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Economy of Bolivia vs Gambia compared: GDP & Debt

Updated on by Georank team

Bolivia has a GDP of $49.7B compared to $2.51B for the Gambia, ranking 94/197 and 173/197 by economy size, respectively.

Bolivia has $47.2B in government debt (92.4% of GDP), compared to $1.83B (67.5% of GDP) in the Gambia.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Bolivia
GDP, current $

GDP, constant 2015 $
Gambia
GDP, current $

GDP, constant 2015 $
Year GDP
Bolivia Gambia
Current $ Constant $ Current $ Constant $
1960 $373,250,000 $4,727,739,746 - -
1961 $406,000,000 $4,826,516,221 - -
1962 $443,916,667 $5,095,783,597 - -
1963 $478,000,000 $5,442,175,895 - -
1964 $538,583,333 $5,657,500,838 - -
1965 $598,333,333 $5,935,478,858 - -
1966 $662,500,000 $6,361,087,691 $44,212,081 $253,504,726
1967 $748,250,000 $6,762,931,565 $46,695,007 $253,504,726
1968 $849,333,333 $7,339,771,963 $41,160,066 $277,780,702
1969 $920,333,333 $7,668,160,505 $45,168,072 $284,546,115
1970 $1,006,833,333 $8,069,284,228 $52,296,084 $302,056,646
1971 $1,084,666,667 $8,477,859,237 $55,728,663 $301,857,660
1972 $1,286,153,846 $9,153,331,417 $59,160,569 $302,587,264
1973 $1,263,600,000 $9,678,655,892 $75,187,749 $330,577,582
1974 $2,101,300,000 $9,963,166,545 $95,796,022 $350,011,556
1975 $2,405,900,000 $10,691,575,418 $115,179,719 $393,389,990
1976 $2,733,350,000 $11,184,945,381 $112,190,829 $422,308,977
1977 $3,229,050,000 $11,740,973,137 $138,093,099 $436,834,615
1978 $3,760,100,000 $11,981,979,455 $171,833,086 $464,427,039
1979 $4,510,500,000 $11,997,956,711 $207,112,628 $458,258,597
1980 $4,450,360,000 $11,833,371,991 $241,083,090 $486,991,776
1981 $5,778,480,000 $11,865,986,702 $218,767,743 $503,169,127
1982 $5,600,390,625 $11,398,616,583 $216,050,552 $499,321,983
1983 $5,414,008,621 $10,937,870,663 $213,448,585 $553,664,332
1984 $6,169,304,528 $10,915,922,108 $177,340,880 $573,237,790
1985 $5,377,276,657 $10,732,928,705 $225,726,359 $568,581,582
1986 $3,959,383,520 $10,456,675,549 $185,646,987 $591,842,657
1987 $4,347,956,338 $10,714,274,143 $220,626,484 $606,368,444
1988 $4,597,611,710 $11,026,005,731 $266,672,212 $633,514,510
1989 $4,715,973,437 $11,443,905,788 $284,120,329 $670,864,764
1990 $4,867,582,598 $11,974,420,934 $317,083,695 $694,740,031
1991 $5,343,262,457 $12,605,057,006 $690,311,081 $716,325,877
1992 $5,643,868,749 $12,812,599,040 $714,254,256 $740,528,299
1993 $5,734,699,489 $13,359,606,833 $755,040,974 $762,833,762
1994 $5,981,222,859 $13,983,135,101 $746,493,952 $764,011,165
1995 $6,715,161,732 $14,637,304,838 $785,999,865 $770,748,584
1996 $7,396,949,126 $15,275,687,755 $848,239,446 $787,886,530
1997 $7,925,736,821 $16,032,477,213 $803,633,342 $826,492,963
1998 $8,497,494,652 $16,838,807,368 $840,285,265 $855,420,206
1999 $8,285,064,435 $16,910,689,782 $814,724,032 $910,167,091
2000 $8,397,855,485 $17,334,777,888 $782,913,872 $960,226,283
2001 $8,141,516,928 $17,626,660,727 $687,410,645 $1,015,919,410
2002 $7,905,485,146 $18,064,782,967 $578,235,309 $982,902,028
2003 $8,082,399,640 $18,554,580,624 $487,038,685 $1,050,427,393
2004 $8,773,451,752 $19,328,918,118 $961,900,651 $1,124,482,525
2005 $9,549,122,905 $20,183,533,307 $1,027,701,068 $1,098,037,739
2006 $11,451,844,902 $21,151,739,181 $1,054,112,488 $1,091,937,250
2007 $13,120,108,008 $22,117,185,837 $1,279,703,047 $1,125,167,625
2008 $16,674,276,286 $23,477,060,538 $1,561,766,956 $1,195,557,049
2009 $17,339,992,194 $24,265,185,360 $1,450,142,509 $1,275,249,586
2010 $19,649,723,722 $25,266,542,246 $1,543,294,927 $1,350,595,614
2011 $23,963,164,697 $26,581,436,462 $1,409,693,597 $1,240,786,190
2012 $27,084,497,482 $27,943,010,891 $1,415,004,738 $1,305,822,858
2013 $30,659,338,886 $29,842,021,104 $1,375,609,453 $1,343,336,129
2014 $32,996,188,017 $31,471,565,409 $1,229,461,721 $1,324,430,252
2015 $33,000,198,249 $33,000,198,249 $1,378,176,609 $1,378,176,609
2016 $33,941,126,194 $34,407,300,587 $1,484,578,886 $1,404,959,537
2017 $37,508,642,171 $35,850,757,841 $1,504,909,463 $1,472,715,274
2018 $40,287,647,931 $37,364,958,928 $1,670,671,328 $1,579,264,609
2019 $40,895,322,851 $38,193,230,080 $1,813,609,692 $1,677,527,292
2020 $36,629,843,806 $34,855,949,803 $1,812,170,891 $1,687,449,653
2021 $40,406,111,693 $36,986,126,803 $2,014,158,842 $1,776,141,480
2022 $44,008,282,880 $38,319,728,338 $2,204,734,527 $1,873,704,901
2023 $45,135,398,003 $39,500,729,034 $2,396,111,021 $1,963,596,061
2024 $49,668,296,744 $40,047,688,830 $2,507,519,958 $2,076,438,382

