||||||||
| Current account balance | |||||||||
| Excluding budget support | −16.8 | −14.4 | −15.3 | −14.7 | −14.5 | −14.1 | −13.4 | ||
| Including budget support | −16.8 | −14.4 | −15.3 | −14.2 | −14.0 | −13.7 | −12.9 | ||
| Current account balance | (Millions of U.S. dollars; unless other wise indicated) | ||||||||
| Excluding budget support | −162.9 | −146.3 | −160.3 | −161.5 | −169.4 | −175.8 | −177.7 | ||
| Including budget support | −162.9 | −146.3 | −160.3 | −156.0 | −163.6 | −169.6 | −171.2 | ||
| Overall balance of payments | −25.7 | 7.6 | −2.8 | −1.7 | 5.7 | 11.0 | 11.8 | ||
| Gross official reserves | 163.3 | 174.7 | 171.6 | 168.3 | 170.7 | 176.6 | 184.2 | ||
| in months of imports of goods and services | 4.8 | 5.0 | 4.6 | 4.3 | 4.1 | 4.0 | 3.9 | ||
| Use of Fund resources | (Millions of SDRs) | ||||||||
| Disbursements | 2.0 | 2.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Repayments | 0.0 | 0.0 | −0.2 | −1.0 | −2.1 | −3.8 | −4.0 | ||
Percentage change between December of the previous year and December of the current year (September for 2011).
Average for the month of December (October for 2011).
Defined as gross domestic interest bearing debt.
The Gambia: Selected Economic Indicators
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |||
|---|---|---|---|---|---|---|---|---|---|
| Act. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||
| National account and prices | (Percent change; unless otherwise indicated) | ||||||||
| Nominal GDP (millions of dalasi) | 26,811 | 29,673 | 32,810 | 36,286 | 40,122 | 44,372 | 49,076 | ||
| Nominal GDP | 10.6 | 10.7 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | ||
| GDP at constant prices | 6.3 | 5.5 | 5.5 | 5.5 | 5.5 | 5.5 | 5.5 | ||
| GDP per capita (US$) | 560 | 566 | 567 | 573 | 589 | 606 | 625 | ||
| GDP deflator | 4.0 | 4.9 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | ||
| Consumer prices (average) | 5.0 | 5.4 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | ||
| Consumer prices (end of period) | 5.8 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | ||
| External sector | |||||||||
| Exports, f.o.b. | 3.6 | 12.6 | 5.3 | 5.9 | 6.0 | 6.7 | 7.4 | ||
| Of which: domestic exports | 25.5 | 34.3 | −0.1 | 6.8 | 6.0 | 6.8 | 10.3 | ||
| Imports, f.o.b. | 5.3 | 4.3 | 7.1 | 4.2 | 7.1 | 7.5 | 7.2 | ||
| Terms of trade (deterioration −) | −0.2 | −0.7 | 1.2 | 1.0 | 2.0 | 2.0 | 2.0 | ||
| NEER change (depreciation −)1 | −1.6 | −4.3 | … | … | … | … | … | ||
| REER (depreciation -)1 | 0.3 | −4.0 | … | … | … | … | … | ||
| Money and credit | (Percent change; in beginning-of-year broad money) | ||||||||
| Broad money | 13.7 | 13.3 | 13.2 | 13.2 | 13.3 | 13.4 | 13.5 | ||
| Net foreign assets | 1.3 | 2.4 | 3.9 | 1.0 | 2.3 | 3.1 | 3.2 | ||
| Net domestic assets, of which: | 12.3 | 10.9 | 9.3 | 12.2 | 11.0 | 10.2 | 10.3 | ||
| Credit to the government (net) | 16.4 | 7.4 | 4.3 | 2.3 | 1.0 | 0.8 | 0.9 | ||
| Credit to the private sector (net) | 4.7 | 4.3 | 9.3 | 9.1 | 9.2 | 8.4 | 8.3 | ||
| Other items (net) | −9.6 | −1.8 | −6.5 | −1.1 | −1.1 | −1.0 | −0.9 | ||
| Velocity (level) | 2.0 | 2.0 | 1.9 | 1.9 | 1.8 | 1.8 | 1.7 | ||
| Average treasury bill rate (in percent)2 | 11.3 | 9.3 | … | … | … | … | … | ||
| Central government budget | (In percent of GDP; unless otherwise indicated) | ||||||||
| Domestic revenues | 14.8 | 14.0 | 14.3 | 14.8 | 15.4 | 15.4 | 15.4 | ||
| Grants | 4.0 | 4.5 | 3.3 | 3.5 | 3.5 | 3.6 | 3.5 | ||
| Total expenditure and net lending | 24.8 | 22.1 | 20.5 | 20.8 | 20.9 | 20.9 | 20.9 | ||
| Overall balance | −5.6 | −3.6 | −3.0 | −2.4 | −2.0 | −1.9 | −2.0 | ||
| Basic balance | −3.3 | −1.5 | −0.4 | −0.3 | 0.2 | 0.1 | −0.1 | ||
| Net foreign financing | 1.4 | 0.9 | 1.3 | 1.4 | 1.5 | 1.4 | 1.5 | ||
| Net domestic financing | 4.2 | 2.7 | 1.6 | 1.0 | 0.5 | 0.5 | 0.5 | ||
| Public debt | 69.2 | 68.4 | 67.5 | 64.9 | 62.1 | 59.4 | 57.0 | ||
| Domestic public debt3 | 29.3 | 29.2 | 28.0 | 26.4 | 24.3 | 22.5 | 20.9 | ||
| External public debt | 39.9 | 39.2 | 39.5 | 38.5 | 37.8 | 36.9 | 36.1 | ||
| External public debt (millions of US$) | 377.1 | 386.0 | 399.8 | 415.2 | 432.6 | 450.6 | 470.9 | ||
| External sector | |||||||||
| Current account balance | |||||||||
| Excluding budget support | −16.8 | −14.4 | −15.3 | −14.7 | −14.5 | −14.1 | −13.4 | ||
| Including budget support | −16.8 | −14.4 | −15.3 | −14.2 | −14.0 | −13.7 | −12.9 | ||
| Current account balance | (Millions of U.S. dollars; unless other wise indicated) | ||||||||
| Excluding budget support | −162.9 | −146.3 | −160.3 | −161.5 | −169.4 | −175.8 | −177.7 | ||
| Including budget support | −162.9 | −146.3 | −160.3 | −156.0 | −163.6 | −169.6 | −171.2 | ||
| Overall balance of payments | −25.7 | 7.6 | −2.8 | −1.7 | 5.7 | 11.0 | 11.8 | ||
| Gross official reserves | 163.3 | 174.7 | 171.6 | 168.3 | 170.7 | 176.6 | 184.2 | ||
| in months of imports of goods and services | 4.8 | 5.0 | 4.6 | 4.3 | 4.1 | 4.0 | 3.9 | ||
| Use of Fund resources | (Millions of SDRs) | ||||||||
| Disbursements | 2.0 | 2.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Repayments | 0.0 | 0.0 | −0.2 | −1.0 | −2.1 | −3.8 | −4.0 | ||
Percentage change between December of the previous year and December of the current year (September for 2011).
Average for the month of December (October for 2011).
Defined as gross domestic interest bearing debt.
The Gambia: Statement of Central Government Operations
(In millions of local currency)
Projection for 2011 includes grants under the World Bank’s West Africa Regional Communications Integration Project (WARCIP).
Beginning in 2011, includes spending on wages and other charges financed by project grants and external borrowing. Prior to that, project grants and external borrowing were assumed to finance capital expenditure only.
Figure for 2010 consists of domestic loans only, and reflects onlending to GAMTEL financed by WARCIP.
In 2010, includes bridge loan from CBG for part of the shortfall in disbursements of budget support.
The difference between financing and the overall balance of revenue and expenditures.
Overall balance, excluding statistical discrepancy, less expenditures financed by project grants and external borrowing.
Basic balance, excluding interest payments.
Defined as gross domestic interest bearing debt.
