Economy

The Gambia has a small economy that relies primarily on agriculture, tourism, and remittances for support. Gradual reforms in fiscal policies have helped to improve stability and growth in the economy.

However, despite the global economic challenges, the Gambia Government remains cautiously optimistic that growth will be maintained and the current macroeconomic stability will be sustained in the medium to long term.

Real Gross Domestic Product (GDP) was at 0.5% in 2016 compared to 4.7% in 2015. The annual GDP at constant prices in 2016 by sector was Agriculture 0.5%, Industry 3.1% and Services 5.1% (source: Gambia Bureau of Statistics).

FDI Stock and Inflows (2016): US$317.8mn stock / US$1.8mn inflows (source: UNCTAD)

Trade is important to The Gambia’s economy; the value of exports and imports taken together equals 58% of GDP. Foreign and domestic investors are generally treated equally under the law. Credit to the private sector has gradually increased. Economic activity is expected to pick up slightly in the coming years premised on normal cropping season, recovery in trade and tourism, improved macroeconomic policies and restoration of confidence in the economy.