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Economy of Gambia vs Guatemala compared: GDP & Debt

Updated on by Georank team

The Gambia has a GDP of $2.51B compared to $113B for Guatemala, ranking 173/197 and 67/197 by economy size, respectively.

The Gambia has $1.83B in government debt (67.5% of GDP), compared to $30B (27.2% of GDP) in Guatemala.

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

Gambia
GDP, current $

GDP, constant 2015 $
Guatemala
GDP, current $

GDP, constant 2015 $
Year GDP
Gambia Guatemala
Current $ Constant $ Current $ Constant $
1960 - - $1,043,599,900 $7,658,203,960
1961 - - $1,076,699,900 $7,987,393,263
1962 - - $1,143,600,000 $8,269,867,526
1963 - - $1,262,800,000 $9,058,899,220
1964 - - $1,299,099,900 $9,478,597,335
1965 - - $1,331,399,900 $9,892,031,886
1966 $44,212,081 $253,504,726 $1,390,700,000 $10,437,290,970
1967 $46,695,007 $253,504,726 $1,453,500,000 $10,866,490,704
1968 $41,160,066 $277,780,702 $1,610,500,000 $11,819,051,088
1969 $45,168,072 $284,546,115 $1,715,399,900 $12,378,908,785
1970 $52,296,084 $302,056,646 $1,904,000,000 $13,085,482,489
1971 $55,728,663 $301,857,660 $1,984,800,000 $13,816,143,713
1972 $59,160,569 $302,587,264 $2,101,300,000 $14,829,288,663
1973 $75,187,749 $330,577,582 $2,569,200,100 $15,835,134,747
1974 $95,796,022 $350,011,556 $3,161,499,900 $16,844,629,322
1975 $115,179,719 $393,389,990 $3,645,900,000 $17,173,098,048
1976 $112,190,829 $422,308,977 $4,365,300,200 $18,441,720,416
1977 $138,093,099 $436,834,615 $5,480,500,200 $19,881,875,062
1978 $171,833,086 $464,427,039 $6,070,600,200 $20,875,310,689
1979 $207,112,628 $458,258,597 $6,902,600,200 $21,859,259,292
1980 $241,083,090 $486,991,776 $7,878,700,000 $22,681,162,667
1981 $218,767,743 $503,169,127 $8,607,500,300 $22,827,877,721
1982 $216,050,552 $499,321,983 $8,716,999,700 $22,022,033,319
1983 $213,448,585 $553,664,332 $9,050,000,400 $21,455,606,484
1984 $177,340,880 $573,237,790 $9,470,000,100 $21,562,175,999
1985 $225,726,359 $568,581,582 $9,721,652,087 $21,430,789,261
1986 $185,646,987 $591,842,657 $7,231,963,516 $21,461,445,918
1987 $220,626,484 $606,368,444 $7,084,399,840 $22,222,035,979
1988 $266,672,212 $633,514,510 $7,841,602,824 $23,087,003,633
1989 $284,120,329 $670,864,764 $8,410,724,361 $23,997,229,418
1990 $317,083,695 $694,740,031 $7,650,196,845 $24,741,758,621
1991 $690,311,081 $716,325,877 $9,406,135,143 $25,646,873,697
1992 $714,254,256 $740,528,299 $10,440,781,588 $26,887,756,350
1993 $755,040,974 $762,833,762 $11,400,017,301 $27,943,674,019
1994 $746,493,952 $764,011,165 $12,983,233,311 $29,070,849,593
1995 $785,999,865 $770,748,584 $14,655,404,433 $30,509,434,395
1996 $848,239,446 $787,886,530 $15,674,835,615 $31,411,836,309
1997 $803,633,342 $826,492,963 $17,790,026,222 $32,782,677,100
1998 $840,285,265 $855,420,206 $19,395,491,993 $34,419,689,195
1999 $814,724,032 $910,167,091 $18,318,412,251 $35,743,836,044
2000 $782,913,872 $960,226,283 $19,288,929,030 $37,033,784,161
2001 $687,410,645 $1,015,919,410 $18,405,220,247 $37,897,624,902
2002 $578,235,309 $982,902,028 $20,444,205,991 $39,352,623,521
2003 $487,038,685 $1,050,427,393 $21,576,351,799 $40,360,199,305
2004 $961,900,651 $1,124,482,525 $23,577,298,095 $41,626,668,794
2005 $1,027,701,068 $1,098,037,739 $26,783,389,294 $42,990,369,673
2006 $1,054,112,488 $1,091,937,250 $29,744,246,827 $45,290,955,364
2007 $1,279,703,047 $1,125,167,625 $33,567,850,824 $48,161,368,707
2008 $1,561,766,956 $1,195,557,049 $38,503,720,224 $49,747,574,944
2009 $1,450,142,509 $1,275,249,586 $37,126,148,265 $49,984,820,187
2010 $1,543,294,927 $1,350,595,614 $40,676,578,423 $51,426,470,089
2011 $1,409,693,597 $1,240,786,190 $46,876,006,272 $53,567,820,416
2012 $1,415,004,738 $1,305,822,858 $49,593,929,487 $55,161,306,960
2013 $1,375,609,453 $1,343,336,129 $52,996,446,180 $57,199,417,424
2014 $1,229,461,721 $1,324,430,252 $57,852,152,955 $59,741,346,853
2015 $1,378,176,609 $1,378,176,609 $62,186,064,758 $62,186,064,758
2016 $1,484,578,886 $1,404,959,537 $66,053,403,364 $63,851,284,899
2017 $1,504,909,463 $1,472,715,274 $71,653,754,107 $65,817,809,509
2018 $1,670,671,328 $1,579,264,609 $73,328,365,862 $68,060,138,996
2019 $1,813,609,692 $1,677,527,292 $77,172,317,259 $70,794,725,915
2020 $1,812,170,891 $1,687,449,653 $77,719,464,221 $69,530,649,310
2021 $2,014,158,842 $1,776,141,480 $86,455,519,687 $75,122,098,204
2022 $2,204,734,527 $1,873,704,901 $95,641,441,235 $78,265,595,990
2023 $2,396,111,021 $1,963,596,061 $104,368,413,483 $81,030,842,140
2024 $2,507,519,958 $2,076,438,382 $113,199,586,004 $83,989,978,802

