Economic activity in The Gambia in 2014 is expected to expand to around 6.0-6.5 per cent on the back of robust growth in tourism and agriculture, according to Central Bank’s Monetary Policy Committee (MPC).
The Gambian economy was estimated to have grown by 5.6 per cent in 2013, lower than the 6.1 per cent in 2012, the MPC said in its quarterly report on Tuesday.
The MPC stated that the overall balance of payments narrowed to a surplus of US$39.7 million in 2013 compared to US$75.12 million in 2012. The current account recorded a surplus of US$85.54 million, higher than US$78.9 million in 2012.
It stated that the goods account deficit narrowed to US$102.9 million compared to the deficit of US$150.4 million.
The report indicated that services account surplus rose to US$97.93 million relative to US$75.63 million in 2012, while the capital and financial account deficit widened to US$45.84 million compared to the deficit of US$3.78 million in 2012.
“Data on government fiscal operations in the first quarter of 2014 indicate that total revenue and grants increased to D2.09 billion, higher than the D1.62 billion in the corresponding quarter of 2013,” the report stated. (US$1=D42)
It further stated that domestic revenue, comprising tax and non-tax revenue amounted to D1.57 billion compared to D1.44 billion in the first quarter of 2013.
Also, tax and non-tax revenue increased by 11 per cent and 1 per cent respectively, and grants rose to D519.6 million relative to D185.4 million in the first quarter of 2013. This is attributed mainly to project grants, the MPC said.