The Gambia: Statement of Central Government Operations
(In millions of local currency)
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||
| Revenue | 5,026 | 5,496 | 5,772 | 6,668 | 7,604 | 8,424 | 9,276 | ||||
| Taxes | 3,528 | 3,654 | 4,142 | 4,749 | 5,458 | 6,036 | 6,676 | ||||
| Taxes on income, profits, and capital gains | 1,109 | 1,131 | 1,230 | 1,428 | 1,658 | 1,834 | 2,028 | ||||
| Domestic taxes on goods and services | 1,500 | 1,629 | 1,798 | 2,087 | 2,436 | 2,694 | 2,980 | ||||
| Taxes on internatioal trade and transactions | 867 | 849 | 1,057 | 1,169 | 1,292 | 1,429 | 1,581 | ||||
| Other taxes | 53 | 45 | 58 | 64 | 71 | 78 | 87 | ||||
| Grants | 1,065 | 1,334 | 1,078 | 1,287 | 1,422 | 1,587 | 1,714 | ||||
| Budget support | 0 | 0 | 0 | 181 | 200 | 220 | 241 | ||||
| Project grants1 | 1,065 | 1,334 | 1,078 | 1,106 | 1,222 | 1,367 | 1,472 | ||||
| Other revenues | 433 | 508 | 552 | 632 | 725 | 801 | 886 | ||||
| Expenditures | 6,466 | 6,571 | 6,741 | 7,536 | 8,405 | 9,291 | 10,273 | ||||
| Expenses2 | 4,059 | 4,602 | 4,522 | 4,995 | 5,345 | 5,626 | 6,027 | ||||
| Compensation of employees | 1,516 | 1,665 | 1,769 | 1,956 | 2,163 | 2,392 | 2,645 | ||||
| Use of goods and services | 1,216 | 1,342 | 1,201 | 1,261 | 1,324 | 1,390 | 1,460 | ||||
| Interest | 766 | 933 | 961 | 1,157 | 1,165 | 1,159 | 1,202 | ||||
| External | 137 | 168 | 151 | 264 | 285 | 309 | 334 | ||||
| Domestic | 629 | 765 | 810 | 893 | 880 | 850 | 869 | ||||
| Subsidies | 561 | 662 | 592 | 622 | 693 | 685 | 720 | ||||
| Net acquisition of nonfinancial assets | 2,407 | 1,969 | 2,219 | 2,541 | 3,060 | 3,665 | 4,247 | ||||
| Acquisitions of nonfinancial assets | 2,407 | 1,969 | 2,219 | 2,541 | 3,060 | 3,665 | 4,247 | ||||
| Foreign financed2 | 1,808 | 1,714 | 1,879 | 2,050 | 2,286 | 2,492 | 2,651 | ||||
| Gambia local fund | 599 | 255 | 340 | 492 | 775 | 1,173 | 1,596 | ||||
| Gross Operating Balance | 967 | 893 | 1,250 | 1,673 | 2,260 | 2,799 | 3,249 | ||||
| Net lending (+)/borrowing (−) | −1,440 | −1,075 | −969 | −868 | −801 | −866 | −997 | ||||
| Net acquisition of financial assets3 | 175 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| Net incurrence of liabilities | 1,510 | 1,076 | 972 | 869 | 799 | 865 | 997 | ||||
| Domestic, of which: | 1,123 | 815 | 541 | 363 | 201 | 222 | 245 | ||||
| Loans | 1,220 | 815 | 591 | 363 | 201 | 222 | 245 | ||||
| Net borrowing | 1,220 | 815 | 591 | 363 | 201 | 222 | 245 | ||||
| Bank4 | 1,424 | 986 | 644 | 389 | 188 | 183 | 226 | ||||
| Nonbank | −204 | −171 | −53 | −26 | 13 | 39 | 19 | ||||
| Foreign | 387 | 261 | 431 | 506 | 599 | 643 | 752 | ||||
| Loans | 387 | 261 | 431 | 506 | 599 | 643 | 752 | ||||
| Borrowing | 742 | 627 | 834 | 944 | 1,063 | 1,124 | 1,179 | ||||
| Amortization | −355 | −366 | −403 | −438 | −465 | −482 | −426 | ||||
| Statistical discrepancy5 | −105 | 0 | 2 | 1 | −2 | −2 | 0 | ||||
| Memorandum items: | |||||||||||
| Basic balance6 | −873 | −695 | −168 | −106 | 63 | 38 | −60 | ||||
| Basic primary balance7 | −107 | 238 | 793 | 1,051 | 1,228 | 1,197 | 1,142 | ||||
| Domestic public debt8 | 7,847 | 8,662 | 9,203 | 9,566 | 9,766 | 9,988 | 10,233 | ||||
Projection for 2011 includes grants under the World Bank’s West Africa Regional Communications Integration Project (WARCIP).
Beginning in 2011, includes spending on wages and other charges financed by project grants and external borrowing. Prior to that, project grants and external borrowing were assumed to finance capital expenditure only.
Figure for 2010 consists of domestic loans only, and reflects onlending to GAMTEL financed by WARCIP.
In 2010, includes bridge loan from CBG for part of the shortfall in disbursements of budget support.
The difference between financing and the overall balance of revenue and expenditures.
Overall balance, excluding statistical discrepancy, less expenditures financed by project grants and external borrowing.
Basic balance, excluding interest payments.
Defined as gross domestic interest bearing debt.
The Gambia: Statement of Central Government Operations
(In millions of local currency)
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||
| Revenue | 5,026 | 5,496 | 5,772 | 6,668 | 7,604 | 8,424 | 9,276 | ||||
| Taxes | 3,528 | 3,654 | 4,142 | 4,749 | 5,458 | 6,036 | 6,676 | ||||
| Taxes on income, profits, and capital gains | 1,109 | 1,131 | 1,230 | 1,428 | 1,658 | 1,834 | 2,028 | ||||
| Domestic taxes on goods and services | 1,500 | 1,629 | 1,798 | 2,087 | 2,436 | 2,694 | 2,980 | ||||
| Taxes on internatioal trade and transactions | 867 | 849 | 1,057 | 1,169 | 1,292 | 1,429 | 1,581 | ||||
| Other taxes | 53 | 45 | 58 | 64 | 71 | 78 | 87 | ||||
| Grants | 1,065 | 1,334 | 1,078 | 1,287 | 1,422 | 1,587 | 1,714 | ||||
| Budget support | 0 | 0 | 0 | 181 | 200 | 220 | 241 | ||||
| Project grants1 | 1,065 | 1,334 | 1,078 | 1,106 | 1,222 | 1,367 | 1,472 | ||||
| Other revenues | 433 | 508 | 552 | 632 | 725 | 801 | 886 | ||||
| Expenditures | 6,466 | 6,571 | 6,741 | 7,536 | 8,405 | 9,291 | 10,273 | ||||
| Expenses2 | 4,059 | 4,602 | 4,522 | 4,995 | 5,345 | 5,626 | 6,027 | ||||
| Compensation of employees | 1,516 | 1,665 | 1,769 | 1,956 | 2,163 | 2,392 | 2,645 | ||||
| Use of goods and services | 1,216 | 1,342 | 1,201 | 1,261 | 1,324 | 1,390 | 1,460 | ||||
| Interest | 766 | 933 | 961 | 1,157 | 1,165 | 1,159 | 1,202 | ||||
| External | 137 | 168 | 151 | 264 | 285 | 309 | 334 | ||||
| Domestic | 629 | 765 | 810 | 893 | 880 | 850 | 869 | ||||
| Subsidies | 561 | 662 | 592 | 622 | 693 | 685 | 720 | ||||
| Net acquisition of nonfinancial assets | 2,407 | 1,969 | 2,219 | 2,541 | 3,060 | 3,665 | 4,247 | ||||
| Acquisitions of nonfinancial assets | 2,407 | 1,969 | 2,219 | 2,541 | 3,060 | 3,665 | 4,247 | ||||
| Foreign financed2 | 1,808 | 1,714 | 1,879 | 2,050 | 2,286 | 2,492 | 2,651 | ||||
| Gambia local fund | 599 | 255 | 340 | 492 | 775 | 1,173 | 1,596 | ||||
| Gross Operating Balance | 967 | 893 | 1,250 | 1,673 | 2,260 | 2,799 | 3,249 | ||||
| Net lending (+)/borrowing (−) | −1,440 | −1,075 | −969 | −868 | −801 | −866 | −997 | ||||
| Net acquisition of financial assets3 | 175 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| Net incurrence of liabilities | 1,510 | 1,076 | 972 | 869 | 799 | 865 | 997 | ||||
| Domestic, of which: | 1,123 | 815 | 541 | 363 | 201 | 222 | 245 | ||||
| Loans | 1,220 | 815 | 591 | 363 | 201 | 222 | 245 | ||||
| Net borrowing | 1,220 | 815 | 591 | 363 | 201 | 222 | 245 | ||||
| Bank4 | 1,424 | 986 | 644 | 389 | 188 | 183 | 226 | ||||
| Nonbank | −204 | −171 | −53 | −26 | 13 | 39 | 19 | ||||
| Foreign | 387 | 261 | 431 | 506 | 599 | 643 | 752 | ||||
| Loans | 387 | 261 | 431 | 506 | 599 | 643 | 752 | ||||
| Borrowing | 742 | 627 | 834 | 944 | 1,063 | 1,124 | 1,179 | ||||
| Amortization | −355 | −366 | −403 | −438 | −465 | −482 | −426 | ||||
| Statistical discrepancy5 | −105 | 0 | 2 | 1 | −2 | −2 | 0 | ||||
| Memorandum items: | |||||||||||
| Basic balance6 | −873 | −695 | −168 | −106 | 63 | 38 | −60 | ||||
| Basic primary balance7 | −107 | 238 | 793 | 1,051 | 1,228 | 1,197 | 1,142 | ||||
| Domestic public debt8 | 7,847 | 8,662 | 9,203 | 9,566 | 9,766 | 9,988 | 10,233 | ||||
Projection for 2011 includes grants under the World Bank’s West Africa Regional Communications Integration Project (WARCIP).