Economic indicators

Bolivia Gambia
Gross domestic product
$49.7B
2024
$2.51B
2024
GDP rank
94/197
2024
173/197
2024
GDP growth
10%
2023-2024
4.65%
2023-2024
GDP per capita
$4,001
2024
$909
2024
GDP per capita rank
129/197
2024
182/197
2024
GDP per capita, PPP
$11,190
2024
$3,445
2024
Government debt
$47.2B
2024
$1.83B
2024
Debt-to-GDP ratio
92.4%
2025
67.5%
2025
Government debt per person
$3,803
2024
$663
2024
Government debt per person rank
92/185
2024
157/185
2024
Average annual personal income after taxes
$4,374
2025
$753
2025
Income share by richest 10%
31.3%
2023
30.5%
2020
Income share by poorest 10%
1.8%
2023
2.6%
2020
Government expenditure, % of GDP
35.6%
2025
24%
2025
Consumer prices inflation
5.1%
2023-2024
11.6%
2023-2024
Central bank interest rate
3.15%
2025
17%
2023
Unemployment rate
2.73%
2024
6.48%
2023
Population
12716350
2871879

GDP per capita in Bolivia vs Gambia

Bolivia's GDP per capita is $4,001, ranking 129/197, compared to $909 in the Gambia, ranking 182/197. Adjusted for purchasing power (GDP per capita PPP), Bolivia ranks 129th at $11,190, while the Gambia ranks 172nd at $3,445.

