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Economy of Costa Rica vs Gambia compared: GDP & Debt

Updated on by Georank team

Costa Rica has a GDP of $95.4B compared to $2.51B for the Gambia, ranking 72/197 and 173/197 by economy size, respectively.

Costa Rica has $57B in government debt (59.7% 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.

Costa Rica
GDP, current $

GDP, constant 2015 $
Gambia
GDP, current $

GDP, constant 2015 $
Year GDP
Costa Rica Gambia
Current $ Constant $ Current $ Constant $
1960 $507,513,830 $4,791,476,273 - -
1961 $490,325,182 $4,881,521,363 - -
1962 $479,180,824 $5,147,192,861 - -
1963 $511,902,137 $5,502,293,756 - -
1964 $542,578,367 $5,703,625,343 - -
1965 $592,981,162 $6,170,782,350 - -
1966 $647,305,630 $6,600,843,859 $44,212,081 $253,504,726
1967 $699,456,619 $6,973,799,849 $46,695,007 $253,504,726
1968 $773,841,494 $7,564,711,134 $41,160,066 $277,780,702
1969 $853,630,204 $7,980,149,936 $45,168,072 $284,546,115
1970 $984,830,158 $8,578,911,307 $52,296,084 $302,056,646
1971 $1,077,147,538 $9,160,433,275 $55,728,663 $301,857,660
1972 $1,238,251,696 $9,909,577,643 $59,160,569 $302,587,264
1973 $1,528,925,846 $10,673,498,641 $75,187,749 $330,577,582
1974 $1,666,544,754 $11,265,333,466 $95,796,022 $350,011,556
1975 $1,960,863,466 $11,501,913,473 $115,179,719 $393,389,990
1976 $2,412,555,426 $12,136,538,956 $112,190,829 $422,308,977
1977 $3,072,427,013 $13,217,233,964 $138,093,099 $436,834,615
1978 $3,523,208,810 $14,045,648,796 $171,833,086 $464,427,039
1979 $4,035,519,323 $14,739,380,800 $207,112,628 $458,258,597
1980 $4,831,447,001 $14,850,205,527 $241,083,090 $486,991,776
1981 $2,623,803,096 $14,514,345,036 $218,767,743 $503,169,127
1982 $2,606,623,555 $13,456,892,436 $216,050,552 $499,321,983
1983 $3,146,772,631 $13,842,162,284 $213,448,585 $553,664,332
1984 $3,660,477,856 $14,952,872,322 $177,340,880 $573,237,790
1985 $3,919,203,960 $15,060,772,508 $225,726,359 $568,581,582
1986 $4,418,983,871 $15,894,574,653 $185,646,987 $591,842,657
1987 $4,532,952,047 $16,651,876,952 $220,626,484 $606,368,444
1988 $4,614,629,898 $17,223,393,910 $266,672,212 $633,514,510
1989 $5,251,025,767 $18,199,267,198 $284,120,329 $670,864,764
1990 $5,711,687,787 $18,845,898,693 $317,083,695 $694,740,031
1991 $7,215,725,487 $19,272,881,732 $690,311,081 $716,325,877
1992 $8,579,754,758 $21,046,199,573 $714,254,256 $740,528,299
1993 $9,564,815,975 $22,539,888,605 $755,040,974 $762,833,762
1994 $10,489,903,725 $23,558,472,567 $746,493,952 $764,011,165
1995 $11,578,594,260 $24,537,080,455 $785,999,865 $770,748,584
1996 $11,678,424,507 $24,868,443,787 $848,239,446 $787,886,530
1997 $12,614,602,382 $26,230,280,995 $803,633,342 $826,492,963
1998 $13,684,255,947 $28,107,138,541 $840,285,265 $855,420,206
1999 $14,254,866,285 $29,291,801,357 $814,724,032 $910,167,091
2000 $15,013,629,662 $30,425,018,574 $782,913,872 $960,226,283
2001 $15,976,174,337 $31,487,207,663 $687,410,645 $1,015,919,410
2002 $16,578,820,687 $32,563,086,628 $578,235,309 $982,902,028
2003 $17,271,760,507 $33,968,893,648 $487,038,685 $1,050,427,393
2004 $18,610,594,846 $35,471,881,179 $961,900,651 $1,124,482,525
2005 $20,040,642,477 $36,882,479,548 $1,027,701,068 $1,098,037,739
2006 $22,715,540,324 $39,584,746,492 $1,054,112,488 $1,091,937,250
2007 $26,884,700,709 $42,836,685,662 $1,279,703,047 $1,125,167,625
2008 $30,801,745,700 $44,866,362,741 $1,561,766,956 $1,195,557,049
2009 $30,745,714,313 $44,474,474,829 $1,450,142,509 $1,275,249,586
2010 $37,658,616,952 $46,858,459,461 $1,543,294,927 $1,350,595,614
2011 $42,762,613,699 $48,921,712,049 $1,409,693,597 $1,240,786,190
2012 $47,231,655,432 $51,310,359,848 $1,415,004,738 $1,305,822,858
2013 $50,949,668,842 $52,590,433,318 $1,375,609,453 $1,343,336,129
2014 $52,016,408,854 $54,453,244,251 $1,229,461,721 $1,324,430,252
2015 $56,441,920,821 $56,441,920,821 $1,378,176,609 $1,378,176,609
2016 $58,847,019,610 $58,814,921,621 $1,484,578,886 $1,404,959,537
2017 $60,516,044,657 $61,260,269,008 $1,504,909,463 $1,472,715,274
2018 $62,420,164,992 $62,862,779,083 $1,670,671,328 $1,579,264,609
2019 $64,417,670,521 $64,382,494,196 $1,813,609,692 $1,677,527,292
2020 $62,395,610,760 $61,631,202,098 $1,812,170,891 $1,687,449,653
2021 $64,960,725,734 $66,522,107,766 $2,014,158,842 $1,776,141,480
2022 $69,243,626,029 $69,549,856,033 $2,204,734,527 $1,873,704,901
2023 $86,497,941,439 $73,105,190,308 $2,396,111,021 $1,963,596,061
2024 $95,350,423,177 $76,264,229,554 $2,507,519,958 $2,076,438,382