Beginning in 2011, includes spending on wages and other charges financed by project grants and external borrowing. Prior to that, project grants and external borrowing were assumed to finance capital expenditure only.
Figure for 2010 consists of domestic loans only, and reflects onlending to GAMTEL financed by WARCIP.
In 2010, includes bridge loan from CBG for part of the shortfall in disbursements of budget support.
The difference between financing and the overall balance of revenue and expenditures.
Overall balance, excluding statistical discrepancy, less expenditures financed by project grants and external borrowing.
Basic balance, excluding interest payments.
Defined as gross domestic interest bearing debt.
The Gambia: Statement of Central Government Operations
(In percent of GDP)
Projection for 2011 includes grants under the World Bank’s West Africa Regional Communications Integration Project (WARCIP).
Beginning in 2011, includes spending on wages and other charges financed by project grants and external borrowing. Prior to that, project grants and external borrowing were assumed to finance capital expenditure only.
Figure for 2010 consists of domestic loans only, and reflects onlending to GAMTEL financed by WARCIP.
In 2010, includes bridge loan from CBG for part of the shortfall in disbursements of budget support.
The difference between financing and the overall balance of revenue and expenditures.
Overall balance, excluding statistical discrepancy, less expenditures financed by project grants and external borrowing.
Basic balance, excluding interest payments.
Defined as gross domestic interest bearing debt.
The Gambia: Statement of Central Government Operations
(In percent of GDP)
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||
| Revenue | 18.7 | 18.5 | 17.6 | 18.4 | 19.0 | 19.0 | 18.9 | ||||
| Taxes | 13.2 | 12.3 | 12.6 | 13.1 | 13.6 | 13.6 | 13.6 | ||||
| Taxes on income, profits, and capital gains | 4.1 | 3.8 | 3.7 | 3.9 | 4.1 | 4.1 | 4.1 | ||||
| Domestic taxes on goods and services | 5.6 | 5.5 | 5.5 | 5.8 | 6.1 | 6.1 | 6.1 | ||||
| Taxes on internatioal trade and transactions | 3.2 | 2.9 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | ||||
| Other taxes | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | ||||
| Grants | 4.0 | 4.5 | 3.3 | 3.5 | 3.5 | 3.6 | 3.5 | ||||
| Budget support | 0.0 | 0.0 | 0.0 | 0.5 | 0.5 | 0.5 | 0.5 | ||||
| Project grants1 | 4.0 | 4.5 | 3.3 | 3.0 | 3.0 | 3.1 | 3.0 | ||||
| Other revenues | 1.6 | 1.7 | 1.7 | 1.7 | 1.8 | 1.8 | 1.8 | ||||
| Expenditures | 24.1 | 22.1 | 20.5 | 20.8 | 20.9 | 20.9 | 20.9 | ||||
| Expenses2 | 15.1 | 15.5 | 13.8 | 13.8 | 13.3 | 12.7 | 12.3 | ||||
| Compensation of employees | 5.7 | 5.6 | 5.4 | 5.4 | 5.4 | 5.4 | 5.4 | ||||
| Use of goods and services | 4.5 | 4.5 | 3.7 | 3.5 | 3.3 | 3.1 | 3.0 | ||||
| Interest | 2.9 | 3.1 | 2.9 | 3.2 | 2.9 | 2.6 | 2.5 | ||||
| External | 0.5 | 0.6 | 0.5 | 0.7 | 0.7 | 0.7 | 0.7 | ||||
| Domestic | 2.3 | 2.6 | 2.5 | 2.5 | 2.2 | 1.9 | 1.8 | ||||
| Subsidies | 2.1 | 2.2 | 1.8 | 1.7 | 1.7 | 1.5 | 1.5 | ||||
| Net acquisition of nonfinancial assets | 9.0 | 6.6 | 6.8 | 7.0 | 7.6 | 8.3 | 8.7 | ||||
| Acquisitions of nonfinancial assets | 9.0 | 6.6 | 6.8 | 7.0 | 7.6 | 8.3 | 8.7 | ||||
| Foreign financed2 | 6.7 | 5.8 | 5.7 | 5.6 | 5.7 | 5.6 | 5.4 | ||||
| Gambia local fund | 2.2 | 0.9 | 1.0 | 1.4 | 1.9 | 2.6 | 3.3 | ||||
| Gross Operating Balance | 3.6 | 3.0 | 3.8 | 4.6 | 5.6 | 6.3 | 6.6 | ||||
| Net lending (+)/borrowing (−) | −5.4 | −3.6 | −3.0 | −2.4 | −2.0 | −2.0 | −2.0 | ||||
| Net acquisition of financial assets3 | 0.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Net incurrence of liabilities | 5.6 | 3.6 | 3.0 | 2.4 | 2.0 | 1.9 | 2.0 | ||||
| Domestic, of which: | 4.2 | 2.7 | 1.6 | 1.0 | 0.5 | 0.5 | 0.5 | ||||
| Loans | 4.6 | 2.7 | 1.8 | 1.0 | 0.5 | 0.5 | 0.5 | ||||
| Net borrowing | 4.6 | 2.7 | 1.8 | 1.0 | 0.5 | 0.5 | 0.5 | ||||
| Bank4 | 5.3 | 3.3 | 2.0 | 1.1 | 0.5 | 0.4 | 0.5 | ||||
| Nonbank | −0.8 | −0.6 | −0.2 | −0.1 | 0.0 | 0.1 | 0.0 | ||||
| Foreign | 1.4 | 0.9 | 1.3 | 1.4 | 1.5 | 1.4 | 1.5 | ||||
| Loans | 1.4 | 0.9 | 1.3 | 1.4 | 1.5 | 1.4 | 1.5 | ||||
| Borrowing | 2.8 | 2.1 | 2.5 | 2.6 | 2.6 | 2.5 | 2.4 | ||||
| Amortization | −1.3 | −1.2 | −1.2 | −1.2 | −1.2 | −1.1 | −0.9 | ||||
| Statistical discrepancy5 | −0.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Memorandum items: | |||||||||||
| Basic balance6 | −3.3 | −2.3 | −0.5 | −0.3 | 0.2 | 0.1 | −0.1 | ||||
| Basic primary balance7 | −0.4 | 0.8 | 2.4 | 2.9 | 3.1 | 2.7 | 2.3 | ||||
| Domestic public debt8 | 29.3 | 29.2 | 28.0 | 26.4 | 24.3 | 22.5 | 20.9 | ||||
Projection for 2011 includes grants under the World Bank’s West Africa Regional Communications Integration Project (WARCIP).
Beginning in 2011, includes spending on wages and other charges financed by project grants and external borrowing. Prior to that, project grants and external borrowing were assumed to finance capital expenditure only.
Figure for 2010 consists of domestic loans only, and reflects onlending to GAMTEL financed by WARCIP.
In 2010, includes bridge loan from CBG for part of the shortfall in disbursements of budget support.
The difference between financing and the overall balance of revenue and expenditures.
Overall balance, excluding statistical discrepancy, less expenditures financed by project grants and external borrowing.
Basic balance, excluding interest payments.
Defined as gross domestic interest bearing debt.