Bolivia
GDP per capita

GDP per capita, PPP
Gambia
GDP per capita

GDP per capita, PPP
Year Current $
Bolivia Gambia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 $100.8 - - -
1961 $107.4 - - -
1962 $115.1 - - -
1963 $121.4 - - -
1964 $133.9 - - -
1965 $145.6 - - -
1966 $157.8 - $94.4 -
1967 $174.3 - $97 -
1968 $193.5 - $83.1 -
1969 $205.1 - $88.7 -
1970 $219.4 - $99.8 -
1971 $231.1 - $103.3 -
1972 $267.9 - $106.5 -
1973 $257.3 - $131.4 -
1974 $418 - $162.6 -
1975 $468 - $189.8 -
1976 $520 - $179.3 -
1977 $600 - $213.8 -
1978 $683 - $257.6 -
1979 $801 - $300 -
1980 $773 - $338 -
1981 $981 - $296 -
1982 $931 - $282.1 -
1983 $880 - $268.6 -
1984 $982 - $214.8 -
1985 $838 - $262.8 -
1986 $604 - $207.7 -
1987 $650 - $237 -
1988 $673 - $274.9 -
1989 $675 - $280.9 -
1990 $683 $2,284 $301 $1,409
1991 $734 $2,434 $628 $1,440
1992 $760 $2,480 $623 $1,462
1993 $757 $2,595 $635 $1,487
1994 $774 $2,721 $608 $1,473
1995 $853 $2,853 $622 $1,472
1996 $922 $2,977 $652 $1,489
1997 $970 $3,121 $600 $1,544
1998 $1,022 $3,257 $610 $1,572
1999 $979 $3,260 $575 $1,649
2000 $976 $3,359 $538 $1,731
2001 $930 $3,434 $460 $1,823
2002 $888 $3,515 $377 $1,744
2003 $893 $3,620 $309 $1,850
2004 $953 $3,808 $593 $1,979
2005 $1,020 $4,033 $616 $1,938
2006 $1,203 $4,283 $615 $1,931
2007 $1,355 $4,522 $725 $1,985
2008 $1,693 $4,810 $859 $2,088
2009 $1,731 $4,920 $775 $2,177
2010 $1,930 $5,101 $801 $2,267
2011 $2,316 $5,389 $711 $2,064
2012 $2,576 $5,867 $693 $2,065
2013 $2,870 $6,590 $654 $2,007
2014 $3,041 $7,047 $568 $1,934
2015 $2,996 $7,152 $620 $1,990
2016 $3,036 $7,548 $650 $2,013
2017 $3,306 $8,510 $643 $2,039
2018 $3,501 $8,953 $696 $2,277
2019 $3,504 $9,174 $738 $2,422
2020 $3,100 $8,294 $720 $2,531
2021 $3,385 $9,454 $782 $2,778
2022 $3,644 $10,372 $836 $3,067
2023 $3,686 $10,925 $888 $3,254
2024 $4,001 $11,190 $909 $3,445

Spending and national debt comparison

In 2024, Bolivia's government spending was $19.2B, accounting for 35.6% of its GDP, while the Gambia's spent $612M, or 24% of GDP.

Debt-to-GDP ratio is 92.4% in Bolivia and 67.5% in the Gambia, ranking 30/185 and 62/185, respectively.

Bolivia
Government spending

Government debt
Gambia
Government spending

Government debt
Year % of GDP
Bolivia Gambia
Government spending Government debt Government spending Government debt
1960 10.1% - - -
1961 10.7% - - -
1962 10.2% - - -
1963 10.8% - - -
1964 10.8% - - -
1965 12.9% - - -
1966 12.9% - - -
1967 13.1% - - -
1968 14.1% - - -
1969 12.3% - - -
1970 10% 63.9% - -
1971 11.3% 65.7% - -
1972 11.8% 77.7% - -
1973 14.1% 80.9% - -
1974 14.2% 52.7% - -
1975 14.4% 56.2% - -
1976 16.8% 68.9% - -
1977 18.6% 82.4% - -
1978 17.3% 82.5% - -
1979 18% 92% - -
1980 19.8% 100% - -
1981 16.6% 121.7% - -
1982 25% 155.4% - -
1983 32.1% 157.3% - -
1984 29% 166.5% - -
1985 21.8% 205.2% - -
1986 22.2% 149% - -
1987 24.4% 145.3% - -
1988 24% 115.9% - -
1989 24.4% 98% - -
1990 22.8% 102.9% - -
1991 24.2% 92.8% - -
1992 25.3% 92.4% - -
1993 27.2% 83.8% - -
1994 26.8% 87.6% - -
1995 25.8% 81.7% - -
1996 26% 72.4% - -
1997 28.3% 64.6% - -
1998 30% 61.2% - -
1999 29.4% 61.7% - -
2000 29.3% 74.3% 9.54% 73.3%
2001 32% 83% 9.68% 75.2%
2002 33.3% 86.7% 8.59% 93.9%
2003 32% 95.6% 9.3% 91.7%
2004 32.3% 89.8% 12.4% 81.3%
2005 33.2% 82.2% 12.9% 82.6%
2006 29.8% 54.4% 14% 87.3%
2007 32.7% 40% 11.2% 38%
2008 35.3% 36.8% 11.6% 39.5%
2009 33.2% 39.2% 14.4% 38.9%
2010 31.5% 37.6% 14.6% 42.9%
2011 35.4% 35.3% 16.5% 49.2%
2012 36% 35.4% 19.1% 49.5%
2013 35.4% 36.1% 17.2% 58.2%
2014 41.2% 37.6% 19% 71.1%
2015 44.5% 40.9% 19.6% 69.4%
2016 40% 46.5% 19.4% 79.3%
2017 38.6% 51.3% 23.6% 87%
2018 37.7% 53.1% 19% 83.6%
2019 36.1% 58.6% 23.9% 83%
2020 36.8% 78% 25.3% 85.9%
2021 34.8% 81.4% 21.5% 83.1%
2022 36% 80.1% 22.6% 83.9%
2023 38.7% 90.8% 23.8% 75.7%
2024 38.7% 95% 24.4% 72.9%
2025 35.6% 92.4% 24% 67.5%