Economic indicators

Costa Rica Gambia
Gross domestic product
$95.4B
2024
$2.51B
2024
GDP rank
72/197
2024
173/197
2024
GDP growth
10.2%
2023-2024
4.65%
2023-2024
GDP per capita
$18,587
2024
$909
2024
GDP per capita rank
62/197
2024
182/197
2024
GDP per capita, PPP
$30,063
2024
$3,445
2024
Government debt
$57B
2024
$1.83B
2024
Debt-to-GDP ratio
59.7%
2025
67.5%
2025
Government debt per person
$11,106
2024
$663
2024
Government debt per person rank
51/185
2024
157/185
2024
Average annual personal income after taxes
$12,322
2025
$753
2025
Market capitalization of domestic companies
$2.23B
2022
n/a
Income share by richest 10%
34.2%
2024
30.5%
2020
Income share by poorest 10%
1.7%
2024
2.6%
2020
Government expenditure, % of GDP
18.3%
2025
24%
2025
Consumer prices inflation
-0.41%
2023-2024
11.6%
2023-2024
Central bank interest rate
3.75%
2025
17%
2023
Unemployment rate
6.94%
2024
6.48%
2023
Population
5170484
2871879

GDP per capita in Costa Rica vs Gambia

Costa Rica's GDP per capita is $18,587, ranking 62/197, compared to $909 in the Gambia, ranking 182/197. Adjusted for purchasing power (GDP per capita PPP), Costa Rica ranks 73rd at $30,063, while the Gambia ranks 172nd at $3,445.

