The Gambia has a liberal, market-based economy characterized by traditional subsistence agriculture, a historic reliance on groundnuts (peanuts) for export earnings, a re-export trade built up around its ocean port, low import duties, minimal administrative procedures, a fluctuating exchange rate with no exchange controls, and a significant tourism industry.Agriculture accounts for roughly 30% of gross domestic product (GDP) and employs about 70% of the labor force. Within agriculture, peanut production accounts for 6.9% of GDP, other crops 8.3%, livestock 5.3%, fishing 1.8%, and forestry 0.5%. Industry accounts for approximately 8% of GDP and services approximately 58%. The limited amount of manufacturing is primarily agricultural-based (e.g., peanut processing, bakeries, a brewery, and a tannery). Other manufacturing activities include soap, soft drinks, and clothing.
Previously, the U.K. and other EU countries constituted The Gambia's major domestic export markets. However, in recent years Senegal, the United States, and Japan have gained fair proportions of Gambian exports. In Africa, Senegal represented the biggest trade partner of The Gambia in 2007, which is a defining contrast to previous years that saw Guinea-Bissau and Ghana as equally important trade partners. Globally, Denmark, the United States, and China have become important source countries for Gambian imports. The U.K., Germany, Côte d'Ivoire, and Netherlands also provide a fair share of Gambian imports. Gambia's trade deficit for 2009 was $338 million.
As of May 2009, there are twelve (12) commercial banks in The Gambia, including one Islamic bank. The oldest of these, Standard Chartered Bank Gambia, dates its presence back to the entry in 1894 of what shortly thereafter became Bank of British West Africa. In 2005,the Swiss-based banking group, International Commercial Bank established a subsidiary and has now four branches in the country. In 2007, Nigeria's Access Bank established a subsidiary that now has four branches in the country, in addition to its head office; the bank has pledged to open four more. In May 2009, the Lebanese Canadian Bank opened a subsidiary called Prime Bank (Gambia).
