Real sector

The main constraints to improving the national accounts include inadequate source data due to inadequate survey coverage, poor quality of external sector data, and inattention to other important sources (such as the livestock census and the census of industrial production). The GBoS continues to face human and financial constraints to undertaking such surveys and to processing the data.

STA missions on national accounts in 2007, 2008 and 2009 assisted the GBoS in implementing the 1993 System of National Accounts methodology and in rebasing the national accounts to properly reflect the country’s economic structure, output levels, and relative prices. More specifically, STA missions have helped the authorities to: (1) process the data collected for the 2004 Economic Census; (2) rebase the GDP series using the results of the 2004 Economic Census; and (3) improve the GDP estimates by the production approach. The authorities now publish improved real and nominal GDP series compiled by the production approach for the period 2004–10 (with a base year of 2004). GDP series by the expenditure approach are still in the process of being developed. The data continue to suffer from shortcomings and a number of recommendations provided by TA missions have not been implemented. The GDP numbers have undergone a couple of large revisions in the past 18 months.

In May 2007, the country began participating in the second phase of the GDDG Project for Anglophone Africa on national accounts, which is funded by the U.K. Department for International Development (DfID). The authorities have also been recently invited to participate in a follow-up DfID supported program with a similar focus on macroeconomic statistics, the Enhanced Data Dissemination Initiative (EDDI), starting in July 2010.

The World Bank has been providing technical assistance to the GBoS to update the consumer price index (CPI) using the 2003 household expenditure survey to better reflect current consumption patterns. In early 2007, the GBoS began to publish a new national CPI based on an August 2004 representative expenditure basket. Currently, the GBoS is working on rebasing the CPI using the results of the 2010 integrated household survey. The GBoS has also done some preliminary work on constructing a PPI.

Government finance

The authorities release data on central government transactions with a lag of about four weeks for both revenues and expenditures. With the introduction of the IFMIS in 2010, the compilation of expenditure data by functional category and by administration is now possible. However, the authorities have not yet started to systematically report these data or make them available to the public at regular intervals, contrary to best practices. The compilation of project grant disbursements and project grant use has been a challenge, leading to financing discrepancies. Monthly data on domestic government financing are available with a delay of about four weeks.

At a meeting with STA in October 2007, the authorities expressed interest in technical assistance to facilitate the migration to GFSM2001. No data are being reported for publication in the Government Finance Statistics Yearbook or in the International Financial Statistics (IFS).

Monetary data

The Central Bank of The Gambia (CBG) has improved data reporting to the Fund, but sometimes the reports are delayed. Following earlier STA TA missions in April–May 2006 and April-May 2008, another follow-up mission in February 2010 flagged CBG’s poor progress in implementing earlier recommendations for the compilation of monetary and financial statistics. This is mainly due to a delay in reforming the source data for the central bank and for other depository corporations (ODCs). The 2008 mission designed a bridge table for compiling the standardized report forms (SRF) for the central bank and a new report form for ODCs. However, neither has been implemented. Therefore, the 2010 mission redesigned the bridge tables so that they could automatically generate the SRFs for the central bank and the ODCs from the data that the CBG has used for its operational work. As a result, the CBG should now be in a position to compile the SRFs and submit the SRF-based monetary data to the Fund for publication in the IFS. Finally, the mission recommended that the CBG starts collecting a wider range of interest rates, including lending and deposit rates, by type of currency. The CBG has started collecting such data, but has not yet started reporting them to the Fund.

External sector statistics

Despite some improvements, balance of payments statistics continue to be affected by serious shortcomings. These include delays in the collection of trade, customs, and tourist arrival data; outdated methods for estimating the reexport trade; poor data on capital flows; lack of a register of firms and establishments engaged in external transactions; poor classification of balance of payments data; and lack of a consistent methodology. Institutional weaknesses have also been a major impediment to improving statistics. Official grant and loan disbursements and repayments are generally well recorded, but there are some gaps in project disbursements. Due to the various data shortcomings, there is a large discrepancy between the BOP data reported by the authorities to STA and the adjusted data used by AFR. For example, data reported by the authorities to STA point to a small current account surplus, while adjusted AFR data indicate that the country is running a large current account deficit.

The CBG produces balance of payments statistics according to the Balance of Payments Manual, 5^th edition (BPM5). These statistics are published in the IFS and in the 2007 IMF Balance of Payments Statistics Yearbook (BOPSY 2007). The CBG has been compiling quarterly balance of payments statistics through a Fund-administered technical assistance project funded by DfID. The most recent data available are for the second quarter of 2011.

With DfID assistance the CBG conducted an enterprise survey in March 2006 to collect data for the international investment position. In April 2006, the CBG also initiated a series of surveys funded by the World Bank to collect data on selected components of the current account. The authorities have been conducting surveys on tourist expenditures, remittances, re-exports, and FDI, but these exercises are time-consuming and infrequent (once a year, at most).

The Gambia: Table of Common Indicators Required for Surveillance

(As of November 15, 2011)

¹Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

²Both market-based and officially determined, including discount rates, money market rates, and rates on treasury bills, notes, and bonds.

³Foreign, domestic bank, and domestic nonbank financing.

⁴The general government consists of the central government (budgetary funds, extrabudgetary funds, and social security funds) and state and local governments.