Economic indicators

Gambia Guatemala
Gross domestic product
$2.51B
2024
$113B
2024
GDP rank
173/197
2024
67/197
2024
GDP growth
4.65%
2023-2024
8.46%
2023-2024
GDP per capita
$909
2024
$6,150
2024
GDP per capita rank
182/197
2024
113/197
2024
GDP per capita, PPP
$3,445
2024
$14,369
2024
Government debt
$1.83B
2024
$30B
2024
Debt-to-GDP ratio
67.5%
2025
27.2%
2025
Government debt per person
$663
2024
$1,628
2024
Government debt per person rank
157/185
2024
124/185
2024
Average annual personal income after taxes
$753
2025
$5,583
2025
Income share by richest 10%
30.5%
2020
34.1%
2023
Income share by poorest 10%
2.6%
2020
1.6%
2023
Government expenditure, % of GDP
24%
2025
14.9%
2025
Consumer prices inflation
11.6%
2023-2024
2.87%
2023-2024
Central bank interest rate
17%
2023
4.5%
2024
Unemployment rate
6.48%
2023
2.34%
2023
Population
2871879
18912872

GDP per capita in Gambia vs Guatemala

The Gambia's GDP per capita is $909, ranking 182/197, compared to $6,150 in Guatemala, ranking 113/197. Adjusted for purchasing power (GDP per capita PPP), the Gambia ranks 172nd at $3,445, while Guatemala ranks 117th at $14,369.

Gambia
GDP per capita

GDP per capita, PPP
Guatemala
GDP per capita

GDP per capita, PPP
Year Current $
Gambia Guatemala
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 - - $256.8 -
1961 - - $257.2 -
1962 - - $265.2 -
1963 - - $284.4 -
1964 - - $284.2 -
1965 - - $283 -
1966 $94.4 - $287.3 -
1967 $97 - $291.9 -
1968 $83.1 - $315 -
1969 $88.7 - $326 -
1970 $99.8 - $353 -
1971 $103.3 - $358 -
1972 $106.5 - $370 -
1973 $131.4 - $441 -
1974 $162.6 - $529 -
1975 $189.8 - $595 -
1976 $179.3 - $697 -
1977 $213.8 - $856 -
1978 $257.6 - $925 -
1979 $300 - $1,026 -
1980 $338 - $1,142 -
1981 $296 - $1,216 -
1982 $282.1 - $1,204 -
1983 $268.6 - $1,220 -
1984 $214.8 - $1,241 -
1985 $262.8 - $1,238 -
1986 $207.7 - $896 -
1987 $237 - $854 -
1988 $274.9 - $919 -
1989 $280.9 - $958 -
1990 $301 $1,409 $848 $3,330
1991 $628 $1,440 $1,014 $3,473
1992 $623 $1,462 $1,096 $3,626
1993 $635 $1,487 $1,166 $3,756
1994 $608 $1,473 $1,293 $3,886
1995 $622 $1,472 $1,421 $4,055
1996 $652 $1,489 $1,481 $4,143
1997 $600 $1,544 $1,638 $4,287
1998 $610 $1,572 $1,741 $4,437
1999 $575 $1,649 $1,604 $4,557
2000 $538 $1,731 $1,649 $4,715
2001 $460 $1,823 $1,538 $4,822
2002 $377 $1,744 $1,669 $4,969
2003 $309 $1,850 $1,723 $5,081
2004 $593 $1,979 $1,841 $5,263
2005 $616 $1,938 $2,046 $5,486
2006 $615 $1,931 $2,225 $5,833
2007 $725 $1,985 $2,459 $6,238
2008 $859 $2,088 $2,763 $6,435
2009 $775 $2,177 $2,612 $6,377
2010 $801 $2,267 $2,805 $6,510
2011 $711 $2,064 $3,169 $6,784
2012 $693 $2,065 $3,287 $7,258
2013 $654 $2,007 $3,444 $7,700
2014 $568 $1,934 $3,689 $8,237
2015 $620 $1,990 $3,894 $8,934
2016 $650 $2,013 $4,060 $9,201
2017 $643 $2,039 $4,325 $9,560
2018 $696 $2,277 $4,353 $9,947
2019 $738 $2,422 $4,512 $10,756
2020 $720 $2,531 $4,478 $10,947
2021 $782 $2,778 $4,913 $11,825
2022 $836 $3,067 $5,359 $13,014
2023 $888 $3,254 $5,758 $13,745
2024 $909 $3,445 $6,150 $14,369

