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 31 December 2017 | $586.8 million (31 December 2017 est.) |
| Debt - external 31 December 2016 | $571.2 million (31 December 2016 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 | $252 million (2018 est.) |
| Expenditures | $353 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 | 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.) |
| 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.
