Macroeconomy, finance, trade and energy

The structure of The Gambian economy has seen little change over the past twenty years. Agriculture has averaged about one-fourth of gross domestic product (GDP) and the services sector has averaged nearly two thirds of GDP (60 percent) from 1994 through 2013. The manufacturing and other industries have accounted for about 7 percent and 8 percent, respectively, over the same time period - although the shares of both of these sectors have diminished slightly in the last decade (2004-2013) relative to the previous decade (1994-2003), largely to the benefit of agriculture and to a lesser extent services. This stable structure is although very different from the country’s growth path. It is required to start with the macroeconomic framework and energy first. Bringing - in a credible way - fiscal deficit under control and eliminating abrupt policy shifts will go a long way to reduce the current crowding out of the private sector and restore confidence. A better energy supply will seriously help tourism and agriculture in keeping costs down.