⁵Including currency and maturity composition.

⁶Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregularly (I), not available (NA).

⁷Reflects the assessment provided in the data ROSC published on November 8, 2005, and based on the findings of the mission in February 2005. For the dataset corresponding to the variable in each row, the assessment indicates whether international standards concerning (respectively) concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).

⁸Same as footnote 7, except referring to international standards concerning (respectively) source data, assessment and validation of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.

The Gambia: Table of Common Indicators Required for Surveillance

(As of November 15, 2011)

	Date of Latest Observation	Date Received	Frequency of Data6	Frequency of Reporting6	Frequency of Publication6	Memo Items:
						Data Quality Methodological Soundness7	Data Quality Accuracy and Reliability8
Exchange rates	11/3/11	11/9/11	D	W	M
International reserve assets and reserve liabilities of the monetary authorities1	9/30/11	10/28/11	M	M	M
Reserve/base money	11/4/11	11/9/11	D	W	M	LO, LO, LO, LO	LNO, LO, O, LO, LNO
Broad money	9/30/11	10/28/11	M	M	M
Central Bank balance sheet	9/30/11	10/28/11	M	M	M
Consolidated balance sheet of the banking system	9/30/11	10/28/11	M	M	M
Interest rates2	11/2/11	11/9/11	W	W	M
Consumer Price Index	9/30/11	10/17/11	M	M	M
Revenue, expenditure, balance, and composition of financing3 – general government4						LO, LO, O, O	LNO, LO, LO, LNO, NO
Revenue, expenditure, balance, and composition of financing3– central government	9/30/11	10/15/11	M	M	M
Central government and central government-guaranteed debt5	11/4/11	11/9/11	W	W	M
External current account balance	6/30/11	9/30/11	Q	Q	A	LNO, LNO, LNO, LO	LNO, LNO, LNO, LO, NO
Exports and imports of goods and services	6/30/11	10/11/11	M	I	A
GDP/GNP	2010	8/18/11	A	A	A	LNO, LNO, O, LO	LNO, O, LNO, LO, NO
Gross external debt	9/30/11	10/19/11	A	I	A

¹Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

²Both market-based and officially determined, including discount rates, money market rates, and rates on treasury bills, notes, and bonds.

³Foreign, domestic bank, and domestic nonbank financing.

⁴The general government consists of the central government (budgetary funds, extrabudgetary funds, and social security funds) and state and local governments.

⁵Including currency and maturity composition.

⁶Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregularly (I), not available (NA).

⁷Reflects the assessment provided in the data ROSC published on November 8, 2005, and based on the findings of the mission in February 2005. For the dataset corresponding to the variable in each row, the assessment indicates whether international standards concerning (respectively) concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).

⁸Same as footnote 7, except referring to international standards concerning (respectively) source data, assessment and validation of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.

View Table

The Gambia: Table of Common Indicators Required for Surveillance

(As of November 15, 2011)

	Date of Latest Observation	Date Received	Frequency of Data6	Frequency of Reporting6	Frequency of Publication6	Memo Items:
						Data Quality Methodological Soundness7	Data Quality Accuracy and Reliability8
Exchange rates	11/3/11	11/9/11	D	W	M
International reserve assets and reserve liabilities of the monetary authorities1	9/30/11	10/28/11	M	M	M
Reserve/base money	11/4/11	11/9/11	D	W	M	LO, LO, LO, LO	LNO, LO, O, LO, LNO
Broad money	9/30/11	10/28/11	M	M	M
Central Bank balance sheet	9/30/11	10/28/11	M	M	M
Consolidated balance sheet of the banking system	9/30/11	10/28/11	M	M	M
Interest rates2	11/2/11	11/9/11	W	W	M
Consumer Price Index	9/30/11	10/17/11	M	M	M
Revenue, expenditure, balance, and composition of financing3 – general government4						LO, LO, O, O	LNO, LO, LO, LNO, NO
Revenue, expenditure, balance, and composition of financing3– central government	9/30/11	10/15/11	M	M	M
Central government and central government-guaranteed debt5	11/4/11	11/9/11	W	W	M
External current account balance	6/30/11	9/30/11	Q	Q	A	LNO, LNO, LNO, LO	LNO, LNO, LNO, LO, NO
Exports and imports of goods and services	6/30/11	10/11/11	M	I	A
GDP/GNP	2010	8/18/11	A	A	A	LNO, LNO, O, LO	LNO, O, LNO, LO, NO
Gross external debt	9/30/11	10/19/11	A	I	A

¹Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

²Both market-based and officially determined, including discount rates, money market rates, and rates on treasury bills, notes, and bonds.

³Foreign, domestic bank, and domestic nonbank financing.

⁴The general government consists of the central government (budgetary funds, extrabudgetary funds, and social security funds) and state and local governments.

⁵Including currency and maturity composition.

⁶Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregularly (I), not available (NA).

⁷Reflects the assessment provided in the data ROSC published on November 8, 2005, and based on the findings of the mission in February 2005. For the dataset corresponding to the variable in each row, the assessment indicates whether international standards concerning (respectively) concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).

⁸Same as footnote 7, except referring to international standards concerning (respectively) source data, assessment and validation of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.