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Senegal Economy Profile

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Economy - overview

Senegal’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 Senegal is also working on oil exploration projects. It relies heavily on donor assistance, remittances and foreign direct investment. Senegal reached a growth rate of 7% in 2017, due in part to strong performance in agriculture despite erratic rainfall.

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 receives technical support from the IMF 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 fifth review in December 2017. Financial markets have signaled confidence in Senegal through successful Eurobond issuances in 2014, 2017, and 2018.

The government is focusing on 19 projects under the ESP to continue The government’s goal under the ESP is structural transformation of the economy. Key projects include the Thiès-Touba Highway, the new international airport opened in December 2017, and upgrades to energy infrastructure. The cost of electricity is a chief constraint for Senegal’s development. Electricity prices in Senegal are among the highest in the world. Power Africa, a US presidential initiative led by USAID, supports Senegal’s plans to improve reliability and increase generating capacity.

GDP (purchasing power parity)
$54.8 billion (2017 est.)
$51.15 billion (2016 est.)
$48.15 billion (2015 est.)

note: data are in 2017 dollars

GDP (official exchange rate)
$21.11 billion (2017 est.)
GDP - real growth rate
7.2% (2017 est.)
6.2% (2016 est.)
6.4% (2015 est.)
GDP - per capita (PPP)
$3,500 (2017 est.)
$3,300 (2016 est.)
$3,200 (2015 est.)

note: data are in 2017 dollars

Gross national saving
21.2% of GDP (2017 est.)
21.3% of GDP (2016 est.)
20.4% of GDP (2015 est.)
GDP - composition, by end use
household consumption: 71.9% (2017 est.)
government consumption: 15.2% (2017 est.)
investment in fixed capital: 25.1% (2017 est.)
investment in inventories: 3.4% (2017 est.)
exports of goods and services: 27% (2017 est.)
imports of goods and services: -42.8% (2017 est.)
GDP - composition by sector
agriculture: 16.9% (2017 est.)
industry: 24.3% (2017 est.)
services: 58.8% (2017 est.)
Population below poverty line
46.7% (2011 est.)
Labor force
6.966 million (2017 est.)
Labor force - by occupation
agriculture: 77.5%
industry: 22.5%
industry and services: 22.5% (2007 est.)
Unemployment rate
48% (2007 est.)
Unemployment, youth ages 15-24
total: 8.1%
male: 7.4%
female: 8.9% (2015 est.)
Household income or consumption by percentage share
lowest 10%: 2.5%
highest 10%: 31.1% (2011)
Distribution of family income - Gini index
40.3 (2011)
Budget
revenues: 4.139 billion (2017 est.)
expenditures: 4.9 billion (2017 est.)
Taxes and other revenues
19.6% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)
-3.6% (of GDP) (2017 est.)
Public debt
48.3% of GDP (2017 est.)
47.8% of GDP (2016 est.)
Inflation rate (consumer prices)
1.3% (2017 est.)
0.8% (2016 est.)
Central bank discount rate
0.25% (31 December 2010)
4.25% (31 December 2009)
Commercial bank prime lending rate
5.4% (31 December 2017 est.)
5.3% (31 December 2016 est.)
Stock of narrow money
$5.944 billion (31 December 2017 est.)
$4.689 billion (31 December 2016 est.)
Stock of broad money
$5.944 billion (31 December 2017 est.)
$4.689 billion (31 December 2016 est.)
Stock of domestic credit
$6.695 billion (31 December 2017 est.)
$5.219 billion (31 December 2016 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, fertilizer production, petroleum refining, zircon, and gold mining, construction materials, ship construction and repair
Industrial production growth rate
7.7% (2017 est.)
Current Account Balance
-$1.547 billion (2017 est.)
-$769 million (2016 est.)
Exports
$2.362 billion (2017 est.)
$2.498 billion (2016 est.)
Exports - commodities
fish, groundnuts (peanuts), petroleum products, phosphates, cotton
Exports - partners
Mali 14.8%, Switzerland 11.4%, India 6%, Cote dIvoire 5.3%, UAE 5.1%, Gambia, The 4.2%, Spain 4.1% (2017)
Imports
$5.217 billion (2017 est.)
$4.966 billion (2016 est.)
Imports - commodities
food and beverages, capital goods, fuels
Imports - partners
France 16.3%, China 10.4%, Nigeria 8%, India 7.2%, Netherlands 4.8%, Spain 4.2% (2017)
Reserves of foreign exchange and gold
$1.827 billion (31 December 2017 est.)
$116.9 million (31 December 2016 est.)
Debt - external
$8.571 billion (31 December 2017 est.)
$6.327 billion (31 December 2016 est.)
Exchange rates
Communaute 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 year
calendar year

Source: CIA World Factbook
This page was last updated on Friday, November 27, 2020

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