Gambia Facts and Figures

The Gambia, located in West Africa, is the smallest country on mainland Africa. It is surrounded by Senegal, except for its western coastline along the Atlantic Ocean. The country stretches along the Gambia River, which is its namesake. The capital city, Banjul, is a port city known for its significant role in the nation's economy. Other major cities include Serekunda and Brikama. The Gambia joined the United Nations in 1965 and became a member of the African Union in 1965, reflecting its commitment to global and regional cooperation. It became a republic in 1970 and joined the Economic Community of West African States (ECOWAS) in 1975, emphasizing its role in regional economic integration.

Historical Transformations
One of the most transformative events was the 1994 military coup led by Yahya Jammeh, which resulted in a 22-year authoritarian regime. The 2016 presidential election marked a significant political shift when Adama Barrow won, leading to Jammeh's departure and the restoration of democracy. This event had a profound impact, leading to political reforms, increased international support, and a renewed focus on human rights and economic development. Today, Gambia continues to build on these changes, working towards a more stable and prosperous future.

Demographic Snapshot
Gambia's population in 2023 stands at 2,773,168, with a high population density of 261 people per square kilometer (2021). The working-age population is 54.5%, emphasizing the need for employment opportunities. Gambia's median age is notably young at 17 years (2024), indicating a youthful demographic. Life expectancy at birth is 63 years (2022), reflecting healthcare challenges. The population growth rate is 2.5% annually (2023), driven by a high fertility rate of 4.6 (2022). The death rate is 7.1 per 1,000 persons, with an infant mortality rate of 32.8 per 1,000 live births (2022), highlighting the need for improved maternal and child health services. The urbanization rate of 64.5% (2023) shows significant urban migration trends in Gambia.

Economic Overview
Gambia's economy, with a GDP of $2.34 billion in 2023 and a GDP rank of 182nd globally, grew 5.3% in 2023. Inflation remains a concern, rising from 17% in 2023 to 15.1% in 2024. The country's exports totaled $40 million in 2023, while imports were significantly higher at $784 million, leading to a substantial trade balance deficit of $744 million. The unemployment rate increased from 4.1% in 2018 to 6.5% in 2023, highlighting labor market challenges. Agriculture contributes 22.6% to GDP, industry 17.3%, and manufacturing only 1.7%, with the services sector dominating at 52.3%. For businesses, conducting market research in Gambia can uncover opportunities within these sectors and navigate the economic landscape.

Public Finance Overview
Gambia's Net ODA received accounted for 12.6% of GNI in 2022, underscoring its reliance on external aid for developmental initiatives. The country's net lending/borrowing, reflecting the overall balance as a percentage of GDP, improved to -2.99% in 2023 from -4.95% in 2022, indicating efforts to stabilize fiscal deficits. Meanwhile, central government debt has increased to 83.90% of GDP in 2022, up from 49.49% in 2012, highlighting a substantial rise in indebtedness over the past decade.

Military Readiness
Gambia's military strength is illustrated by its 1,000 personnel as of 2016, constituting 0.049% of the total population, indicative of a modest armed forces presence. The country allocated 0.7% of GDP towards military spending in 2022, down from 0.8% in 2021, reflecting efforts to streamline defense expenses amidst economic considerations.

Conclusion
Given Gambia's evolving landscape, businesses should collaborate with a market research agency in Gambia to gain reputable market insights and empower their strategy. Understanding the intricacies of the economy, demographics, digital usage, military, and politics through rigorous analysis is essential for making informed decisions.