Latest
figures from the Gambia Bureau of Statistics have indicated that the country’s
economy shrunk by 3.3 per cent in 2011 due primarily to the contraction in the
value-added of agriculture.
This was contained in a July 27 report of the
Monetary Policy Committee (MPC) of the Central Bank of The Gambia.
Speaking at the MPC meeting held on 27 July at the conference
room of the Central Bank in Banjul, Governor Amadou Colley said the country’s economy
is expected to grow by 9.7 per cent in 2013 premised on improved agriculture
output and continued rebound of the tourism sector. The growth of the Gross
Domestic Product (GDP) from one period to another is an indication of how
healthy the country's economy is.
In the first quarter of 2012, the economy registered
a deficit of D418.6 million, which is a modest improvement compared to the
deficit of D469.50 million in the first half of 2011.
The country’s fiscal performance continues to be
challenged by higher-than-projected expenditures unmatched by revenue
performance of the economy.
Total revenue and grants amounted to D3.2 billion of
which D2.5 billion consist of domestic revenue, comprising tax and non-tax
revenue.
However, total expenditure and net lending amounted
to D3.6 billion.
