Statistician at The Gambia Bureau of Statistic (GBOS) Samba Barrow has
disclosed that agriculture contributes to 25% of The Gambia’s Gross Domestic
Product (GDP) in 2017, while industry accounted for 14% and the service sector
with a whopping 61%.
Presenting the latest report at the GBOS Statistician General’s office on Wednesday, Barrow said agriculture came second in the latest report with an estimated D12, 450, 620 in 2013 compared to D6, 938,809 in 2004.
“The industry contribution to GDP is D5, 952,152 in 2013 compared to D4, 624,790 in 2004. GDP at basic prices is D46, 481, 949 in 2013 compared to D29, 355, 325 in 2004. GDP at market price is D49, 373,956 compared to D32, 498, 189,” he stated.
Mr. Barrow said the key drivers of the growth in 2013 were crops, fishing, manufacturing, construction, wholesale, public administration, education and health.
He said on the sectors value added in 2017 current prices on agriculture stands at D15, 996, 706, industry 9,062,619, services D39, 260, 533 and the GDP stands at D69, 509, 526.
He said results of the newly rebased 2013 GDP by production estimates in line with the latest system of National Accounts (SNA 2008), is 1.52 higher than its level using the old base year of 2004 and the GDP per capita rose from $450 to $684.
The Gambia Bureau of Statistics (GBOS) 2013 rebased gross domestic product (GDP) has identified the service sector as the main drivers of the country’s economy and continues to be over the past six years.
The GBOS rebasing gross domestic product report indicates that the service sector contribution to the country’s GDP rose from D19, 181, 195 in 2004 to D28, 078, 877 in 2013.
The GBOS Statistician General, Nyakassi MB Sanyang said the outcome of rebasing GDP will contribute to guide decision-makers with reliable information of The Gambian economy for result based policy formulation, planning, monitoring and evaluation.
“Due to evolving nature of our economy, it is important to change reference or benchmark periods of GDP estimates on regular basis to include and measure emerging economic activities and products,” he said.
He said it also gives the country the opportunity to align its methodologies with updated international recommendations in line with UN system of national accounts, “This process is called rebasing and it is recommended to be done every five years.”
“Because outdated GDP base year does not reflect current realities of economic environments as in the case of The Gambia were the first rebasing of its GDP was in 1976/77, the second in 2004 and the new rebasing to 2013 the third and the latest,” he said.
The production process of rebased 2013 GDP estimates, he added, is a result from combined efforts and support from the government and World Bank that provided the necessary financial resources and technical advice through the Resident Technical Advisor.