Senegal: Economy

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 was 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 during 1995-2003. Annual inflation had been pushed down to the low single digits. 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 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, trade union militancy, juvenile delinquency, and drug addiction.

GDP

purchasing power parity - $16.93 billion (2003 est.)

GDP - real growth rate

4.5% (2003 est.)

GDP - per capita

purchasing power parity - $1,600 (2003 est.)

GDP - composition by sector

agriculture: 18%
industry: 27%
services: 55% (2001 est.)

Population below poverty line

54% (2001 est.)

Household income or consumption by percentage share

lowest 10%: 2.6%
highest 10%: 33.5% (1995)

Distribution of family income - Gini index

41.3 (1995)

Inflation rate (consumer prices)

3% (2002 est.)

Labor force

NA (2001 est.)

Labor force - by occupation

agriculture 70%

Unemployment rate

48% (urban youth 40%) (2001 est.)

Budget

revenues: $1.373 billion
expenditures: $1.373 billion, including capital expenditures of $357 million (2002 est.)

Industries

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

Industrial production growth rate

8.1% (2002 est.)

Electricity - production

1.518 billion kWh (2001)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%

Electricity - consumption

1.412 billion kWh (2001)

Electricity - exports

0 kWh (2001)

Electricity - imports

0 kWh (2001)

Oil - production

0 bbl/day (2001 est.)

Oil - consumption

31,000 bbl/day (2001 est.)

Oil - exports

NA

Oil - imports

NA

Natural gas - production

50 million cu m (2001 est.)

Natural gas - consumption

50 million cu m (2001 est.)

Natural gas - exports

0 cu m (2001 est.)

Natural gas - imports

0 cu m (2001 est.)

Agriculture - products

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

Exports

$1.23 billion f.o.b. (2003 est.)

Exports - commodities

fish, groundnuts (peanuts), petroleum products, phosphates, cotton

Exports - partners

India 20.8%, France 13%, Mali 8.9%, Greece 7.7%, Italy 4.4% (2002)

Imports

$1.753 billion f.o.b. (2003 est.)

Imports - commodities

foods and beverages, capital goods, fuels

Imports - partners

France 25.6%, Nigeria 8.7%, Thailand 7.2%, US 5.4%, Germany 5.4%, Italy 4.5% (2002)

Debt - external

$3 billion (2003 est.)

Economic aid - recipient

$362.6 million (2002 est.)

Currency

Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States

Currency code

XOF

Exchange rates

Communaute Financiere Africaine francs (XOF) per US dollar - 581.2 (2003), 696.99 (2002), 733.04 (2001), 711.98 (2000), 615.7 (1999)

Fiscal year

calendar year