Senegal Economy Profile 2000

Economy - overview

In January 1994, Senegal undertook a bold and ambitious economic reform program with the support of the international donor community. This reform began with a 50% devaluation of Senegal's currency, the CFA franc, which is linked at a fixed rate to the French franc. Government price controls and subsidies have been steadily dismantled. After seeing its economy contract by 2.1% in 1993, Senegal made an important turnaround, thanks to the reform program, with real growth in GDP averaging 5% annually in 1995-99. Annual inflation has been pushed down to 2%, and the fiscal deficit has been cut to less than 1.5% of GDP. Investment rose steadily from 13.8% of GDP in 1993 to 16.5% in 1997. As a member of the West African Economic and Monetary Union (UEMOA), Senegal is working toward greater regional integration with a unified external tariff. Senegal also realized full Internet connectivity in 1996, creating a miniboom 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 unemployment, juvenile delinquency, and drug addiction. Real GDP growth is expected to rise above 6%, while inflation is likely to hold at 2% in 2000-2001.

GDP (purchasing power parity)

purchasing power parity - $16.6 billion (1999 est.)

GDP - real growth rate

5% (1999 est.)

GDP - per capita (PPP)

purchasing power parity - $1,650 (1999 est.)

GDP - composition by sector

agriculture:19%
industry:20%
services:61% (1997 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%:1.4%
highest 10%:42.8% (1991)

Inflation rate (consumer prices)

2% (1999 est.)

Labor force

NA

Labor force - by occupation

agriculture 60%

Unemployment rate

NA%; urban youth 40%

Budget

revenues:$885 million
expenditures:$885 million, including capital expenditures of $125 million (1996 est.)

Industries

agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, construction materials

Industrial production growth rate

7% (1998 est.)

Electricity - production

1.2 billion kWh (1998)

Electricity - production by source

fossil fuel:100%
hydro:0%
nuclear:0%
other:0% (1998)

Electricity - consumption

1.116 billion kWh (1998)

Electricity - exports

0 kWh (1998)

Electricity - imports

0 kWh (1998)

Agriculture - products

peanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish

Exports

$925 million (f.o.b., 1998)

Exports - commodities

fish, ground nuts (peanuts), petroleum products, phosphates, cotton

Exports - partners

France 22%, Italy, India, Cote d'Ivoire, Mali (1998)

Imports

$1.2 billion (f.o.b., 1998)

Imports - commodities

foods and beverages, consumer goods, capital goods, petroleum products

Imports - partners

France 36%, other EU countries, Nigeria, Cameroon, Cote d'Ivoire, Algeria, US, China, Japan (1998)

Debt - external

$3.4 billion (1998 est.)

Economic aid - recipient

$647.5 million (1995)

Currency

1 Communaute Financiere Africaine franc (CFAF) = 100 centimes

Exchange rates

Communaute Financiere Africaine francs (CFAF) per US$1 - 647.25 (January 2000), 615.70 (1999), 589.95 (1998), 583.67 (1997), 511.55 (1966), 499.15 (1995)
note:since 1 January 1999, the CFAF is pegged to the euro at a rate of 655.957 CFA francs per euro

Fiscal year

calendar year