The Gambia: Statement of Central Government Operations
(In percent of GDP)
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||
| Revenue | 18.7 | 18.5 | 17.6 | 18.4 | 19.0 | 19.0 | 18.9 | ||||
| Taxes | 13.2 | 12.3 | 12.6 | 13.1 | 13.6 | 13.6 | 13.6 | ||||
| Taxes on income, profits, and capital gains | 4.1 | 3.8 | 3.7 | 3.9 | 4.1 | 4.1 | 4.1 | ||||
| Domestic taxes on goods and services | 5.6 | 5.5 | 5.5 | 5.8 | 6.1 | 6.1 | 6.1 | ||||
| Taxes on internatioal trade and transactions | 3.2 | 2.9 | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 | ||||
| Other taxes | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | ||||
| Grants | 4.0 | 4.5 | 3.3 | 3.5 | 3.5 | 3.6 | 3.5 | ||||
| Budget support | 0.0 | 0.0 | 0.0 | 0.5 | 0.5 | 0.5 | 0.5 | ||||
| Project grants1 | 4.0 | 4.5 | 3.3 | 3.0 | 3.0 | 3.1 | 3.0 | ||||
| Other revenues | 1.6 | 1.7 | 1.7 | 1.7 | 1.8 | 1.8 | 1.8 | ||||
| Expenditures | 24.1 | 22.1 | 20.5 | 20.8 | 20.9 | 20.9 | 20.9 | ||||
| Expenses2 | 15.1 | 15.5 | 13.8 | 13.8 | 13.3 | 12.7 | 12.3 | ||||
| Compensation of employees | 5.7 | 5.6 | 5.4 | 5.4 | 5.4 | 5.4 | 5.4 | ||||
| Use of goods and services | 4.5 | 4.5 | 3.7 | 3.5 | 3.3 | 3.1 | 3.0 | ||||
| Interest | 2.9 | 3.1 | 2.9 | 3.2 | 2.9 | 2.6 | 2.5 | ||||
| External | 0.5 | 0.6 | 0.5 | 0.7 | 0.7 | 0.7 | 0.7 | ||||
| Domestic | 2.3 | 2.6 | 2.5 | 2.5 | 2.2 | 1.9 | 1.8 | ||||
| Subsidies | 2.1 | 2.2 | 1.8 | 1.7 | 1.7 | 1.5 | 1.5 | ||||
| Net acquisition of nonfinancial assets | 9.0 | 6.6 | 6.8 | 7.0 | 7.6 | 8.3 | 8.7 | ||||
| Acquisitions of nonfinancial assets | 9.0 | 6.6 | 6.8 | 7.0 | 7.6 | 8.3 | 8.7 | ||||
| Foreign financed2 | 6.7 | 5.8 | 5.7 | 5.6 | 5.7 | 5.6 | 5.4 | ||||
| Gambia local fund | 2.2 | 0.9 | 1.0 | 1.4 | 1.9 | 2.6 | 3.3 | ||||
| Gross Operating Balance | 3.6 | 3.0 | 3.8 | 4.6 | 5.6 | 6.3 | 6.6 | ||||
| Net lending (+)/borrowing (−) | −5.4 | −3.6 | −3.0 | −2.4 | −2.0 | −2.0 | −2.0 | ||||
| Net acquisition of financial assets3 | 0.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Net incurrence of liabilities | 5.6 | 3.6 | 3.0 | 2.4 | 2.0 | 1.9 | 2.0 | ||||
| Domestic, of which: | 4.2 | 2.7 | 1.6 | 1.0 | 0.5 | 0.5 | 0.5 | ||||
| Loans | 4.6 | 2.7 | 1.8 | 1.0 | 0.5 | 0.5 | 0.5 | ||||
| Net borrowing | 4.6 | 2.7 | 1.8 | 1.0 | 0.5 | 0.5 | 0.5 | ||||
| Bank4 | 5.3 | 3.3 | 2.0 | 1.1 | 0.5 | 0.4 | 0.5 | ||||
| Nonbank | −0.8 | −0.6 | −0.2 | −0.1 | 0.0 | 0.1 | 0.0 | ||||
| Foreign | 1.4 | 0.9 | 1.3 | 1.4 | 1.5 | 1.4 | 1.5 | ||||
| Loans | 1.4 | 0.9 | 1.3 | 1.4 | 1.5 | 1.4 | 1.5 | ||||
| Borrowing | 2.8 | 2.1 | 2.5 | 2.6 | 2.6 | 2.5 | 2.4 | ||||
| Amortization | −1.3 | −1.2 | −1.2 | −1.2 | −1.2 | −1.1 | −0.9 | ||||
| Statistical discrepancy5 | −0.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Memorandum items: | |||||||||||
| Basic balance6 | −3.3 | −2.3 | −0.5 | −0.3 | 0.2 | 0.1 | −0.1 | ||||
| Basic primary balance7 | −0.4 | 0.8 | 2.4 | 2.9 | 3.1 | 2.7 | 2.3 | ||||
| Domestic public debt8 | 29.3 | 29.2 | 28.0 | 26.4 | 24.3 | 22.5 | 20.9 | ||||
Projection for 2011 includes grants under the World Bank’s West Africa Regional Communications Integration Project (WARCIP).
Beginning in 2011, includes spending on wages and other charges financed by project grants and external borrowing. Prior to that, project grants and external borrowing were assumed to finance capital expenditure only.
Figure for 2010 consists of domestic loans only, and reflects onlending to GAMTEL financed by WARCIP.
In 2010, includes bridge loan from CBG for part of the shortfall in disbursements of budget support.
The difference between financing and the overall balance of revenue and expenditures.
Overall balance, excluding statistical discrepancy, less expenditures financed by project grants and external borrowing.
Basic balance, excluding interest payments.
Defined as gross domestic interest bearing debt.
The Gambia: Monetary Accounts1
(In millions of local currency; unless otherwise indicated)
End of period.
Includes public enterprises and the local government.
Including valuation.
The Gambia: Monetary Accounts1
(In millions of local currency; unless otherwise indicated)
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |||
|---|---|---|---|---|---|---|---|---|---|
| Act. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||
| I. Monetary Survey | |||||||||
| Net foreign assets | 3,808 | 4,133 | 4,716 | 4,887 | 5,325 | 6,010 | 6,799 | ||
| in millions of U.S. dollars | 134 | 137 | 146 | 145 | 152 | 165 | 181 | ||
| Net domestic assets | 9,485 | 10,929 | 12,328 | 14,414 | 16,540 | 18,779 | 21,325 | ||
| Domestic credit | 10,073 | 11,759 | 14,133 | 16,409 | 18,743 | 21,199 | 23,976 | ||
| Claims on central government (net) | 4,953 | 5,940 | 6,583 | 6,972 | 7,160 | 7,343 | 7,569 | ||
| Claims on other financial corporations | 10 | 11 | 11 | 11 | 11 | 11 | 11 | ||
| Claims on other public sector2 | 870 | 992 | 1,320 | 1,650 | 2,029 | 2,475 | 2,970 | ||
| Claims on private sector | 4,240 | 4,817 | 6,219 | 7,776 | 9,543 | 11,370 | 13,426 | ||
| Other items (net)3 | −589 | −830 | −1,805 | −1,995 | −2,202 | −2,420 | −2,651 | ||
| Broad money | 13,292 | 15,062 | 17,044 | 19,301 | 21,865 | 24,789 | 28,124 | ||
| Currency outside banks | 2,065 | 2,264 | 2,486 | 2,717 | 2,971 | 3,252 | 3,562 | ||
| Deposits, of which: | 11,228 | 12,798 | 14,558 | 16,584 | 18,894 | 21,537 | 24,562 | ||
| Time and savings deposits | 7,270 | 8,466 | 9,727 | 11,080 | 12,624 | 14,390 | 16,411 | ||
| II. Central Bank Survey | |||||||||
| Net foreign assets | 2,452 | 2,747 | 2,869 | 2,934 | 3,259 | 3,825 | 4,490 | ||
| Foreign assets | 4,637 | 5,266 | 5,555 | 5,669 | 5,982 | 6,425 | 6,935 | ||
| Foreign liabilities, of which: | −2,185 | −2,518 | −2,686 | −2,735 | −2,723 | −2,599 | −2,445 | ||
| SDR allocations | −1,301 | −1,355 | −1,400 | −1,449 | −1,496 | −1,542 | −1,570 | ||
| Net domestic assets | 1,052 | 925 | 1,219 | 1,608 | 1,791 | 1,796 | 1,774 | ||
| Domestic credit | 581 | 326 | 823 | 1,328 | 1,630 | 1,757 | 1,871 | ||
| Claims on central government (net) | 525 | 272 | 769 | 1,274 | 1,576 | 1,703 | 1,816 | ||
| Claims on other financial corporations | 10 | 11 | 11 | 11 | 11 | 11 | 11 | ||
| Claims on private sector | 46 | 44 | 44 | 44 | 44 | 44 | 44 | ||
| Claims on public enterprises | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other items (net)3 | 471 | 599 | 396 | 280 | 161 | 38 | −96 | ||
| Reserve money | 3,503 | 3,672 | 4,087 | 4,541 | 5,050 | 5,621 | 6,264 | ||
| Currency outside banks | 2,065 | 2,264 | 2,486 | 2,717 | 2,971 | 3,252 | 3,562 | ||
| Commercial bank deposits | 1,439 | 1,408 | 1,601 | 1,824 | 2,078 | 2,369 | 2,702 | ||
End of period.
Includes public enterprises and the local government.
Including valuation.
