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Senegal Economy Profile 2018

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Economy - overviewSenegal’s economy is driven by mining, construction, tourism, fisheries and agriculture, which are the primary sources of employment in rural areas. The country's key export industries include phosphate mining, fertilizer production, agricultural products and commercial fishing and it is also working on oil exploration projects. Senegal relies heavily on donor assistance, remittances and foreign direct investment. Senegal reached a growth rate of 6.5% in 2015 and surpassed that in 2016-17, due in part to a buoyant performance in agriculture because of higher rainfall and productivity in the sector.

President Macky SALL, who was elected in March 2012 under a reformist policy agenda, inherited an economy with high energy costs, a challenging business environment, and a culture of overspending. President SALL unveiled an ambitious economic plan, the Emerging Senegal Plan (ESP), which aims to implement priority economic reforms and investment projects to increase economic growth while preserving macroeconomic stability and debt sustainability. Bureaucratic bottlenecks and a challenging business climate are among the perennial challenges that may slow the implementation of this plan.

Senegal is receiving technical support from the IMF during 2015-17 under a Policy Support Instrument (PSI) to assist with implementation of the ESP. The PSI implementation continues to be satisfactory as concluded by the IMF’s second review mission in March 2016. Investors have signaled confidence in the country through Senegal’s successful Eurobond issuances in recent years, including in 2014.

The government is focusing on 19 projects under the ESP to continue the structural transformation of the economy. These 19 projects include the Thies-Touba Highway, including the new airport- Mbour-Thies Highway. Senegal increased the national family allowances program and the community development emergency program in 2016. Electricity supply is a chief constraint for Senegal’s development. Electricity prices in Senegal are among the highest in the world. Power Africa, a program led by USAID and OPIC, plans to increase the current 500 MW of generating capacity to over 1,000 mW in the next three to five years. Recent gas discoveries on the Senegal-Mauritanian border, as well as just south of Dakar, will help alleviate some of the energy shortages.
GDP (purchasing power parity)$43.07 billion (2017 est.)
$40.33 billion (2016 est.)
$37.78 billion (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)$16.06 billion (2016 est.)
GDP - real growth rate6.8% (2017 est.)
6.7% (2016 est.)
6.5% (2015 est.)
GDP - per capita (PPP)$2,700 (2017 est.)
$2,600 (2016 est.)
$2,500 (2015 est.)
note: data are in 2017 dollars
Gross national saving22% of GDP (2017 est.)
21.5% of GDP (2016 est.)
17.7% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 76.5%
government consumption: 16.1%
investment in fixed capital: 26.2%
investment in inventories: -2%
exports of goods and services: 28.9%
imports of goods and services: -45.7% (2017 est.)
GDP - composition by sectoragriculture: 16.9%
industry: 24.3%
services: 58.8% (2017 est.)
Population below poverty line46.7% (2011 est.)
Labor force6.966 million (2017 est.)
Labor force - by occupationagriculture: 77.5%
industry and services: 22.5% (2007 est.)
Unemployment rate48% (2007 est.)
Unemployment, youth ages 15-24total: 12.7%
male: 8.3%
female: 19% (2011 est.)
Household income or consumption by percentage sharelowest 10%: 2.5%
highest 10%: 31.1% (2011)
Distribution of family income - Gini index40.3 (2011)
Budgetrevenues: $3.863 billion
expenditures: $4.474 billion (2017 est.)
Taxes and other revenues24.1% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-3.8% of GDP (2017 est.)
Public debt61.3% of GDP (2017 est.)
58.6% of GDP (2016 est.)
Inflation rate (consumer prices)2.1% (2017 est.)
0.9% (2016 est.)
Central bank discount rate0.25% (31 December 2010)
4.25% (31 December 2009)
Commercial bank prime lending rate16.3% (31 December 2017 est.)
16.4% (31 December 2016 est.)
Stock of narrow money$5.305 billion (31 December 2017 est.)
$4.736 billion (31 December 2016 est.)
Stock of broad money$8.035 billion (31 December 2017 est.)
$7.244 billion (31 December 2016 est.)
Stock of domestic credit$5.55 billion (31 December 2017 est.)
$5.15 billion (31 December 2016 est.)
Market value of publicly traded shares$NA
Agriculture - productspeanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish
Industriesagricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, zircon, and gold mining, construction materials, ship construction and repair
Industrial production growth rate8.4% (2017 est.)
Current Account Balance-$817 million (2017 est.)
-$783 million (2016 est.)
Exports$2.546 billion (2017 est.)
$2.498 billion (2016 est.)
Exports - commoditiesfish, groundnuts (peanuts), petroleum products, phosphates, cotton
Exports - partnersMali 18.2%, Switzerland 10.6%, India 8.2%, Cote dIvoire 5.3%, China 5% (2016)
Imports$5.227 billion (2017 est.)
$4.993 billion (2016 est.)
Imports - commoditiesfood and beverages, capital goods, fuels
Imports - partnersFrance 15.9%, China 10.3%, Nigeria 7.8%, India 7.6%, Netherlands 5.3%, Spain 4.9% (2016)
Reserves of foreign exchange and gold$151.8 million (31 December 2017 est.)
$116.9 million (31 December 2016 est.)
Debt - external$6.745 billion (31 December 2017 est.)
$6.327 billion (31 December 2016 est.)
Exchange ratesCommunaute Financiere Africaine francs (XOF) per US dollar -
617.4 (2017 est.)
593.01 (2016 est.)
593.01 (2015 est.)
591.45 (2014 est.)
494.42 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018

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