The Gambia - GDP (constant 2010 US$)

The latest value for GDP (constant 2010 US$) in The Gambia was 1,084,316,000 as of 2016. Over the past 50 years, the value for this indicator has fluctuated between 1,084,316,000 in 2016 and 172,395,900 in 1966.

Definition: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in constant 2010 U.S. dollars. Dollar figures for GDP are converted from domestic currencies using 2010 official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1966 172,395,900
1967 172,395,900
1968 188,904,800
1969 193,505,600
1970 205,413,700
1971 205,278,300
1972 205,774,500
1973 224,809,300
1974 238,025,400
1975 267,524,900
1976 287,191,300
1977 297,069,400
1978 315,833,700
1979 311,638,800
1980 331,178,800
1981 342,180,200
1982 339,564,000
1983 376,519,500
1984 389,830,400
1985 386,664,000
1986 402,482,700
1987 412,360,900
1988 430,821,600
1989 456,221,700
1990 472,458,000
1991 487,137,500
1992 503,596,400
1993 518,765,200
1994 519,565,900
1995 524,147,700
1996 535,802,300
1997 562,056,600
1998 581,728,600
1999 618,959,200
2000 653,002,000
2001 690,876,100
2002 668,422,700
2003 714,343,300
2004 764,704,400
2005 757,503,400
2006 766,018,600
2007 793,832,800
2008 839,356,400
2009 893,492,300
2010 951,804,200
2011 910,923,100
2012 961,932,600
2013 1,007,999,000
2014 1,017,071,000
2015 1,060,805,000
2016 1,084,316,000

Development Relevance: An economy's growth is measured by the change in the volume of its output or in the real incomes of its residents. The 2008 United Nations System of National Accounts (2008 SNA) offers three plausible indicators for calculating growth: the volume of gross domestic product (GDP), real gross domestic income, and real gross national income. The volume of GDP is the sum of value added, measured at constant prices, by households, government, and industries operating in the economy. GDP accounts for all domestic production, regardless of whether the income accrues to domestic or foreign institutions.

Limitations and Exceptions: Each industry's contribution to growth in the economy's output is measured by growth in the industry's value added. In principle, value added in constant prices can be estimated by measuring the quantity of goods and services produced in a period, valuing them at an agreed set of base year prices, and subtracting the cost of intermediate inputs, also in constant prices. This double-deflation method requires detailed information on the structure of prices of inputs and outputs. In many industries, however, value added is extrapolated from the base year using single volume indexes of outputs or, less commonly, inputs. Particularly in the services industries, including most of government, value added in constant prices is often imputed from labor inputs, such as real wages or number of employees. In the absence of well defined measures of output, measuring the growth of services remains difficult. Moreover, technical progress can lead to improvements in production processes and in the quality of goods and services that, if not properly accounted for, can distort measures of value added and thus of growth. When inputs are used to estimate output, as for nonmarket services, unmeasured technical progress leads to underestimates of the volume of output. Similarly, unmeasured improvements in quality lead to underestimates of the value of output and value added. The result can be underestimates of growth and productivity improvement and overestimates of inflation. Informal economic activities pose a particular measurement problem, especially in developing countries, where much economic activity is unrecorded. A complete picture of the economy requires estimating household outputs produced for home use, sales in informal markets, barter exchanges, and illicit or deliberately unreported activities. The consistency and completeness of such estimates depend on the skill and methods of the compiling statisticians. Rebasing of national accounts can alter the measured growth rate of an economy and lead to breaks in series that affect the consistency of data over time. When countries rebase their national accounts, they update the weights assigned to various components to better reflect current patterns of production or uses of output. The new base year should represent normal operation of the economy - it should be a year without major shocks or distortions. Some developing countries have not rebased their national accounts for many years. Using an old base year can be misleading because implicit price and volume weights become progressively less relevant and useful. To obtain comparable series of constant price data for computing aggregates, the World Bank rescales GDP and value added by industrial origin to a common reference year. Because rescaling changes the implicit weights used in forming regional and income group aggregates, aggregate growth rates are not comparable with those from earlier editions with different base years. Rescaling may result in a discrepancy between the rescaled GDP and the sum of the rescaled components. To avoid distortions in the growth rates, the discrepancy is left unallocated. As a result, the weighted average of the growth rates of the components generally does not equal the GDP growth rate.

Statistical Concept and Methodology: Gross domestic product (GDP) represents the sum of value added by all its producers. Value added is the value of the gross output of producers less the value of intermediate goods and services consumed in production, before accounting for consumption of fixed capital in production. The United Nations System of National Accounts calls for value added to be valued at either basic prices (excluding net taxes on products) or producer prices (including net taxes on products paid by producers but excluding sales or value added taxes). Both valuations exclude transport charges that are invoiced separately by producers. Total GDP is measured at purchaser prices. Value added by industry is normally measured at basic prices. When value added is measured at producer prices. Growth rates of GDP and its components are calculated using the least squares method and constant price data in the local currency. Constant price U.S. dollar series are used to calculate regional and income group growth rates. Local currency series are converted to constant U.S. dollars using an exchange rate in the common reference year.

Aggregation method: Gap-filled total

Base Period: 2010

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts