Gambia The Economy - 2024

Economic overview

small West African economy; COVID-19 reversed robust growth trends; good fiscal management; substantial foreign direct investment and remittances; G20 Debt Service Suspension Initiative participant; widespread poverty; increasing Chinese relations

Real GDP (purchasing power parity)

$5.482 billion (2021 est.)
$5.258 billion (2020 est.)
$5.227 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.27% (2021 est.)
0.59% (2020 est.)
6.22% (2019 est.)

Real GDP per capita

$2,100 (2021 est.)
$2,000 (2020 est.)
$2,100 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1.746 billion (2019 est.)

Inflation rate (consumer prices)

7.37% (2021 est.)
5.93% (2020 est.)
7.12% (2019 est.)

GDP - composition, by sector of origin

agriculture: 20.4% (2017 est.)

industry: 14.2% (2017 est.)

services: 65.4% (2017 est.)

GDP - composition, by end use

household consumption: 90.7% (2017 est.)

government consumption: 12% (2017 est.)

investment in fixed capital: 19.2% (2017 est.)

investment in inventories: -2.7% (2017 est.)

exports of goods and services: 20.8% (2017 est.)

imports of goods and services: -40% (2017 est.)

Agricultural products

groundnuts, milk, oil palm fruit, millet, sorghum, rice, maize, vegetables, cassava, fruit

Industries

peanuts, fish, hides, tourism, beverages, agricultural machinery assembly, woodworking, metalworking, clothing

Industrial production growth rate

10.4% (2021 est.)

Labor force

856,100 (2021 est.)

Unemployment rate

11.21% (2021 est.)
11.08% (2020 est.)
9.5% (2019 est.)

NA

Youth unemployment rate (ages 15-24)

total: 15.5% (2021 est.)

male: 11.4%

female: 20.5%

Population below poverty line

48.6% (2015 est.)

Gini Index coefficient - distribution of family income

35.9 (2015 est.)

Household income or consumption by percentage share

lowest 10%: 2%

highest 10%: 36.9% (2003)

Remittances

26.84% of GDP (2021 est.)
22.98% of GDP (2020 est.)
15.21% of GDP (2019 est.)

Budget

revenues: $252 million (2018 est.)

expenditures: $353 million (2018 est.)

Budget surplus (+) or deficit (-)

-2.6% (of GDP) (2017 est.)

Public debt

88% of GDP (2017 est.)
82.3% of GDP (2016 est.)

Taxes and other revenues

20.3% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$94.081 million (2021 est.)
-$86.553 million (2020 est.)
-$37.078 million (2019 est.)

Exports

$135.448 million (2021 est.) note: data are in current year dollars
$175.682 million (2020 est.)
$360.208 million (2019 est.)

Exports - partners

China 38%, India 22%, Mali 7%, Chile 5% (2017)

Exports - commodities

cashews, lumber, refined petroleum, shellfish, scrap iron, fish, sesame seeds (2021)

Imports

$726 million (2021 est.) note: data are in current year dollars
$691 million (2020 est.)
$641 million (2019 est.)

Imports - partners

China 33%, India 10%, Senegal 5%, Brazil 5% (2019)

Imports - commodities

clothing and apparel, refined petroleum, rice, raw sugar, palm oil (2019)

Reserves of foreign exchange and gold

$652.671 million (31 December 2021 est.)
$387.046 million (31 December 2020 est.)
$256.957 million (31 December 2019 est.)

Debt - external

$586.8 million (31 December 2017 est.)
$571.2 million (31 December 2016 est.)

Exchange rates

dalasis (GMD) per US dollar -

Exchange rates:
51.484 (2021 est.)
51.502 (2020 est.)
50.062 (2019 est.)
48.152 (2018 est.)
46.609 (2017 est.)