The World Bank has revealed that the Gambian economy is doing well despite the economic challenges facing the country.

“The Gambia’s economic activity increased in 2023 amid continued global challenges. Real GDP increased by 5.3% in 2023 (2.7% in per capita terms), from 4.9% (2.4% in per capita terms) in 2022. On the supply side, growth was mainly supported by improved agricultural and industrial production. 

“The increase in agricultural growth was primarily attributed to a good rainy season and improved agricultural practices with the use of improved seeds and increased fertiliser subsidies, alongside an increase in investment in projects by international partners,” the bank said in its report.

The Bank added that the fiscal deficit decreased while remaining high in 2023 as increased tax collection and higher levels of grants failed to fully offset the rising expenditure.

“Supported by continued economic recovery and the implementation of revenue boosting measures, total revenue increased from 17.7% of GDP in 2022 to 20.6% of GDP in 2023. Tax revenue rose by 0.5 ppts of GDP in 2023 thanks to new administrative measures and strengthened collection efforts.”

Reporting by Adama Makasuba