The Gambia: Monetary Accounts1
(In millions of local currency; unless otherwise indicated)
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |||
|---|---|---|---|---|---|---|---|---|---|
| Act. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||
| I. Monetary Survey | |||||||||
| Net foreign assets | 3,808 | 4,133 | 4,716 | 4,887 | 5,325 | 6,010 | 6,799 | ||
| in millions of U.S. dollars | 134 | 137 | 146 | 145 | 152 | 165 | 181 | ||
| Net domestic assets | 9,485 | 10,929 | 12,328 | 14,414 | 16,540 | 18,779 | 21,325 | ||
| Domestic credit | 10,073 | 11,759 | 14,133 | 16,409 | 18,743 | 21,199 | 23,976 | ||
| Claims on central government (net) | 4,953 | 5,940 | 6,583 | 6,972 | 7,160 | 7,343 | 7,569 | ||
| Claims on other financial corporations | 10 | 11 | 11 | 11 | 11 | 11 | 11 | ||
| Claims on other public sector2 | 870 | 992 | 1,320 | 1,650 | 2,029 | 2,475 | 2,970 | ||
| Claims on private sector | 4,240 | 4,817 | 6,219 | 7,776 | 9,543 | 11,370 | 13,426 | ||
| Other items (net)3 | −589 | −830 | −1,805 | −1,995 | −2,202 | −2,420 | −2,651 | ||
| Broad money | 13,292 | 15,062 | 17,044 | 19,301 | 21,865 | 24,789 | 28,124 | ||
| Currency outside banks | 2,065 | 2,264 | 2,486 | 2,717 | 2,971 | 3,252 | 3,562 | ||
| Deposits, of which: | 11,228 | 12,798 | 14,558 | 16,584 | 18,894 | 21,537 | 24,562 | ||
| Time and savings deposits | 7,270 | 8,466 | 9,727 | 11,080 | 12,624 | 14,390 | 16,411 | ||
| II. Central Bank Survey | |||||||||
| Net foreign assets | 2,452 | 2,747 | 2,869 | 2,934 | 3,259 | 3,825 | 4,490 | ||
| Foreign assets | 4,637 | 5,266 | 5,555 | 5,669 | 5,982 | 6,425 | 6,935 | ||
| Foreign liabilities, of which: | −2,185 | −2,518 | −2,686 | −2,735 | −2,723 | −2,599 | −2,445 | ||
| SDR allocations | −1,301 | −1,355 | −1,400 | −1,449 | −1,496 | −1,542 | −1,570 | ||
| Net domestic assets | 1,052 | 925 | 1,219 | 1,608 | 1,791 | 1,796 | 1,774 | ||
| Domestic credit | 581 | 326 | 823 | 1,328 | 1,630 | 1,757 | 1,871 | ||
| Claims on central government (net) | 525 | 272 | 769 | 1,274 | 1,576 | 1,703 | 1,816 | ||
| Claims on other financial corporations | 10 | 11 | 11 | 11 | 11 | 11 | 11 | ||
| Claims on private sector | 46 | 44 | 44 | 44 | 44 | 44 | 44 | ||
| Claims on public enterprises | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other items (net)3 | 471 | 599 | 396 | 280 | 161 | 38 | −96 | ||
| Reserve money | 3,503 | 3,672 | 4,087 | 4,541 | 5,050 | 5,621 | 6,264 | ||
| Currency outside banks | 2,065 | 2,264 | 2,486 | 2,717 | 2,971 | 3,252 | 3,562 | ||
| Commercial bank deposits | 1,439 | 1,408 | 1,601 | 1,824 | 2,078 | 2,369 | 2,702 | ||
End of period.
Includes public enterprises and the local government.
Including valuation.
The Gambia: Monetary Accounts1
End of period.
Average for the month of December.
The Gambia: Monetary Accounts1
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | ||
|---|---|---|---|---|---|---|---|---|
| Act. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | ||
| I. Monetary Survey | ||||||||
| (Percent change; in beginning of period broad money) | ||||||||
| Broad money | 13.7 | 13.3 | 13.2 | 13.2 | 13.3 | 13.4 | 13.5 | |
| Net foreign assets | 1.3 | 2.4 | 3.9 | 1.0 | 2.3 | 3.1 | 3.2 | |
| Net domestic assets | 12.3 | 10.9 | 9.3 | 12.2 | 11.0 | 10.2 | 10.3 | |
| II. Central Bank Survey | ||||||||
| (Percent change; in beginning of period monetary base) | ||||||||
| Reserve money | 10.5 | 4.8 | 11.3 | 11.1 | 11.2 | 11.3 | 11.4 | |
| Net foreign assets | −16.7 | 8.4 | 3.3 | 1.6 | 7.2 | 11.2 | 11.8 | |
| Net domestic assets | 27.2 | −3.6 | 8.0 | 9.5 | 4.0 | 0.1 | −0.4 | |
| Memorandum Items: | ||||||||
| Growth of credit to the private sector | 14.8 | 13.6 | 29.1 | 25.0 | 22.7 | 19.1 | 18.1 | |
| Growth of currency in circulation | 3.0 | 9.7 | 9.8 | 9.3 | 9.4 | 9.4 | 9.5 | |
| Growth of demand deposits | 10.1 | 9.5 | 11.5 | 13.9 | 13.9 | 14.0 | 14.0 | |
| Growth of time and savings deposits | 19.3 | 16.4 | 14.9 | 13.9 | 13.9 | 14.0 | 14.0 | |
| Net usable international reserves (in millions of U.S. dollars) | 126.5 | 131.8 | 129.3 | 127.8 | 133.6 | 145.9 | 159.9 | |
| Money velocity | 2.02 | 1.97 | 1.93 | 1.88 | 1.84 | 1.79 | 1.75 | |
| Money multiplier | 3.79 | 4.10 | 4.17 | 4.25 | 4.33 | 4.41 | 4.49 | |
| Daily reserve money2 | 3,782 | … | … | … | … | … | … | |
| Growth rate of daily reserve money | 17.0 | … | … | … | … | … | … | |
| Broad money (percent of GDP) | 49.6 | 50.8 | 51.9 | 53.2 | 54.5 | 55.9 | 57.3 | |
| Credit to the private sector (percent of GDP) | 15.8 | 16.2 | 19.0 | 21.4 | 23.8 | 25.6 | 27.4 | |
| Central bank financing of central government (in millions of local currency) | 413 | −253 | 497 | 505 | 302 | 127 | 113 | |
| Commercial bank financing of central government (in millions of local currency) | 961 | 1240 | 147 | −116 | −114 | 56 | 113 | |
End of period.
Average for the month of December.
The Gambia: Monetary Accounts1
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | ||
|---|---|---|---|---|---|---|---|---|
| Act. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | ||
| I. Monetary Survey | ||||||||
| (Percent change; in beginning of period broad money) | ||||||||
| Broad money | 13.7 | 13.3 | 13.2 | 13.2 | 13.3 | 13.4 | 13.5 | |
| Net foreign assets | 1.3 | 2.4 | 3.9 | 1.0 | 2.3 | 3.1 | 3.2 | |
| Net domestic assets | 12.3 | 10.9 | 9.3 | 12.2 | 11.0 | 10.2 | 10.3 | |
| II. Central Bank Survey | ||||||||
| (Percent change; in beginning of period monetary base) | ||||||||
| Reserve money | 10.5 | 4.8 | 11.3 | 11.1 | 11.2 | 11.3 | 11.4 | |
| Net foreign assets | −16.7 | 8.4 | 3.3 | 1.6 | 7.2 | 11.2 | 11.8 | |
| Net domestic assets | 27.2 | −3.6 | 8.0 | 9.5 | 4.0 | 0.1 | −0.4 | |
| Memorandum Items: | ||||||||
| Growth of credit to the private sector | 14.8 | 13.6 | 29.1 | 25.0 | 22.7 | 19.1 | 18.1 | |
| Growth of currency in circulation | 3.0 | 9.7 | 9.8 | 9.3 | 9.4 | 9.4 | 9.5 | |
| Growth of demand deposits | 10.1 | 9.5 | 11.5 | 13.9 | 13.9 | 14.0 | 14.0 | |
| Growth of time and savings deposits | 19.3 | 16.4 | 14.9 | 13.9 | 13.9 | 14.0 | 14.0 | |
| Net usable international reserves (in millions of U.S. dollars) | 126.5 | 131.8 | 129.3 | 127.8 | 133.6 | 145.9 | 159.9 | |
| Money velocity | 2.02 | 1.97 | 1.93 | 1.88 | 1.84 | 1.79 | 1.75 | |
| Money multiplier | 3.79 | 4.10 | 4.17 | 4.25 | 4.33 | 4.41 | 4.49 | |
| Daily reserve money2 | 3,782 | … | … | … | … | … | … | |
| Growth rate of daily reserve money | 17.0 | … | … | … | … | … | … | |
| Broad money (percent of GDP) | 49.6 | 50.8 | 51.9 | 53.2 | 54.5 | 55.9 | 57.3 | |
| Credit to the private sector (percent of GDP) | 15.8 | 16.2 | 19.0 | 21.4 | 23.8 | 25.6 | 27.4 | |
| Central bank financing of central government (in millions of local currency) | 413 | −253 | 497 | 505 | 302 | 127 | 113 | |
| Commercial bank financing of central government (in millions of local currency) | 961 | 1240 | 147 | −116 | −114 | 56 | 113 | |
End of period.
Average for the month of December.
The Gambia: Balance of Payments
(In millions of U.S. dollars; unless otherwise indicated)
Domestic goods consist of (in decreasing order of importance): groundnuts, fruits and vegetables, zircon, fish, and cotton.