Costa Rica
GDP per capita

GDP per capita, PPP
Gambia
GDP per capita

GDP per capita, PPP
Year Current $
Costa Rica Gambia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 $382 - - -
1961 $356 - - -
1962 $335 - - -
1963 $346 - - -
1964 $354 - - -
1965 $374 - - -
1966 $395 - $94.4 -
1967 $414 - $97 -
1968 $445 - $83.1 -
1969 $477 - $88.7 -
1970 $536 - $99.8 -
1971 $570 - $103.3 -
1972 $639 - $106.5 -
1973 $769 - $131.4 -
1974 $817 - $162.6 -
1975 $937 - $189.8 -
1976 $1,123 - $179.3 -
1977 $1,393 - $213.8 -
1978 $1,556 - $257.6 -
1979 $1,735 - $300 -
1980 $2,021 - $338 -
1981 $1,068 - $296 -
1982 $1,032 - $282.1 -
1983 $1,213 - $268.6 -
1984 $1,372 - $214.8 -
1985 $1,429 - $262.8 -
1986 $1,569 - $207.7 -
1987 $1,567 - $237 -
1988 $1,555 - $274.9 -
1989 $1,725 - $280.9 -
1990 $1,830 $5,021 $301 $1,409
1991 $2,253 $5,175 $628 $1,440
1992 $2,612 $5,635 $623 $1,462
1993 $2,840 $6,025 $635 $1,487
1994 $3,040 $6,276 $608 $1,473
1995 $3,275 $6,515 $622 $1,472
1996 $3,227 $6,568 $652 $1,489
1997 $3,408 $6,890 $600 $1,544
1998 $3,617 $7,306 $610 $1,572
1999 $3,691 $7,563 $575 $1,649
2000 $3,813 $7,879 $538 $1,731
2001 $3,985 $8,190 $460 $1,823
2002 $4,068 $8,461 $377 $1,744
2003 $4,173 $8,863 $309 $1,850
2004 $4,431 $9,365 $593 $1,979
2005 $4,703 $9,899 $616 $1,938
2006 $5,257 $10,800 $615 $1,931
2007 $6,138 $11,842 $725 $1,985
2008 $6,937 $12,472 $859 $2,088
2009 $6,833 $12,274 $775 $2,177
2010 $8,266 $12,928 $801 $2,267
2011 $9,276 $13,614 $711 $2,064
2012 $10,127 $14,464 $693 $2,065
2013 $10,803 $15,232 $654 $2,007
2014 $10,911 $16,394 $568 $1,934
2015 $11,715 $17,525 $620 $1,990
2016 $12,091 $19,202 $650 $2,013
2017 $12,317 $20,499 $643 $2,039
2018 $12,590 $21,498 $696 $2,277
2019 $12,885 $23,340 $738 $2,422
2020 $12,394 $22,100 $720 $2,531
2021 $12,838 $23,853 $782 $2,778
2022 $13,626 $25,925 $836 $3,067
2023 $16,942 $28,075 $888 $3,254
2024 $18,587 $30,063 $909 $3,445

Spending and national debt comparison

In 2024, Costa Rica's government spending was $18B, accounting for 18.3% of its GDP, while the Gambia's spent $612M, or 24% of GDP.

Debt-to-GDP ratio is 59.7% in Costa Rica and 67.5% in the Gambia, ranking 83/185 and 62/185, respectively.

Costa Rica
Government spending

Government debt
Gambia
Government spending

Government debt
Year % of GDP
Costa Rica Gambia
Government spending Government debt Government spending Government debt
1960 12.5% 16.1% - -
1961 13.2% 20.3% - -
1962 14% 19.7% - -
1963 13.3% 21.8% - -
1964 13.5% 22.7% - -
1965 13.8% 24.1% - -
1966 14.3% 24.8% - -
1967 14.7% 26.7% - -
1968 13.8% 27.7% - -
1969 14.5% 26.1% - -
1970 14.9% 28.6% - -
1971 17.5% 30.4% - -
1972 17.2% 31.8% - -
1973 18.4% 32.8% - -
1974 18.3% 30.3% - -
1975 19.1% 26.1% - -
1976 20.1% 29.5% - -
1977 19.3% 27.8% - -
1978 23.2% 41.7% - -
1979 24.9% 39.5% - -
1980 25% 37.7% - -
1981 21% 32.3% - -
1982 18.4% 31.8% - -
1983 23.6% 29.8% - -
1984 22.8% 25.2% - -
1985 21.8% 22.8% - -
1986 26.4% 26.1% - -
1987 27.2% 21.2% - -
1988 24.5% 18.2% - -
1989 26.1% 19.3% - -
1990 18.9% 18.5% - -
1991 14% 28.4% - -
1992 13.7% 23.3% - -
1993 13.8% 24.4% - -
1994 17.4% 27% - -
1995 16.4% 29.1% - -
1996 17.3% 33.7% - -
1997 16.3% 30.6% - -
1998 16% 40.7% - -
1999 16.7% 39% - -
2000 16.9% 38.9% 9.54% 73.3%
2001 17.3% 39.6% 9.68% 75.2%
2002 18.6% 41.4% 8.59% 93.9%
2003 17.6% 40.6% 9.3% 91.7%
2004 17% 41% 12.4% 81.3%
2005 15.9% 37.3% 12.9% 82.6%
2006 15.2% 33% 14% 87.3%
2007 14.6% 27% 11.2% 38%
2008 15.2% 24% 11.6% 39.5%
2009 16.7% 26% 14.4% 38.9%
2010 18% 28.1% 14.6% 42.9%
2011 17.2% 29.5% 16.5% 49.2%
2012 17.3% 33.7% 19.1% 49.5%
2013 18.5% 35.1% 17.2% 58.2%
2014 18.4% 37.4% 19% 71.1%
2015 18.8% 39.8% 19.6% 69.4%
2016 18.8% 44.1% 19.4% 79.3%
2017 19.2% 47.1% 23.6% 87%
2018 18.9% 51.8% 19% 83.6%
2019 21.7% 56.4% 23.9% 83%
2020 22.3% 66.9% 25.3% 85.9%
2021 20.8% 67.6% 21.5% 83.1%
2022 19.2% 63% 22.6% 83.9%
2023 18.5% 61.1% 23.8% 75.7%
2024 18.9% 59.8% 24.4% 72.9%
2025 18.3% 59.7% 24% 67.5%