Government deficit by year

In 2024, Bolivia's government deficit, the difference between spending and revenue, was -$5.12B, equivalent to -10.3% of GDP. This compares to the Gambia's deficit of -$97.6M, or -3.89% of GDP.

Over the past 25 years, Bolivia recorded a fiscal deficit in 18 of those years, while the Gambia ran a deficit in 23 years. On average, Bolivia posted an annual deficit equal to -4.5% of GDP, compared to deficit of -2.98% of GDP for the Gambia.

Deficit/surplus
Bolivia

Gambia
Year Deficit/surplus, % of GDP
Bolivia Gambia
1950 -1.17% -
1951 -0.42% -
1952 -0.94% -
1953 -0.48% -
1954 0.006% -
1955 0.33% -
1956 -0.11% -
1957 -1.11% -
1958 -2.95% -
1959 -4.32% -
1960 -3.35% -
1961 -2.81% -
1962 -2.8% -
1963 -3.02% -
1964 -2.68% -
1965 -4.12% -
1966 -3.55% -
1967 -4.29% -
1968 -5.67% -
1969 -4.16% -
1970 -1.92% -
1971 -3.67% -
1972 -3.69% -
1973 -3.72% -
1974 -1.87% -
1975 -2.33% -
1976 -1.15% -
1977 -11.2% -
1978 -9.97% -
1979 -11.2% -
1980 -15.3% -
1981 -12.3% -
1982 -15.9% -
1983 -19.8% -
1984 -25.4% -
1985 -9.8% -
1986 -2.7% -
1987 -7.7% -
1988 -6.5% -
1989 -5.5% -
1990 -4.4% -
1991 -4.2% -
1992 -4.4% -
1993 -6.1% -
1994 -3% -
1995 -1.82% -
1996 -1.9% -
1997 -3.28% -
1998 -5.1% -
1999 -3.84% -
2000 -3.73% -0.09%
2001 -6.82% -2.52%
2002 -8.79% 0.06%
2003 -7.88% -1.73%
2004 -5.54% -1.77%
2005 -2.24% -3.33%
2006 4.47% -3.19%
2007 -1.54% 0.27%
2008 3.53% -0.45%
2009 2.63% -1.65%
2010 1.62% -2.93%
2011 0.83% -3.03%
2012 1.72% -2.85%
2013 0.6% -5.11%
2014 -3.41% -3.94%
2015 -6.93% -5.38%
2016 -7.24% -6.22%
2017 -7.86% -4.35%
2018 -8.17% -3.92%
2019 -7.25% -2.75%
2020 -12.7% -2.37%
2021 -9.33% -4.77%
2022 -7.12% -5.01%
2023 -10.9% -3.52%
2024 -10.3% -3.89%
2025 -10.7% -1.35%

Inflation comparison by year

Over the past 29 years, Bolivia has recorded an average annual inflation rate of 4.54%, compared with 6.55% in the Gambia. In 2024, inflation was 5.1% in Bolivia and 11.6% in the Gambia.