Projection for 2011 includes grants under the World Bank’s West Africa Regional Communications Integration Project (WARCIP).
The Gambia: Balance of Payments
(In millions of U.S. dollars; unless otherwise indicated)
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||
| 1. Current account | |||||||||||
| A. Goods and services | -177.9 | -164.7 | -181.3 | -184.9 | -196.1 | -208.5 | -215.4 | ||||
| Trade balance | −215.0 | −215.9 | −233.3 | −241.3 | −259.8 | −280.4 | −300.5 | ||||
| Exports, f.o.b. | 98.2 | 110.6 | 116.4 | 123.3 | 130.7 | 139.5 | 149.8 | ||||
| Of which: domestic goods1 | 13.6 | 18.3 | 18.3 | 19.5 | 20.7 | 22.1 | 24.4 | ||||
| Imports, f.o.b | −313.1 | −326.5 | −349.7 | −364.6 | −390.5 | −419.9 | −450.3 | ||||
| Of which: oil | −40.8 | −54.9 | −56.3 | −59.2 | −61.3 | −64.1 | −67.0 | ||||
| Services (net) | 37.0 | 51.1 | 52.0 | 56.4 | 63.7 | 71.9 | 85.1 | ||||
| Of which: travel income | 70.9 | 77.2 | 81.4 | 88.8 | 98.3 | 109.0 | 121.1 | ||||
| B. Income (net) | -40.0 | -39.6 | -39.7 | -40.6 | -40.8 | -38.9 | -39.7 | ||||
| Income credits | 22.6 | 26.4 | 29.5 | 31.9 | 33.3 | 38.1 | 40.2 | ||||
| Income debits | −62.6 | −66.0 | −69.2 | −72.5 | −74.1 | −77.0 | −79.8 | ||||
| C. Current transfers | 55.0 | 57.9 | 60.7 | 69.4 | 73.3 | 77.8 | 83.9 | ||||
| Official transfers | 0.0 | 0.0 | 0.0 | 5.5 | 5.8 | 6.1 | 6.5 | ||||
| Remittances | 45.2 | 47.9 | 50.4 | 53.4 | 56.6 | 60.5 | 66.0 | ||||
| Other transfers | 9.8 | 10.1 | 10.3 | 10.6 | 10.9 | 11.1 | 11.4 | ||||
| Current account (excl. budget support) | -162.9 | -146.3 | -160.3 | -161.5 | -169.4 | -175.8 | -177.7 | ||||
| Current account (incl. budget support) | -162.9 | -146.3 | -160.3 | -156.0 | -163.6 | -169.6 | -171.2 | ||||
| 2. Capital and financial account | |||||||||||
| A. Capital account2 | 38.5 | 45.6 | 34.5 | 33.5 | 35.6 | 38.3 | 39.8 | ||||
| B. Financial account | 98.7 | 108.4 | 123.0 | 120.9 | 133.8 | 142.3 | 143.2 | ||||
| Foreign direct investment | 85.6 | 62.6 | 76.2 | 66.8 | 69.7 | 73.1 | 76.8 | ||||
| Portfolio investment | −1.5 | −1.1 | −1.1 | −0.2 | −0.3 | 0.6 | 1.5 | ||||
| Other investment | 14.6 | 46.9 | 47.8 | 54.3 | 64.4 | 68.6 | 65.0 | ||||
| Of which: Official other investment (net) | 10.8 | 8.9 | 13.8 | 15.3 | 17.4 | 18.0 | 20.3 | ||||
| Loans | 23.6 | 21.4 | 26.7 | 28.6 | 30.9 | 31.5 | 31.8 | ||||
| SDR Allocations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Amortization | −12.8 | −12.5 | −12.9 | −13.3 | −13.5 | −13.5 | −11.5 | ||||
| Capital and financial account | 137.2 | 153.9 | 157.5 | 154.3 | 169.3 | 180.6 | 183.0 | ||||
| Errors and omissions | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Overall balance | -25.7 | 7.6 | -2.8 | -1.7 | 5.7 | 11.0 | 11.8 | ||||
| Financing | |||||||||||
| Net international reserves (increase −) | 25.7 | −7.6 | 2.8 | 1.7 | −5.7 | −11.0 | −11.8 | ||||
| Change in gross international reserves | 22.6 | −11.3 | 3.1 | 3.3 | −2.4 | −6.0 | −7.5 | ||||
| Use of IMF resources (net) | 3.1 | 3.7 | −0.3 | −1.6 | −3.3 | −6.0 | −6.3 | ||||
| Disbursements | 3.1 | 3.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Repayments | 0.0 | 0.0 | −0.3 | −1.6 | −3.3 | −6.0 | −6.3 | ||||
| Memorandum items: | |||||||||||
| Exports of goods and services | 228.8 | 251.8 | 265.1 | 282.6 | 303.1 | 326.9 | 354.0 | ||||
| Imports of goods and services | −406.8 | −416.5 | −446.4 | −467.4 | −499.2 | −535.4 | −569.4 | ||||
| Gross International Reserves | |||||||||||
| US$ millions | 163.3 | 174.7 | 171.6 | 168.3 | 170.7 | 176.6 | 184.2 | ||||
| Months of imports of goods and services | 4.8 | 5.0 | 4.6 | 4.3 | 4.1 | 4.0 | 3.9 | ||||
Domestic goods consist of (in decreasing order of importance): groundnuts, fruits and vegetables, zircon, fish, and cotton.
Projection for 2011 includes grants under the World Bank’s West Africa Regional Communications Integration Project (WARCIP).
The Gambia: Balance of Payments
(In millions of U.S. dollars; unless otherwise indicated)
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||
| 1. Current account | |||||||||||
| A. Goods and services | -177.9 | -164.7 | -181.3 | -184.9 | -196.1 | -208.5 | -215.4 | ||||
| Trade balance | −215.0 | −215.9 | −233.3 | −241.3 | −259.8 | −280.4 | −300.5 | ||||
| Exports, f.o.b. | 98.2 | 110.6 | 116.4 | 123.3 | 130.7 | 139.5 | 149.8 | ||||
| Of which: domestic goods1 | 13.6 | 18.3 | 18.3 | 19.5 | 20.7 | 22.1 | 24.4 | ||||
| Imports, f.o.b | −313.1 | −326.5 | −349.7 | −364.6 | −390.5 | −419.9 | −450.3 | ||||
| Of which: oil | −40.8 | −54.9 | −56.3 | −59.2 | −61.3 | −64.1 | −67.0 | ||||
| Services (net) | 37.0 | 51.1 | 52.0 | 56.4 | 63.7 | 71.9 | 85.1 | ||||
| Of which: travel income | 70.9 | 77.2 | 81.4 | 88.8 | 98.3 | 109.0 | 121.1 | ||||
| B. Income (net) | -40.0 | -39.6 | -39.7 | -40.6 | -40.8 | -38.9 | -39.7 | ||||
| Income credits | 22.6 | 26.4 | 29.5 | 31.9 | 33.3 | 38.1 | 40.2 | ||||
| Income debits | −62.6 | −66.0 | −69.2 | −72.5 | −74.1 | −77.0 | −79.8 | ||||
| C. Current transfers | 55.0 | 57.9 | 60.7 | 69.4 | 73.3 | 77.8 | 83.9 | ||||
| Official transfers | 0.0 | 0.0 | 0.0 | 5.5 | 5.8 | 6.1 | 6.5 | ||||
| Remittances | 45.2 | 47.9 | 50.4 | 53.4 | 56.6 | 60.5 | 66.0 | ||||
| Other transfers | 9.8 | 10.1 | 10.3 | 10.6 | 10.9 | 11.1 | 11.4 | ||||
| Current account (excl. budget support) | -162.9 | -146.3 | -160.3 | -161.5 | -169.4 | -175.8 | -177.7 | ||||
| Current account (incl. budget support) | -162.9 | -146.3 | -160.3 | -156.0 | -163.6 | -169.6 | -171.2 | ||||
| 2. Capital and financial account | |||||||||||
| A. Capital account2 | 38.5 | 45.6 | 34.5 | 33.5 | 35.6 | 38.3 | 39.8 | ||||
| B. Financial account | 98.7 | 108.4 | 123.0 | 120.9 | 133.8 | 142.3 | 143.2 | ||||
| Foreign direct investment | 85.6 | 62.6 | 76.2 | 66.8 | 69.7 | 73.1 | 76.8 | ||||
| Portfolio investment | −1.5 | −1.1 | −1.1 | −0.2 | −0.3 | 0.6 | 1.5 | ||||
| Other investment | 14.6 | 46.9 | 47.8 | 54.3 | 64.4 | 68.6 | 65.0 | ||||
| Of which: Official other investment (net) | 10.8 | 8.9 | 13.8 | 15.3 | 17.4 | 18.0 | 20.3 | ||||
| Loans | 23.6 | 21.4 | 26.7 | 28.6 | 30.9 | 31.5 | 31.8 | ||||
| SDR Allocations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Amortization | −12.8 | −12.5 | −12.9 | −13.3 | −13.5 | −13.5 | −11.5 | ||||
| Capital and financial account | 137.2 | 153.9 | 157.5 | 154.3 | 169.3 | 180.6 | 183.0 | ||||
| Errors and omissions | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Overall balance | -25.7 | 7.6 | -2.8 | -1.7 | 5.7 | 11.0 | 11.8 | ||||
| Financing | |||||||||||
| Net international reserves (increase −) | 25.7 | −7.6 | 2.8 | 1.7 | −5.7 | −11.0 | −11.8 | ||||
| Change in gross international reserves | 22.6 | −11.3 | 3.1 | 3.3 | −2.4 | −6.0 | −7.5 | ||||
| Use of IMF resources (net) | 3.1 | 3.7 | −0.3 | −1.6 | −3.3 | −6.0 | −6.3 | ||||
| Disbursements | 3.1 | 3.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Repayments | 0.0 | 0.0 | −0.3 | −1.6 | −3.3 | −6.0 | −6.3 | ||||
| Memorandum items: | |||||||||||
| Exports of goods and services | 228.8 | 251.8 | 265.1 | 282.6 | 303.1 | 326.9 | 354.0 | ||||
| Imports of goods and services | −406.8 | −416.5 | −446.4 | −467.4 | −499.2 | −535.4 | −569.4 | ||||
| Gross International Reserves | |||||||||||
| US$ millions | 163.3 | 174.7 | 171.6 | 168.3 | 170.7 | 176.6 | 184.2 | ||||
| Months of imports of goods and services | 4.8 | 5.0 | 4.6 | 4.3 | 4.1 | 4.0 | 3.9 | ||||
Domestic goods consist of (in decreasing order of importance): groundnuts, fruits and vegetables, zircon, fish, and cotton.