Government deficit by year

In 2024, Costa Rica's government deficit, the difference between spending and revenue, was -$3.61B, equivalent to -3.78% of GDP. This compares to the Gambia's deficit of -$97.6M, or -3.89% of GDP.

Over the past 25 years, Costa Rica recorded a fiscal deficit in 23 of those years, while the Gambia ran a deficit in 23 years. On average, Costa Rica posted an annual deficit equal to -4.02% of GDP, compared to deficit of -2.98% of GDP for the Gambia.

Deficit/surplus
Costa Rica

Gambia
Year Deficit/surplus, % of GDP
Costa Rica Gambia
1956 0.05% -
1957 0.3% -
1958 0% -
1959 0.49% -
1960 -0.19% -
1961 -0.71% -
1962 -1.99% -
1963 -2.01% -
1964 -1.51% -
1965 -1.71% -
1966 -2.12% -
1967 -3.03% -
1968 -1.72% -
1969 -1.61% -
1970 -1.41% -
1971 -4.72% -
1972 -4.54% -
1973 -2.41% -
1974 0.26% -
1975 -1.13% -
1976 -2.42% -
1977 -2.63% -
1978 -4.12% -
1979 -6.6% -
1980 -7.24% -
1981 -3.14% -
1982 -0.94% -
1983 -1.84% -
1984 -0.5% -
1985 -1.06% -
1986 -4.26% -
1987 -2.57% -
1988 0.57% -
1989 -1.55% -
1990 -4.4% -
1991 -2.41% -
1992 -1.51% -
1993 -1.52% -
1994 -5.46% -
1995 -3.68% -
1996 -4.32% -
1997 -3.39% -
1998 -2.96% -
1999 -2.88% -
2000 -3.68% -0.09%
2001 -3.47% -2.52%
2002 -4.99% 0.06%
2003 -3.43% -1.73%
2004 -3.42% -1.77%
2005 -2.09% -3.33%
2006 -1.04% -3.19%
2007 0.56% 0.27%
2008 0.18% -0.45%
2009 -3.25% -1.65%
2010 -4.96% -2.93%
2011 -3.91% -3.03%
2012 -4.22% -2.85%
2013 -5.25% -5.11%
2014 -5.45% -3.94%
2015 -5.52% -5.38%
2016 -5.09% -6.22%
2017 -5.88% -4.35%
2018 -5.66% -3.92%
2019 -6.68% -2.75%
2020 -8.38% -2.37%
2021 -5.09% -4.77%
2022 -2.81% -5.01%
2023 -3.25% -3.52%
2024 -3.78% -3.89%
2025 -3.23% -1.35%

Inflation comparison by year

Over the past 29 years, Costa Rica has recorded an average annual inflation rate of 7.03%, compared with 6.55% in the Gambia. In 2024, inflation was -0.41% in Costa Rica and 11.6% in the Gambia.

