Economy
The Gambia
Budget
revenues
$308.887 million (2018 est.)
expenditures
$221.137 million (2018 est.)
Exports
Exports 2022
$267.377 million (2022 est.)
Exports 2023
$717.774 million (2023 est.)
Exports 2024
$838.409 million (2024 est.)
Imports
Imports 2022
$829.516 million (2022 est.)
Imports 2023
$1.353 billion (2023 est.)
Imports 2024
$1.549 billion (2024 est.)
Industries
peanuts, fish, hides, tourism, beverages, assembly of agricultural machinery, woodworking, metalworking, clothing
Labor force
783,100 (2024 est.)
Public debt
Public debt 2016
82.3% of GDP (2016 est.)
Remittances
Remittances 2022
22.8% of GDP (2022 est.)
Remittances 2023
21.5% of GDP (2023 est.)
Remittances 2024
21.1% of GDP (2024 est.)
Exchange rates
Currency
dalasis (GMD) per US dollar -
Exchange rates 2019
50.062 (2019 est.)
Exchange rates 2020
51.502 (2020 est.)
Exchange rates 2021
51.484 (2021 est.)
Exchange rates 2022
54.923 (2022 est.)
Exchange rates 2023
61.096 (2023 est.)
Debt - external
Debt - external 2023
$902.421 million (2023 est.)
Economic overview
economy in West Africa characterized by low income; agriculture-based; high levels of poverty; rising inflation; reliance on foreign aid and remittances; structural reforms linked to the IMF Extended Credit Facility program
Unemployment rate
Unemployment rate 2022
6.1% (2022 est.)
Unemployment rate 2023
6.5% (2023 est.)
Unemployment rate 2024
6.5% (2024 est.)
Exports - partners
Kazakhstan 92%, Guinea-Bissau 2%, China 1%, India 1%, Greece 1% (2023)
Imports - partners
Kazakhstan 26%, China 18%, Senegal 8%, India 7%, Brazil 4% (2023)
Real GDP per capita
Real GDP per capita 2022
$2,900 (2022 est.)
Real GDP per capita 2023
$2,900 (2023 est.)
Real GDP per capita 2024
$3,000 (2024 est.)
Real GDP growth rate
Real GDP growth rate 2022
5.5% (2022 est.)
Real GDP growth rate 2023
4.8% (2023 est.)
Real GDP growth rate 2024
5.7% (2024 est.)
Agricultural products
rice, groundnuts, milk, millet, oil palm fruit, maize, vegetables, cassava, fruits, sorghum (2023)
Exports - commodities
packaged medicine, cars, harvesting machinery, refined petroleum, trailers (2023)
Imports - commodities
crude petroleum, refined petroleum, cotton fabric, iron alloys, rice (2023)
Current account balance
Current account balance 2022
-$90.251 million (2022 est.)
Current account balance 2023
-$120.064 million (2023 est.)
Current account balance 2024
-$74.374 million (2024 est.)
GDP (official exchange rate)
$2.508 billion (2024 est.)
GDP - composition, by end use
household consumption
83.2% (2024 est.)
government consumption
8.5% (2024 est.)
investment in inventories
0% (2024 est.)
investment in fixed capital
39% (2024 est.)
exports of goods and services
6.6% (2024 est.)
imports of goods and services
-37.2% (2024 est.)
Population below poverty line
53.4% (2020 est.)
Inflation rate (consumer prices)
Inflation rate (consumer prices) 2022
11.5% (2022 est.)
Inflation rate (consumer prices) 2023
17% (2023 est.)
Inflation rate (consumer prices) 2024
11.6% (2024 est.)
Industrial production growth rate
2.4% (2024 est.)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2022
$7.549 billion (2022 est.)
Real GDP (purchasing power parity) 2023
$7.911 billion (2023 est.)
Real GDP (purchasing power parity) 2024
$8.365 billion (2024 est.)
Youth unemployment rate (ages 15-24)
male
10.9% (2024 est.)
total
10.9% (2024 est.)
female
10.9% (2024 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2021
$652.671 million (2021 est.)
Reserves of foreign exchange and gold 2022
$568.244 million (2022 est.)
Reserves of foreign exchange and gold 2023
$577.028 million (2023 est.)
GDP - composition, by sector of origin
industry
14.7% (2024 est.)
services
53.9% (2024 est.)
agriculture
24.1% (2024 est.)
Household income or consumption by percentage share
lowest 10%
2.6% (2020 est.)
highest 10%
30.5% (2020 est.)
Gini Index coefficient - distribution of family income
Gini Index coefficient - distribution of family income 2020
38.8 (2020 est.)