Spending and national debt comparison

In 2024, the Gambia's government spending was $612M, accounting for 24% of its GDP, while Guatemala's spent $15.2B, or 14.9% of GDP.

Debt-to-GDP ratio is 67.5% in the Gambia and 27.2% in Guatemala, ranking 62/185 and 164/185, respectively.

Gambia
Government spending

Government debt
Guatemala
Government spending

Government debt
Year % of GDP
Gambia Guatemala
Government spending Government debt Government spending Government debt
1995 - - 9.77% 21%
1996 - - 9.85% 19.2%
1997 - - 11.2% 18.5%
1998 - - 13.2% 19%
1999 - - 14.6% 22%
2000 9.54% 73.3% 13.6% 18%
2001 9.68% 75.2% 13.8% 19.1%
2002 8.59% 93.9% 13.1% 17.4%
2003 9.3% 91.7% 14.4% 19.8%
2004 12.4% 81.3% 12.9% 20.6%
2005 12.9% 82.6% 13.2% 20%
2006 14% 87.3% 14.2% 20.9%
2007 11.2% 38% 13.9% 20.8%
2008 11.6% 39.5% 13.3% 19.6%
2009 14.4% 38.9% 14.1% 22.8%
2010 14.6% 42.9% 14.5% 24%
2011 16.5% 49.2% 14.5% 23.8%
2012 19.1% 49.5% 14.2% 24.6%
2013 17.2% 58.2% 14% 25%
2014 19% 71.1% 13.6% 24.7%
2015 19.6% 69.4% 12.6% 24.8%
2016 19.4% 79.3% 12.6% 24.9%
2017 23.6% 87% 12.8% 25.1%
2018 19% 83.6% 13.2% 26.4%
2019 23.9% 83% 13.4% 26.4%
2020 25.3% 85.9% 15.6% 31.5%
2021 21.5% 83.1% 13.5% 30.6%
2022 22.6% 83.9% 14.3% 29%
2023 23.8% 75.7% 13.7% 27.2%
2024 24.4% 72.9% 13.5% 26.5%
2025 24% 67.5% 14.9% 27.2%

Government deficit by year

In 2024, the Gambia's government deficit, the difference between spending and revenue, was -$97.6M, equivalent to -3.89% of GDP. This compares to Guatemala's deficit of -$1.14B, or -1.01% of GDP.

Over the past 25 years, the Gambia recorded a fiscal deficit in 23 of those years, while Guatemala ran a deficit in 25 years. On average, the Gambia posted an annual deficit equal to -2.98% of GDP, compared to deficit of -1.95% of GDP for Guatemala.

Deficit/surplus
Gambia

Guatemala
Year Deficit/surplus, % of GDP
Gambia Guatemala
1995 - -0.53%
1996 - 0.04%
1997 - -0.79%
1998 - -2.29%
1999 - -2.96%
2000 -0.09% -1.88%
2001 -2.52% -2%
2002 0.06% -1.03%
2003 -1.73% -2.47%
2004 -1.77% -1.05%
2005 -3.33% -1.67%
2006 -3.19% -1.88%
2007 0.27% -1.4%
2008 -0.45% -1.57%
2009 -1.65% -3.12%
2010 -2.93% -3.28%
2011 -3.03% -2.8%
2012 -2.85% -2.42%
2013 -5.11% -2.16%
2014 -3.94% -1.92%
2015 -5.38% -1.47%
2016 -6.22% -1.11%
2017 -4.35% -1.38%
2018 -3.92% -1.88%
2019 -2.75% -2.24%
2020 -2.37% -4.91%
2021 -4.77% -1.16%
2022 -5.01% -1.7%
2023 -3.52% -1.25%
2024 -3.89% -1.01%
2025 -1.35% -2.5%

Inflation comparison by year

Over the past 29 years, the Gambia has recorded an average annual inflation rate of 6.55%, compared with 5.73% in Guatemala. In 2024, inflation was 11.6% in the Gambia and 2.87% in Guatemala.