Inflation
Costa Rica

Gambia
Year Inflation
Costa Rica Gambia Costa Rica Gambia
1996 17.5% 1.1%
1997 13.2% 2.78%
1998 11.7% 1.11%
1999 10% 3.81%
2000 11% 0.84%
2001 11.3% 4.49%
2002 9.17% 8.61%
2003 9.45% 17%
2004 12.3% 14.2%
2005 13.8% 4.84%
2006 11.5% 2.06%
2007 9.36% 5.37%
2008 13.4% 4.44%
2009 7.84% 4.56%
2010 5.66% 5.05%
2011 4.88% 4.8%
2012 4.5% 4.25%
2013 5.23% 5.7%
2014 4.52% 5.95%
2015 0.8% 6.81%
2016 -0.02% 7.23%
2017 1.63% 8.03%
2018 2.22% 6.52%
2019 2.1% 7.12%
2020 0.72% 5.93%
2021 1.73% 7.37%
2022 8.27% 11.5%
2023 0.53% 17%
2024 -0.41% 11.6%

Top exports between countries

Costa Rica
Export category Export value
Machinery & equipment $5K
Textiles & consumer goods $2K
Gambia
Export category Export value
Textiles & consumer goods $10K

Balance of trade

Costa Rica Gambia
Current account balance
-$1.29B
2024
-$74.4M
2024
Current account balance ranking
129/189
2024
84/189
2024
Current account balance, % of GDP
-1.35%
2024
-2.97%
2024
Goods imports
$23.2B
2024
$1.39B
2024
Goods exports
$20.7B
2024
$363M
2024
Service imports
$7.29B
2024
$161M
2024
Service exports
$16.1B
2024
$475M
2024
Imports of goods and services, % of GDP
32.8%
2024
37.2%
2024
Exports of goods and services, % of GDP
38.5%
2024
6.55%
2024

Economic freedom indices

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

Costa Rica Gambia
Economic freedom 68.6 56.8
Economic freedom ranking 47/197 116/197
Property rights 65.9 55
Government integrity 60.4 39.5
Judicial effectiveness 75.7 45.2
Tax burden 78.5 79.3
Government spending 88.6 84.8
Fiscal health 70.8 56.9
Business freedom 80.3 50.6
Labor freedom 62.1 48
Monetary freedom 74.9 55.7
Trade freedom 75.4 66.8
Investment freedom 50 50
Financial freedom 40 50

Economic freedom by year comparison

The Economic Freedom Index for Costa Rica is 68.6, ranking 47/197, compared to 56.8 for the Gambia, ranking 116/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Costa Rica
Gambia
Year Economic freedom index
Costa Rica Gambia
1995 68 -
1996 66.4 -
1997 65.6 52.9
1998 65.6 53.4
1999 67.4 52.1
2000 68.4 52.7
2001 67.6 56.6
2002 67.5 57.7
2003 67 56.3
2004 66.4 55.3
2005 66.1 56.5
2006 65.9 57.3
2007 64 57.7
2008 64.2 56.9
2009 66.4 55.8
2010 65.9 55.1
2011 67.3 57.4
2012 68 58.8
2013 67 58.8
2014 66.9 59.5
2015 67.2 57.5
2016 67.4 57.1
2017 65 53.4
2018 65.6 52.3
2019 65.3 52.4
2020 65.8 56.3
2021 64.2 58.8
2022 65.4 58
2023 66.5 57.9
2024 67.7 58.2
2025 68.6 56.8

More economic indicators

Costa Rica Gambia
Services, % of GDP
68.8%
2024
53.9%
2024
Industry, % of GDP
19.7%
2024
14.7%
2024
Agriculture, forestry, and fishing, % of GDP
3.56%
2024
24.1%
2024
GNI, Atlas method
$80.2B
2024
$2.46B
2024
GNI per capita, PPP
$27,880
2024
$3,400
2024
Total reserves including gold
$14.2B
2024
$629M
2024
Total reserves ranking
70/177
2024
151/177
2024
Net foreign direct investment
-$4.28B
2024
-$232M
2024
Net inflows of foreign direct investment
$5.28B
2024
$232M
2024
Net outflows of foreign direct investment
$1B
2024
-$665K
2024
Servicing debt to the IMF, % of GNI
6.31%
2023
2.33%
2023
Poverty at national poverty lines
20.3%
2024
53.4%
2020
Gross capital formation, % of GDP
15.7%
2024
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.