Includes The Gambia real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about The Gambia economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of The Gambia best banks and safest banks are also available.
Basic Information
Government Type: Presidential republic
Capital City: Banjul
GDP & Economic Information
Macroeconomy & Sovereign Data
Central Bank |
Central Bank of The Gambia |
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Currency |
Dalasis (GMD) |
International Reserves |
USD 0.19 billion (2018) International Monetary Fund (IMF), data retrieved October 2019 |
Gross Domestic Product – GDP |
USD 1.6 billion (2018, estimate) |
GDP (Purchasing Power Parity) |
Intl$ 6.1 billion (2018, estimate) |
GDP Data
Real GDP growth |
2007: 3.5% 2008: 5.7% 2009: 6.5% 2010: 6.5% 2011: -4.3% 2012: 5.6% 2013: 4.8% 2014: -0.9% 2015: 5.9% 2016: 0.4% 2017: 4.6% 2018 (Estimate): 6.6% |
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GDP per capita – current prices |
USD 745.2 (2018, estimate) |
GDP per capita – PPP |
Intl$ 2,791.9 (2018, estimate) |
GDP (PPP) – share of world total |
1980 0.0% 1990 0.0% 2000 0.0% 2010 0.0% 2019* 0.005% *Estimate |
GDP – composition by sector |
agriculture: 23% industry: 12.9% services: 56.6% (2017 estimate) |
Gross domestic expenditure on R&D; (% of GDP) | N/A |
Inflation |
2015 6.8% 2016 7.2% 2017 8% 2018* 6.5% 2019* 6.9% (*Estimate) |
The Gambia
Inflation & Debt
Inflation |
2015 6.8% 2016 7.2% 2017 8% 2018* 6.5% 2019* 6.9% (*Estimate) |
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Government Bond Ratings |
Standard & Poor’s: N/A Moody’s: N/A Standard & Poor’s / Moody’s (Updated January 2017) |
Unemployment rate | N/A |
Household saving rates | N/A |
Public debt (General government gross debt as a % of GDP) |
2015 69.4% 2016 80.9% 2017 87% 2018* 86.6% 2019* 80.9% *Estimate |
Public deficit (General government net lending/borrowing as a % of GDP) |
2015 -5.4% 2016 -6.4% 2017 -5% 2018* -6.2% 2019* -3.4% *Estimate |
Market value of publicly traded shares | N/A |
Largest Companies | N/A |
Import/Export
Exports as percent of GDP (Exports of goods and services) |
22.7% (2017) |
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Shares in world total merchandising export |
0.001% (2018) |
Shares in world total commercial services export |
0.003% (2017) |
Total exports |
USD 264.6 million (2017) |
Export commodities |
Peanut products, fish, cotton lint, palm kernels |
Total imports |
USD 548.1 million (2017 estimate) |
Import commodities |
Foodstuffs, manufactures, fuel, machinery and transport equipment |
Exports – major partners |
Guinea-Bissau 51.9%, Vietnam 14.6%, Senegal 8.8%, Mali 7.2% (2017) |
Imports – major partners |
Cote dIvoire 11.5%, Brazil 10.6%, Spain 10.2%, China 7.8%, Russia 6.4%, Netherlands 5.3%, India 5% (2017) |
Competitiveness & Trade
Current account balance | USD -0.2 billion (2018 estimate) |
---|---|
Current account balance by percentage of GDP |
-13.7% (2017 -9.7 % (2018 estimate)) |
FDI inflows |
2016 USD -28 million 2017 USD 18 million 2018 USD 29 million |
FDI Outflows |
2016 USD -1.4 million 2017 USD 7.5 million 2018 USD -5.6 million |
Value of cross-border M&A, by country of purchaser |
N/A United Nations Conference on Trade and Development (UNCTAD) – World Investment Report |
Cross-border M&A deals worth over $3 billion completed in 2014 | N/A |
Cross-border M&A deals worth over $3 billion completed in 2015 | N/A |
Best countries for doing business |
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. Overall ranking: 155 out of 190 countries Subcategories: Starting a Business: 119 out of 190 countries Dealing with Construction Permits: 145 out of 190 countries Getting Electricity: 165 out of 190 countries Registering Property: 143 out of 190 countries Getting Credit: 152 out of 190 countries Protecting Minority Investors: 170 out of 190 countries Paying Taxes: 172 out of 190 countries Trading across Borders: 115 out of 190 countries Enforcing Contracts: 129 out of 190 countries Resolving Insolvency: 128 out of 190 countries |
Global competitiveness ranking |
124 out of 141 countries (2019) |
Index of Economic Freedom |
Ranking: 146 / Score: 52.4 (Mostly unfree) (100=totally free 0=totally repressed) |
Population & Geographic Data
Total Area |
28,748 sq km |
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Total Population |
1990 3.3 Million 2000 3.1 Million 2010 2.9 Million 2015 2.9 Million 2020 2.8 Million |
Urban population as % of total population |
1960 30.7% 1980 33.8% 2000 41.7% 2020 62.1% |
Population median age |
34.3 years (2022 est.) CIA World Factbook / Population median age |
Population growth rate | 0.22% (2022 est.) |
Life expectancy |
79.5 years (2022 estimate) CIA World Factbook / Life expectancy |
% of population living on less than $3.10 a day |
1.2% (last available estimate, 2019) World Bank / Poverty headcount at $3.10 |
Inequality of wealth distribution (Gini index) |
30.8 (last available estimate, 2019) (0=perfect equality, 100=absolute inequality) World Bank / Gini Index |
Freedom House rating |
Total score: 67/100 Status: Partly Free Political Rights: 28/40 Civil Liberties: 39/60 (2022) Freedom House |
Total telephone subscribers as % of population |
Fixed: 7.8% Mobile: 91.0% (2020) (fixed-telephone subscribers and mobile-cellular subscribers) |
Internet users as % of total population | 72.2% (2020) |
Language & Religon
Languages |
Albanian 98.8% (official – derived from Tosk dialect), Greek 0.5%, other 0.6% (including Macedonian, Romani, Vlach, Turkish, Italian, and Serbo-Croatian), unspecified 0.1% (2011 est.) CIA World Factbook / Languages |
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Literacy |
Total population: 38.2% Male: 52% Female: 24.2% Definition: age 15 and over can read and write (2015 est.) (age 15 and over can read and write) |
Religions |
Muslim 56.7%, Roman Catholic 10%, Orthodox 6.8%, atheist 2.5%, Bektashi (a Sufi order) 2.1%, other 5.7%, unspecified 16.2% (2011 est.) CIA World Factbook / Religions |
World Rankings
Population | 2.4 M |
---|---|
Mercer Cost of living index |
Banjul: 204th (2019) |
C02 Emissions per capita |
0.25 metric tons per capita (2014) |
Global Finance Rankings & Awards: The Gambia
Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.
Data Sources:
IMF World Economic Outlook
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000