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, Cote d'Ivoire, and Netherlands also provide a fair share of Gambian imports. Gambia's trade deficit for 2007 was $331 million.

GDP (2008): $808 million.
Annual growth rate (2008): 5.9%.
Per capita income (2008): $496.
Natural resources: Seismic studies indicate the possible presence of oil and gas offshore.
Services: 58.50% of GDP, 2007.
Agriculture (32.80% of GDP, 2007): Products--peanuts, rice, millet, sorghum, fish, palm kernels, vegetables, livestock, forestry.
Industry (8.70% of GDP, 2007): Types--peanut products, construction, telecommunications, brewing, soft drinks, agricultural machinery assembly, woodworking, metal working, clothing and textile manufacturing, food processing.
Trade: (2007 est.): Principal exports--$14.5 million: 43.33% groundnut products, 25.18% fish and fish preparations, 2.43% cotton, 11.18% fruits and vegetables, 0.17% hides and skin, 6.191% re-exports, and others 11.52%. Major markets--France 48.85%, Senegal 22.62%, Netherlands 10.21%, United States 7.02%, Germany 3.46%, and Japan 3.05%.
Principal imports--$345.7 million including food and beverages, manufactures, machinery and transport equipment, and minerals and fuel. Major suppliers--Denmark, United States, China, Germany, U.K., Cote d'Ivoire, and Netherlands.
Official development assistance (ODA) received from all sources (2001): $50.9 million.
U.S. economic aid received (FY 2007): $88,000 in grassroots projects and assistance to democracy and human rights programs.