Inflation
Bolivia

Gambia
Year Inflation
Bolivia Gambia Bolivia Gambia
1996 12.4% 1.1%
1997 4.71% 2.78%
1998 7.67% 1.11%
1999 2.16% 3.81%
2000 4.61% 0.84%
2001 1.59% 4.49%
2002 0.93% 8.61%
2003 3.34% 17%
2004 4.44% 14.2%
2005 5.39% 4.84%
2006 4.28% 2.06%
2007 8.71% 5.37%
2008 14% 4.44%
2009 3.35% 4.56%
2010 2.5% 5.05%
2011 9.88% 4.8%
2012 4.52% 4.25%
2013 5.74% 5.7%
2014 5.77% 5.95%
2015 4.06% 6.81%
2016 3.62% 7.23%
2017 2.82% 8.03%
2018 2.27% 6.52%
2019 1.84% 7.12%
2020 0.94% 5.93%
2021 0.74% 7.37%
2022 1.75% 11.5%
2023 2.58% 17%
2024 5.1% 11.6%

Top exports between countries

Bolivia
Export category Export value
Raw agricultural goods $70K
Gambia
Export category Export value

Balance of trade

Bolivia Gambia
Current account balance
-$1.44B
2024
-$74.4M
2024
Current account balance ranking
131/189
2024
84/189
2024
Current account balance, % of GDP
-2.89%
2024
-2.97%
2024
Goods imports
$9.15B
2024
$1.39B
2024
Goods exports
$8.93B
2024
$363M
2024
Service imports
$2.35B
2024
$161M
2024
Service exports
$1.14B
2024
$475M
2024
Imports of goods and services, % of GDP
30.9%
2023
37.2%
2024
Exports of goods and services, % of GDP
25.5%
2023
6.55%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Bolivia Gambia
Economic freedom 44.1 56.8
Economic freedom ranking 180/197 116/197
Property rights 19.9 55
Government integrity 27.3 39.5
Judicial effectiveness 29.4 45.2
Tax burden 88.8 79.3
Government spending 61.8 84.8
Fiscal health 4.4 56.9
Business freedom 54.8 50.6
Labor freedom 56.5 48
Monetary freedom 70.6 55.7
Trade freedom 60.6 66.8
Investment freedom 15 50
Financial freedom 40 50

Economic freedom by year comparison

The Economic Freedom Index for Bolivia is 44.1, ranking 180/197, compared to 56.8 for the Gambia, ranking 116/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Bolivia
Gambia
Year Economic freedom index
Bolivia Gambia
1995 56.8 -
1996 65.2 -
1997 65.1 52.9
1998 68.8 53.4
1999 65.6 52.1
2000 65 52.7
2001 68 56.6
2002 65.1 57.7
2003 64.3 56.3
2004 64.5 55.3
2005 58.4 56.5
2006 57.8 57.3
2007 54.2 57.7
2008 53.1 56.9
2009 53.6 55.8
2010 49.4 55.1
2011 50 57.4
2012 50.2 58.8
2013 47.9 58.8
2014 48.4 59.5
2015 46.8 57.5
2016 47.4 57.1
2017 47.7 53.4
2018 44.1 52.3
2019 42.3 52.4
2020 42.8 56.3
2021 42.7 58.8
2022 43 58
2023 43.4 57.9
2024 43.5 58.2
2025 44.1 56.8

More economic indicators

Bolivia Gambia
Services, % of GDP
51.1%
2023
53.9%
2024
Industry, % of GDP
24.2%
2023
14.7%
2024
Agriculture, forestry, and fishing, % of GDP
13.5%
2023
24.1%
2024
GNI, Atlas method
$45.8B
2024
$2.46B
2024
GNI per capita, PPP
$10,880
2024
$3,400
2024
Total reserves including gold
$1.98B
2024
$629M
2024
Total reserves ranking
127/177
2024
151/177
2024
Net foreign direct investment
-$152M
2024
-$232M
2024
Net inflows of foreign direct investment
$385M
2024
$232M
2024
Net outflows of foreign direct investment
$233M
2024
-$665K
2024
Servicing debt to the IMF, % of GNI
3.9%
2023
2.33%
2023
Poverty at national poverty lines
36.5%
2023
53.4%
2020
Gross capital formation, % of GDP
17.6%
2023
39%
2024

GDP per capita map

GDP per capita

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The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.