The Cost of Living Index (CPI) in Gambia is 31.0, indicating a very affordable cost of living compared to New York City (100). Groceries (30.4) and restaurant prices (49.0) are also notably low.

The property price to income ratio is exceptionally high at 106.2 years, indicating a very expensive housing market for purchase. The Rent Index is 2.5, suggesting rentals are significantly more affordable than property ownership.

The Purchasing Power Index is very low at 7.0, indicating significantly lower buying power compared to New York City (100). The average gross monthly salary in early 2026 is estimated at GMD 9,000–11,000 (approx. USD 135–165), with a minimum daily wage around $0.92 USD.

The tax system is progressive, with personal income tax rates ranging from 5% to 25% on higher income brackets, and a tax-free threshold of D36,000 annually as of 2025. The standard VAT rate is 15%. Property transactions incur transfer tax (5-10%) and stamp duty (1-2%), while rental income is taxed at 8% for residential and 15% for commercial properties.

The business environment faces challenges, reflected in a 2019 Ease of Doing Business ranking of 155 out of 190 economies. While a budding startup ecosystem exists, particularly in tech and agribusiness, regulatory burdens, lack of transparency, and concerns about corruption persist.

Gambia's social security system, managed by the SSHFC, offers pensions, disability benefits, and some maternity/paternity leave. However, coverage is very limited, extending to only about 10% of formal sector employees. Comprehensive health insurance is largely absent, indicating a weak social safety net for the majority of the population.

The banking sector in Gambia is stable, resilient, and well-regulated by the Central Bank of The Gambia (CBG), with no restrictions for foreigners opening accounts. However, there is no explicit, publicly documented deposit insurance scheme with a specified coverage limit. While the CBG aims to maintain public confidence, the lack of formal deposit protection is a notable weakness.