Inflation
Gambia

Guatemala
Year Inflation
Gambia Guatemala Gambia Guatemala
1996 1.1% 11.1%
1997 2.78% 9.23%
1998 1.11% 6.61%
1999 3.81% 5.21%
2000 0.84% 5.98%
2001 4.49% 7.29%
2002 8.61% 8.13%
2003 17% 5.6%
2004 14.2% 7.58%
2005 4.84% 9.11%
2006 2.06% 6.56%
2007 5.37% 6.82%
2008 4.44% 11.4%
2009 4.56% 1.86%
2010 5.05% 3.86%
2011 4.8% 6.21%
2012 4.25% 3.78%
2013 5.7% 4.34%
2014 5.95% 3.42%
2015 6.81% 2.39%
2016 7.23% 4.45%
2017 8.03% 4.42%
2018 6.52% 3.75%
2019 7.12% 3.7%
2020 5.93% 3.21%
2021 7.37% 4.26%
2022 11.5% 6.89%
2023 17% 6.21%
2024 11.6% 2.87%

Top exports between countries

Gambia
Export category Export value
Guatemala
Export category Export value
Raw materials & minerals $17K

Balance of trade

Gambia Guatemala
Current account balance
-$74.4M
2024
$3.33B
2024
Current account balance ranking
84/189
2024
37/189
2024
Current account balance, % of GDP
-2.97%
2024
+2.94%
2024
Goods imports
$1.39B
2024
$29.1B
2024
Goods exports
$363M
2024
$13.3B
2024
Service imports
$161M
2024
$6.44B
2024
Service exports
$475M
2024
$4.67B
2024
Imports of goods and services, % of GDP
37.2%
2024
31.5%
2024
Exports of goods and services, % of GDP
6.55%
2024
15.9%
2024

Economic freedom indices

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

Gambia Guatemala
Economic freedom 56.8 63.4
Economic freedom ranking 116/197 78/197
Property rights 55 38.7
Government integrity 39.5 22.6
Judicial effectiveness 45.2 26.8
Tax burden 79.3 92
Government spending 84.8 94.3
Fiscal health 56.9 95.5
Business freedom 50.6 67.1
Labor freedom 48 57.9
Monetary freedom 55.7 74.2
Trade freedom 66.8 72.2
Investment freedom 50 70
Financial freedom 50 50

Economic freedom by year comparison

The Economic Freedom Index for the Gambia is 56.8, ranking 116/197, compared to 63.4 for Guatemala, ranking 78/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Gambia
Guatemala
Year Economic freedom index
Gambia Guatemala
1995 - 62
1996 - 63.7
1997 52.9 65.7
1998 53.4 65.8
1999 52.1 66.2
2000 52.7 64.3
2001 56.6 65.1
2002 57.7 62.3
2003 56.3 62.3
2004 55.3 59.6
2005 56.5 59.5
2006 57.3 59.1
2007 57.7 60.5
2008 56.9 59.8
2009 55.8 59.4
2010 55.1 61
2011 57.4 61.9
2012 58.8 60.9
2013 58.8 60
2014 59.5 61.2
2015 57.5 60.4
2016 57.1 61.8
2017 53.4 63
2018 52.3 63.4
2019 52.4 62.6
2020 56.3 64
2021 58.8 64
2022 58 63.2
2023 57.9 62.7
2024 58.2 62.4
2025 56.8 63.4

More economic indicators

Gambia Guatemala
Services, % of GDP
53.9%
2024
61.8%
2024
Industry, % of GDP
14.7%
2024
21.7%
2024
Agriculture, forestry, and fishing, % of GDP
24.1%
2024
9.78%
2024
GNI, Atlas method
$2.46B
2024
$106B
2024
GNI per capita, PPP
$3,400
2024
$14,170
2024
Total reserves including gold
$629M
2024
$24.4B
2024
Total reserves ranking
151/177
2024
57/177
2024
Net foreign direct investment
-$232M
2024
-$1B
2024
Net inflows of foreign direct investment
$232M
2024
$1.83B
2024
Net outflows of foreign direct investment
-$665K
2024
$825M
2024
Servicing debt to the IMF, % of GNI
2.33%
2023
1.71%
2023
Poverty at national poverty lines
53.4%
2020
56%
2023
Gross capital formation, % of GDP
39%
2024
16.7%
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.