Gambia - Economy
How is the economy of Gambia? Based on the information we have, Gambia has a low-income West African economy; agriculture-dominant; high poverty rate; heightened inflation; dependent on foreign assistance and remittances; structural reforms conditioned by IMF Extended Credit Facility program. Key agricultural products in this country include: groundnuts, milk, rice, millet, oil palm fruit, maize, vegetables, cassava, fruits, sorghum (2022).
More about the economy of Gambia
Labor force 969,000 (2023 est.)
Industrial production growth rate 6.5% (2023 est.)
Industries peanuts, fish, hides, tourism, beverages, agricultural machinery assembly, woodworking, metalworking, clothing
Population below poverty line 53.4% (2020 est.)
Taxes and other revenues 20.3% (of GDP) (2017 est.)
Fiscal year
Exchange rates
Currency dalasis (GMD) per US dollar -
Exchange rates 2023 61.096 (2023 est.)
Exchange rates 2022 54.923 (2022 est.)
Exchange rates 2021 51.484 (2021 est.)
Exchange rates 2020 51.502 (2020 est.)
Exchange rates 2019 50.062 (2019 est.)
Debt - external
Debt - external 2022 $696.707 million (2022 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023 $577.028 million (2023 est.)
Reserves of foreign exchange and gold 2022 $568.244 million (2022 est.)
Reserves of foreign exchange and gold 2021 $652.671 million (2021 est.)
Current account balance
Current account balance 2022 -$90.251 million (2022 est.)
Current account balance 2021 -$86.877 million (2021 est.)
Current account balance 2020 -$86.553 million (2020 est.)
Public debt
Public debt 2017 88% of GDP (2017 est.)
Budget
Revenues $308.887 million (2018 est.)
Expenditures $221.137 million (2018 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 26.82% of GDP (2023 est.)
Remittances 2022 23.07% of GDP (2022 est.)
Remittances 2021 27.16% of GDP (2021 est.)
Household income
Lowest 10% 2.6% (2020 est.)
Highest 10% 30.6% (2020 est.)
Imports
Imports 2022 $829.516 million (2022 est.)
Imports 2021 $726.23 million (2021 est.)
Imports 2020 $690.979 million (2020 est.)
Imports (partners) China 31%, Senegal 12%, India 8%, Brazil 8%, US 5% (2022)
Comodities Imports force cotton fabric, rice, raw sugar, poultry, palm oil (2022)
Exports
Imports 2022 $829.516 million (2022 est.)
Imports 2021 $726.23 million (2021 est.)
Imports 2020 $690.979 million (2020 est.)
Exports (partners) India 31%, China 23%, Italy 7%, Chile 7%, Portugal 5% (2022)
Comodities Exports force coconuts/Brazil nuts/cashews, wood, shellfish, scrap iron, fish oil (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $7.905 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $7.508 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $7.156 billion (2021 est.)
GDP (official exchange rate) $2.34 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $2,900 (2023 est.)
Real GDP per capita 2022 $2,800 (2022 est.)
Real GDP per capita 2021 $2,700 (2021 est.)
GDP - composition, by sector of origin
Agriculture 24.6% (2023 est.)
Industry 15.2% (2023 est.)
Services 51.5% (2023 est.)
GDP - composition, by end use
Household consumption 81.6% (2023 est.)
Government consumption 8.8% (2023 est.)
Investment in fixed capital 39.3% (2023 est.)
Exports of goods and services 5.4% (2023 est.)
Imports of goods and services -35.1% (2023 est.)
Unemployment rate
Unemployment rate 2023 6.48% (2023 est.)
Unemployment rate 2022 6.08% (2022 est.)
Unemployment rate 2021 6.21% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 10.6% (2023 est.)
Male 10.9% (2023 est.)
Female 10.4% (2023 est.)
All Important Facts about Gambia

Want to know more about Gambia? Check all different factbooks for Gambia below.

Gambia is found in Western Africa