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: rice, groundnuts, milk, millet, oil palm fruit, maize, vegetables, cassava, fruits, sorghum (2023).
More about the economy of Gambia
| Labor force | 783,100 (2024 est.) |
|---|---|
| Industrial production growth rate | 2.4% (2024 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 | |
| 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 2023 | $902.421 million (2023 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 2024 | -$74.374 million (2024 est.) |
| Current account balance 2023 | -$120.064 million (2023 est.) |
| Current account balance 2022 | -$90.251 million (2022 est.) |
| Budget | |
| Revenues | $308.887 million (2018 est.) |
| Expenditures | $221.137 million (2018 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 21.1% of GDP (2024 est.) |
| Remittances 2023 | 21.5% of GDP (2023 est.) |
| Remittances 2022 | 22.8% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 2.6% (2020 est.) |
| Highest 10% | 30.5% (2020 est.) |
| Imports | |
| Imports 2024 | $1.549 billion (2024 est.) |
| Imports 2023 | $1.353 billion (2023 est.) |
| Imports 2022 | $829.516 million (2022 est.) |
| Imports (partners) | Kazakhstan 26%, China 18%, Senegal 8%, India 7%, Brazil 4% (2023) |
| Comodities Imports force | crude petroleum, refined petroleum, cotton fabric, iron alloys, rice (2023) |
| Exports | |
| Imports 2024 | $1.549 billion (2024 est.) |
| Imports 2023 | $1.353 billion (2023 est.) |
| Imports 2022 | $829.516 million (2022 est.) |
| Exports (partners) | Kazakhstan 92%, Guinea-Bissau 2%, China 1%, India 1%, Greece 1% (2023) |
| Comodities Exports force | packaged medicine, cars, harvesting machinery, refined petroleum, trailers (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $8.365 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $7.911 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $7.549 billion (2022 est.) |
| GDP (official exchange rate) | $2.508 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $3,000 (2024 est.) |
| Real GDP per capita 2023 | $2,900 (2023 est.) |
| Real GDP per capita 2022 | $2,900 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 24.1% (2024 est.) |
| Industry | 14.7% (2024 est.) |
| Services | 53.9% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 83.2% (2024 est.) |
| Government consumption | 8.5% (2024 est.) |
| Investment in fixed capital | 39% (2024 est.) |
| Investment in inventories | 0% (2024 est.) |
| Exports of goods and services | 6.6% (2024 est.) |
| Imports of goods and services | -37.2% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 6.5% (2024 est.) |
| Unemployment rate 2023 | 6.5% (2023 est.) |
| Unemployment rate 2022 | 6.1% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 10.9% (2024 est.) |
| Male | 10.9% (2024 est.) |
| Female | 10.9% (2024 est.) |
All Important Facts about Gambia
Want to know more about Gambia? Check all different factbooks for Gambia below.
