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Economy of Senegal
 
 
 

General

After its economy retracted by 2.1% in 1993 Senegal instigated a major economic reform program with the support of the international donor community. This reform began with a 50% devaluation of the country's currency (the CFA franc). Government price controls and subsidies were also dismantled. As a result, Senegal's inflation went down, investments went up, and the Gross domestic product rose approximately 5% a year between 1995 and 2001.

The main industries include food processing, mining, cement, artificial fertiliser, chemicals, textiles and refining imported petroleum. It also boasts one of the best developed tourist industries in Africa. Exports include fish, chemicals, cotton, fabrics, groundnuts, and calcium phosphate.

As a member of the West African Economic and Monetary Union (WAEMU), Senegal is working toward greater regional integration with a unified external tariff. Senegal is also a member of the Organisation for the Harmonisation of Business Law in Africa (OHADA). Dakar, as the former capital of French West Africa, is also home to banks and other institutions which serve all of Francophone West Africa, and is a hub for shipping and transport in the region.

Senegal realised full internet connectivity in 1996, creating a mini-boom in information technology-based services. Private activity now accounts for 82% of GDP. On the negative side, Senegal faces deep-seated urban problems of chronic high unemployment, socio-economic disparity, and juvenile delinquency.

Senegal is a major recipient of international development assistance. Donors include USAID, Japan, France and China. Over 3,000 Peace Corps Volunteers have served in Senegal since 1963. Senegal is a member of the WTO.

Overview

Economy - overview : Senegal’s economy is driven by agriculture and that sector is the primary source of employment for the rural areas. The country's key export industries are phosphate mining, fertiliser production, and commercial fishing. The country is also working on iron ore and oil exploration projects. Senegal relies heavily on donor assistance and foreign direct investment. President Macky Sall, who was elected in March 2012 under a reformist policy agenda, inherited an economy with a weak infrastructure, challenging business environment, and a culture of overspending that still plagued the country in 2013. The IMF completed a non-dispersing, Policy Support Initiative program in December 2010 and approved a new three-year policy support instrument to assist with economic reforms. The economy continues to suffer from unreliable power supplies and rising costs of living, which has led to public protests and high unemployment and has prompted migrants to flee Senegal in search of better job opportunities in Europe.
GDP (purchasing power parity) : $27.72 billion (2013 est.)
GDP (official exchange rate) : $15.36 billion (2013 est.)
GDP - real growth rate : 4% (2013 est.)
GDP - per capita (PPP) : $2,100 (2013 est.)
Gross national saving : 22.4% of GDP (2013 est.)
GDP - composition, by end use : household consumption: 81.8%

government consumption: 9%

investment in fixed capital: 31%

investment in inventories: 0%

exports of goods and services: 25.6%

imports of goods and services: -47.4% (2013 est.)
GDP - composition by sector : agriculture: 14.9%

industry: 22.7%

services: 62.4% (2013 est.)
Labour force : 6.096 million (2013 est.)
Labour force - by occupation : agriculture: 77.5%

industry and services: 22.5% (2007 est.)
Unemployment rate : 48% (2007 est.)
Population below poverty line : 54% (2001 est.)
Household income or consumption by percentage share : lowest 10%: 2.5%

highest 10%: 30.1% (2005)
Distribution of family income - Gini index : 41.3 (2001)
Budget : revenues: $3.555 billion

expenditures: $4.366 billion (2013 est.)
Taxes and other revenues : 23.2% of GDP (2013 est.)
Budget surplus (+) or deficit (-) : -5.3% of GDP (2013 est.)
Public debt : 38.4% of GDP (2013 est.)
Inflation rate (consumer prices) : 0.8% (2013 est.)
Central bank discount rate : 0.25% (31 December 2010 est.)
Commercial bank prime lending rate : 13.8% (31 December 2013 est.)
Stock of narrow money : $3.809 billion (31 December 2013 est.)
Stock of broad money : $6.193 billion (31 December 2013 est.)
Stock of domestic credit : $4.574 billion (31 December 2013 est.)
Market value of publicly traded shares : $NA
Agriculture - products : peanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish
Industries : agricultural and fish processing, phosphate mining, fertiliser production, petroleum refining; iron ore, zircon, and gold mining, construction materials, ship construction and repair
Industrial production growth rate : 3% (2013 est.)
Electricity - production : 2.769 billion kWh (2010 est.)
Electricity - consumption : 2.22 billion kWh (2010 est.)
Electricity - exports : 0 kWh (2012 est.)
Electricity - imports : 0 kWh (2012 est.)
Crude Oil - production : 0 bbl/day (2011 est.)
Crude Oil - exports : 0 bbl/day (2010 est.)
Crude Oil - imports : 15,500 bbl/day (2010 est.)
Crude Oil - proved reserves : 0 bbl (1 January 2013 est.)
Refined petroleum products - production : 15,100 bbl/day (2010 est.)
Refined petroleum products - consumption : 40,600 bbl/day (2011 est.)
Refined petroleum products - exports : 562 bbl/day (2010 est.)
Refined petroleum products - imports : 23,760 bbl/day (2010 est.)
Natural gas - production : 20 million cu m (2011 est.)
Natural gas - consumption : 20 million cu m (2010 est.)
Natural gas - exports : 0 cu m (2011 est.)
Natural gas - imports : 0 cu m (2011 est.)
Natural gas - proved reserves : 0 cu m
Current account balance : -$1.291 billion (2013 est.)
Exports : $2.691 billion (2013 est.)
Exports - commodities : fish, groundnuts (peanuts), petroleum products, phosphates, cotton
Exports - partners : Mali 14.4%, Switzerland 14.1%, India 11.9%, France 4.7%, Guinea 4.2% (2012)
Imports : $5.61 billion (2013 est.)
Imports - commodities : food and beverages, capital goods, fuels
Imports - partners : France 16.2%, Nigeria 12.9%, India 6.3%, China 6.3%, UK 4.6% (2012)
Reserves of foreign exchange and gold : $2.15 billion (31 December 2013 est.)
Debt - external : $4.375 billion (31 December 2013 est.)
Exchange rates : Communaute Financiere Africaine francs (XOF) per US dollar - 500.7 (2013 est.); 510.53 (2012 est.); 495.28 (2010); 472.19 (2009); 447.81 (2008)
Fiscal year : calendar year

 

 

 
 

 



 


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