Projection for 2011 includes grants under the World Bank’s West Africa Regional Communications Integration Project (WARCIP).
The Gambia: Balance of Payments
(In percent of GDP)
Domestic goods consist of (in decreasing order of importance): groundnuts, fruits and vegetables, zircon, fish, and cotton.
Projection for 2011 includes grants under the World Bank’s West Africa Regional Communications Integration Project (WARCIP).
The Gambia: Balance of Payments
(In percent of GDP)
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||
| 1. Current account | |||||||||||
| A. Goods and services | -18.4 | -16.2 | -17.3 | -16.8 | -16.8 | -16.8 | -16.2 | ||||
| Trade balance | -22.2 | -21.3 | -22.2 | -22.0 | -22.3 | -22.6 | -22.7 | ||||
| Exports, f.o.b. | 10.1 | 10.9 | 11.1 | 11.2 | 11.2 | 11.2 | 11.3 | ||||
| Of which: domestic goods1 | 1.4 | 1.8 | 1.7 | 1.8 | 1.8 | 1.8 | 1.8 | ||||
| Imports, f.o.b | −32.3 | −32.2 | −33.3 | −33.2 | −33.5 | −33.8 | −34.0 | ||||
| Of which: oil | −4.2 | −5.4 | −5.4 | −5.4 | −5.3 | −5.2 | −5.1 | ||||
| Services (net) | 3.8 | 5.0 | 5.0 | 5.1 | 5.5 | 5.8 | 6.4 | ||||
| Of which: travel | 7.3 | 7.6 | 7.8 | 8.1 | 8.4 | 8.8 | 9.1 | ||||
| B. Income (net) | -4.1 | -3.9 | -3.8 | -3.7 | -3.5 | -3.1 | -3.0 | ||||
| Income credits | 2.3 | 2.6 | 2.8 | 2.9 | 2.8 | 3.1 | 3.0 | ||||
| Income debits | −6.5 | −6.5 | −6.6 | −6.6 | −6.3 | −6.2 | −6.0 | ||||
| C. Current transfers | 5.7 | 5.7 | 5.8 | 6.3 | 6.3 | 6.3 | 6.3 | ||||
| Official transfers | 0.0 | 0.0 | 0.0 | 0.5 | 0.5 | 0.5 | 0.5 | ||||
| Remittances | 4.7 | 4.7 | 4.8 | 4.9 | 4.9 | 4.9 | 5.0 | ||||
| Other transfers | 1.0 | 1.0 | 1.0 | 1.0 | 0.9 | 0.9 | 0.9 | ||||
| Current account (excl. budget support) | -16.8 | -14.4 | -15.3 | -14.7 | -14.5 | -14.1 | -13.4 | ||||
| Current account (incl. budget support) | -16.8 | -14.4 | -15.3 | -14.2 | -14.0 | -13.7 | -12.9 | ||||
| 2. Capital and financial account | |||||||||||
| A. Capital account2 | 4.0 | 4.5 | 3.3 | 3.0 | 3.0 | 3.1 | 3.0 | ||||
| B. Financial account | 10.2 | 10.7 | 11.7 | 11.0 | 11.5 | 11.5 | 10.8 | ||||
| Foreign direct investment | 8.8 | 6.2 | 7.3 | 6.1 | 6.0 | 5.9 | 5.8 | ||||
| Portfolio investment | −0.2 | −0.1 | −0.1 | 0.0 | 0.0 | 0.0 | 0.1 | ||||
| Other investment | 1.5 | 4.6 | 4.6 | 4.9 | 5.5 | 5.5 | 4.9 | ||||
| Of which: Official other investment (net) | 1.1 | 0.9 | 1.3 | 1.4 | 1.5 | 1.4 | 1.5 | ||||
| Loans | 2.4 | 2.1 | 2.5 | 2.6 | 2.6 | 2.5 | 2.4 | ||||
| SDR Allocations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Amortization | −1.3 | −1.2 | −1.2 | −1.2 | −1.2 | −1.1 | −0.9 | ||||
| Capital and financial account | 14.2 | 15.2 | 15.0 | 14.1 | 14.5 | 14.5 | 13.8 | ||||
| Errors and omissions | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Overall balance | -2.7 | 0.7 | -0.3 | -0.2 | 0.5 | 0.9 | 0.9 | ||||
Domestic goods consist of (in decreasing order of importance): groundnuts, fruits and vegetables, zircon, fish, and cotton.
Projection for 2011 includes grants under the World Bank’s West Africa Regional Communications Integration Project (WARCIP).
The Gambia: Balance of Payments
(In percent of GDP)
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||
| 1. Current account | |||||||||||
| A. Goods and services | -18.4 | -16.2 | -17.3 | -16.8 | -16.8 | -16.8 | -16.2 | ||||
| Trade balance | -22.2 | -21.3 | -22.2 | -22.0 | -22.3 | -22.6 | -22.7 | ||||
| Exports, f.o.b. | 10.1 | 10.9 | 11.1 | 11.2 | 11.2 | 11.2 | 11.3 | ||||
| Of which: domestic goods1 | 1.4 | 1.8 | 1.7 | 1.8 | 1.8 | 1.8 | 1.8 | ||||
| Imports, f.o.b | −32.3 | −32.2 | −33.3 | −33.2 | −33.5 | −33.8 | −34.0 | ||||
| Of which: oil | −4.2 | −5.4 | −5.4 | −5.4 | −5.3 | −5.2 | −5.1 | ||||
| Services (net) | 3.8 | 5.0 | 5.0 | 5.1 | 5.5 | 5.8 | 6.4 | ||||
| Of which: travel | 7.3 | 7.6 | 7.8 | 8.1 | 8.4 | 8.8 | 9.1 | ||||
| B. Income (net) | -4.1 | -3.9 | -3.8 | -3.7 | -3.5 | -3.1 | -3.0 | ||||
| Income credits | 2.3 | 2.6 | 2.8 | 2.9 | 2.8 | 3.1 | 3.0 | ||||
| Income debits | −6.5 | −6.5 | −6.6 | −6.6 | −6.3 | −6.2 | −6.0 | ||||
| C. Current transfers | 5.7 | 5.7 | 5.8 | 6.3 | 6.3 | 6.3 | 6.3 | ||||
| Official transfers | 0.0 | 0.0 | 0.0 | 0.5 | 0.5 | 0.5 | 0.5 | ||||
| Remittances | 4.7 | 4.7 | 4.8 | 4.9 | 4.9 | 4.9 | 5.0 | ||||
| Other transfers | 1.0 | 1.0 | 1.0 | 1.0 | 0.9 | 0.9 | 0.9 | ||||
| Current account (excl. budget support) | -16.8 | -14.4 | -15.3 | -14.7 | -14.5 | -14.1 | -13.4 | ||||
| Current account (incl. budget support) | -16.8 | -14.4 | -15.3 | -14.2 | -14.0 | -13.7 | -12.9 | ||||
| 2. Capital and financial account | |||||||||||
| A. Capital account2 | 4.0 | 4.5 | 3.3 | 3.0 | 3.0 | 3.1 | 3.0 | ||||
| B. Financial account | 10.2 | 10.7 | 11.7 | 11.0 | 11.5 | 11.5 | 10.8 | ||||
| Foreign direct investment | 8.8 | 6.2 | 7.3 | 6.1 | 6.0 | 5.9 | 5.8 | ||||
| Portfolio investment | −0.2 | −0.1 | −0.1 | 0.0 | 0.0 | 0.0 | 0.1 | ||||
| Other investment | 1.5 | 4.6 | 4.6 | 4.9 | 5.5 | 5.5 | 4.9 | ||||
| Of which: Official other investment (net) | 1.1 | 0.9 | 1.3 | 1.4 | 1.5 | 1.4 | 1.5 | ||||
| Loans | 2.4 | 2.1 | 2.5 | 2.6 | 2.6 | 2.5 | 2.4 | ||||
| SDR Allocations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Amortization | −1.3 | −1.2 | −1.2 | −1.2 | −1.2 | −1.1 | −0.9 | ||||
| Capital and financial account | 14.2 | 15.2 | 15.0 | 14.1 | 14.5 | 14.5 | 13.8 | ||||
| Errors and omissions | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Overall balance | -2.7 | 0.7 | -0.3 | -0.2 | 0.5 | 0.9 | 0.9 | ||||
Domestic goods consist of (in decreasing order of importance): groundnuts, fruits and vegetables, zircon, fish, and cotton.
