Gambia/Economy

Economy of Gambia

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

Coming Soon

GDP (USD)

$2.4B(2023)

GDP PPP (USD)

$8.8B(2023)

GDP per Capita (USD)

$888(2023)

GDP Growth (inflation-adjusted)

4.8%(2023)

Inflation (CPI Annual %)

11.6%(2024)

Trade & Finance

Coming Soon

Exports (as share of GDP)

9.6%(2023)

Imports (as share of GDP)

32.8%(2023)

FDI Inflows (as share of GDP)

8.7%(2023)

Remittance Inflow (USD)

$524.6M(2023)

Tax Revenue (as share of GDP)

18.2%(1990)

Labor & Income

Coming Soon

Unemployment Rate

6.5%(2024)

Employment in Services

52.3%(2023)

Poverty Rate

53.4%(2020)

GINI Index

38.8(2020)

GNI per Capita (USD)

$870(2023)

Energy & Environment

Coming Soon

Energy Use per Capita

75 kg oil eq.(2007)

Renewable Energy Consumption (%)

47.7%(2022)

Economic Snapshot Overview

A summary of key economic indicators for Gambia

The economic architecture of Gambia is substantial, anchored by a Gross Domestic Product (GDP) of approximately $2.4B
2023
. This places it as the 168th largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $888.16
2023
, while its GDP in Purchasing Power Parity (PPP) terms is estimated at $8.78B, reflecting the population's domestic purchasing power. The economy demonstrates solid growth, expanding at a rate of 4.8%
2023
, but this is challenged by high inflation, with the Consumer Price Index (CPI) at 11.6%
2024
.
On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The nation runs a trade deficit, with exports at 9.6% of GDP and imports at 32.8%
2023
. Foreign Direct Investment (FDI) inflows are significant, constituting 8.70% of the economy
2023
. This performance positions the country 18th globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $524.65M annually
2023
, highlighting the economic importance of its diaspora. Fiscal capacity is moderate, with tax revenue at 18.2% of GDP
1990
.
The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $870
2023
. Globally, this ranks the nation 173rd out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The labor market is stable, with unemployment at 6.5%
2024
. The services sector is a primary driver of the labor market, accounting for 52.3% of total employment
2023
. Poverty remains a key issue, with 53.4% of the population living below the national poverty line
2020
. There is a moderate level of income inequality, with a Gini index of 38.8
2020
.
On the environment and energy front, energy consumption per capita is 75.321 kg of oil equivalent
2007
. The country is a leader in clean energy, with renewable sources making up 47.7% of total final energy consumption
2022
. Its commitment to clean energy places it 139th among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

Runaway inflation is the most pressing economic threat, eroding purchasing power and creating instability.

Trade & Investment Profile

The economy is primarily driven by domestic demand, with limited exposure to global trade fluctuations but also fewer opportunities for export-led growth.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

A strong commitment to renewable energy positions the country as a leader in the green transition, potentially creating new economic advantages.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.