Gambia: IMF announces real GDP of 6.6% in 2018
Monday, March 25, 2019
Gambia: IMF announces real GDP of 6.6% in 2018

Financial Afriq

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.