Projection for 2011 includes grants under the World Bank’s West Africa Regional Communications Integration Project (WARCIP).
The Gambia: Financial Soundness Indicators
(In percent, unless otherwise indicated)
Tier-1 capital is larger than regulatory capital due to the supervisory deduction from premises revaluation.
The Gambia: Financial Soundness Indicators
(In percent, unless otherwise indicated)
| 2007 | 2008 | 2009 | 2010 | 2011 | ||
|---|---|---|---|---|---|---|
| (June) | ||||||
| Capital Adequacy | ||||||
| Regulatory capital to risk-weighted assets | 22.5 | 19.6 | 18.8 | 24.5 | 24.8 | |
| Tier-1 capital to risk-weighted assets1 | 20.0 | 21.0 | 19.0 | 27.0 | 25.6 | |
| Asset quality | ||||||
| Nonperforming loans to total gross loans | 10.4 | 13.7 | 12.3 | 14.5 | 12.7 | |
| Nonperforming loans net of provisions to capital | 2.8 | 5.8 | 4.3 | 7.5 | 6.4 | |
| Earnings and profitability | ||||||
| Return on assets (average) | 4.5 | 0.1 | −1.6 | 0.4 | 1.2 | |
| Return on equity (average) | 36.4 | 0.8 | −24.9 | 1.8 | 5.8 | |
| Net Interest income to gross income | 34.7 | 35.3 | 37.0 | 41.3 | 37.4 | |
| Operating expenses to gross income | 47.0 | 65.8 | 62.0 | 58.2 | 57.8 | |
| Liquidity | ||||||
| Liquid assets to total assets | 45.0 | 43.6 | 35.7 | 47.9 | 38.6 | |
| Liquid assets to short-term liabilities | 74.9 | 70.9 | 62.1 | 68.4 | 59.4 | |
| Exposure to FX risk: | ||||||
| Net open FX position to capital | 36.9 | 19.1 | 6.4 | −0.4 | −2.9 | |
Tier-1 capital is larger than regulatory capital due to the supervisory deduction from premises revaluation.
The Gambia: Financial Soundness Indicators
(In percent, unless otherwise indicated)
| 2007 | 2008 | 2009 | 2010 | 2011 | ||
|---|---|---|---|---|---|---|
| (June) | ||||||
| Capital Adequacy | ||||||
| Regulatory capital to risk-weighted assets | 22.5 | 19.6 | 18.8 | 24.5 | 24.8 | |
| Tier-1 capital to risk-weighted assets1 | 20.0 | 21.0 | 19.0 | 27.0 | 25.6 | |
| Asset quality | ||||||
| Nonperforming loans to total gross loans | 10.4 | 13.7 | 12.3 | 14.5 | 12.7 | |
| Nonperforming loans net of provisions to capital | 2.8 | 5.8 | 4.3 | 7.5 | 6.4 | |
| Earnings and profitability | ||||||
| Return on assets (average) | 4.5 | 0.1 | −1.6 | 0.4 | 1.2 | |
| Return on equity (average) | 36.4 | 0.8 | −24.9 | 1.8 | 5.8 | |
| Net Interest income to gross income | 34.7 | 35.3 | 37.0 | 41.3 | 37.4 | |
| Operating expenses to gross income | 47.0 | 65.8 | 62.0 | 58.2 | 57.8 | |
| Liquidity | ||||||
| Liquid assets to total assets | 45.0 | 43.6 | 35.7 | 47.9 | 38.6 | |
| Liquid assets to short-term liabilities | 74.9 | 70.9 | 62.1 | 68.4 | 59.4 | |
| Exposure to FX risk: | ||||||
| Net open FX position to capital | 36.9 | 19.1 | 6.4 | −0.4 | −2.9 | |
Tier-1 capital is larger than regulatory capital due to the supervisory deduction from premises revaluation.
The Gambia: Progress toward the Millennium Development Goals, 1990-20091
Figures in italics refer to periods other than those specified.
The Gambia: Progress toward the Millennium Development Goals, 1990-20091
| 1990 | 1995 | 2000 | 2005 | 2009 | ||
|---|---|---|---|---|---|---|
| Goal 1: Eradicate extreme poverty and hunger | ||||||
| Employment to population ratio, 15+, total (%) | 73 | 73 | 73 | 73 | 73 | |
| Employment to population ratio, ages 15-24, total (%) | 59 | 59 | 59 | 58 | 58 | |
| GDP per person employed (constant 1990 PPP $) | .. | .. | .. | .. | .. | |
| Income share held by lowest 20% | .. | .. | 4 | 5 | .. | |
| Malnutrition prevalence, weight for age (% of children under 5) | .. | 23 | 15 | 16 | .. | |
| Poverty gap at $1.25 a day (PPP) (%) | .. | .. | 35 | 12 | .. | |
| Poverty headcount ratio at $1.25 a day (PPP) (% of population) | .. | .. | 67 | 34 | .. | |
| Vulnerable employment, total (% of total employment) | .. | .. | .. | .. | .. | |
| Goal 2: Achieve universal primary education | ||||||
| Literacy rate, youth female (% of females ages 15-24) | .. | .. | 41 | .. | 60 | |
| Literacy rate, youth male (% of males ages 15-24) | .. | .. | 64 | .. | 71 | |
| Persistence to last grade of primary, total (% of cohort) | .. | .. | 73 | 62 | 61 | |
| Primary completion rate, total (% of relevant age group) | 46 | 45 | 74 | 69 | 78 | |
| Total enrollment, primary (% net) | 51 | 64 | 73 | 71 | 76 | |
| Goal 3: Promote gender equality and empower women | ||||||
| Proportion of seats held by women in national parliaments (%) | 8 | .. | 2 | 13 | 9 | |
| Ratio of female to male primary enrollment (%) | 63 | 74 | 87 | 102 | 104 | |
| Ratio of female to male secondary enrollment (%) | 47 | 55 | .. | .. | 96 | |
| Ratio of female to male tertiary enrollment (%) | .. | 55 | 29 | 23 | .. | |
| Share of women employed in the nonagricultural sector (% of total nonagricultural employment) | 20.9 | .. | .. | .. | .. | |
| Goal 4: Reduce child mortality | ||||||
| Immunization, measles (% of children ages 12-23 months) | 86 | 91 | 92 | 81 | 96 | |
| Mortality rate, infant (per 1,000 live births) | 78 | 72 | 66 | 61 | 58 | |
| Mortality rate, under-5 (per 1,000) | 165 | 145 | 128 | 112 | 101 | |
| Goal 5: Improve maternal health | ||||||
| Adolescent fertility rate (births per 1,000 women ages 15-19) | .. | 131 | 114 | 87 | 73 | |
| Births attended by skilled health staff (% of total) | 44 | .. | 55 | 57 | .. | |
| Contraceptive prevalence (% of women ages 15-49) | 12 | .. | 10 | .. | .. | |
| Maternal mortality ratio (modeled estimate, per 100,000 live births) | 750 | 690 | 560 | 460 | 400 | |
| Pregnant women receiving prenatal care (%) | .. | .. | 91 | 98 | .. | |
| Unmet need for contraception (% of married women ages 15-49) | .. | .. | .. | .. | .. | |
| Goal 6: Combat HIV/AIDS, malaria, and other diseases | ||||||
| Children with fever receiving antimalarial drugs (% of children under age 5 with fever) | .. | .. | 55 | 63 | .. | |
| Condom use, population ages 15-24, female (% of females ages 15-24) | .. | .. | .. | .. | .. | |