The Gambia’s real GDP grew by around 6.6 percent in 2018 compared to 4.6 percent the previous year, according to a team of the International Monetary Fund (IMF) at the end of the mission in the country.
« The economic recovery in The Gambia has continued to gain momentum, supported by renewed business confidence, » said Jaroslaw Wieczorek, the head of the IMF team quoted in a statement released on March 8, 2019.
« The improved inflation outlook paved the way for easing monetary conditions and a strong recovery of credit to the private sector. The strong growth of tourism and remittances has stabilized the Dalasi and facilitated the creation of gross official reserves, which reached US $ 195 million at the end of January 2019 (about three months of potential imports) « , he added.
In addition, the institution announces that headline inflation has risen from 6.9% at the end of 2017 to 6.1% in January 2019.
Small country in West Africa bordered by Senegal and with a narrow coastline on the Atlantic Ocean, Gambia has a dominated by tourism, construction, agriculture and telecoms.