Senegal Economy Profile 2009

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 over 5% annually during 1995-2008. Annual inflation had been pushed down to the 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 and a more stable monetary policy. High unemployment, however, continues to prompt illegal migrants to flee Senegal in search of better job opportunities in Europe. Senegal was also beset by an energy crisis that caused widespread blackouts in 2006 and 2007. The phosphate industry has struggled for two years to secure capital, and reduced output has directly impacted GDP. In 2007, Senegal signed agreements for major new mining concessions for iron, zircon, and gold with foreign companies. Firms from Dubai have agreed to manage and modernize Dakar's maritime port, and create a new special economic zone. Senegal still relies heavily upon outside donor assistance. Under the IMF's Highly Indebted Poor Countries (HIPC) debt relief program, Senegal has benefited from eradication of two-thirds of its bilateral, multilateral, and private-sector debt. In 2007, Senegal and the IMF agreed to a new, non-disbursing, Policy Support Initiative program.

GDP (purchasing power parity)

$21.98 billion (2008 est.)
$20.97 billion (2007 est.)
$20.07 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$13.35 billion (2008 est.)

GDP - real growth rate

4.8% (2008 est.)
4.5% (2007 est.)
2% (2006 est.)

GDP - per capita (PPP)

$1,600 (2008 est.)
$1,600 (2007 est.)
$1,600 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 16.1%
industry: 19.3%
services: 64.6% (2008 est.)

Population below poverty line

54% (2001 est.)

Labor force

4.973 million (2008 est.)

Labor force - by occupation

agriculture: 77.5%
industry and services: 22.5% (2007 est.)

Unemployment rate

48% (2007 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)
41.3 (1995)

Investment (gross fixed)

25.3% of GDP (2008 est.)

Budget

revenues: $3.077 billion
expenditures: $3.802 billion (2008 est.)

Public debt

16.4% of GDP (2008 est.)
55.2% of GDP (2004 est.)

Inflation rate (consumer prices)

5.8% (2008 est.)
5.9% (2007 est.)

Central bank discount rate

4.75% (31 December 2008)
4.25% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
NA% (31 December 2007)

Stock of money

$NA (31 December 2008)
$2.842 billion (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$1.579 billion (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$2.97 billion (31 December 2007)

Industries

agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining; iron ore, zircon, and gold mining, construction materials, ship construction and repair

Industrial production growth rate

4.5% (2008 est.)

Electricity - production

2.28 billion kWh (2006 est.)

Electricity - production by source

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

Electricity - consumption

1.657 billion kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

0 bbl/day (2005 est.)

Oil - consumption

36,200 bbl/day (2006 est.)

Oil - imports

40,450 bbl/day (2005)

Oil - exports

4,298 bbl/day (2005)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

50 million cu m (2006 est.)

Natural gas - consumption

50 million cu m (2006 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

NA cu m

Current Account Balance

-$1.31 billion (2008 est.)
-$1.18 billion (2007 est.)

Agriculture - products

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

Exports

$1.983 billion (2008 est.)
$1.65 billion (2007 est.)

Exports - commodities

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

Exports - partners

Mali 19.5%, India 5.9%, France 5.5%, Gambia, The 5.4%, Italy 4.9% (2008)

Imports

$4.313 billion (2008 est.)
$3.732 billion (2007 est.)

Imports - commodities

food and beverages, capital goods, fuels

Imports - partners

France 20%, UK 15.4%, China 7.5%, Belgium 4.6%, Thailand 4.5%, Netherlands 4.1% (2008)

Reserves of foreign exchange and gold

$1.601 billion (31 December 2008 est.)
$1.66 billion (31 December 2007 est.)

Debt - external

$1.772 billion (31 December 2008 est.)
$2.19 billion (31 December 2007 est.)

Market value of publicly traded shares

$NA

Economic aid - recipient

$477 million (2007 est.)

Currency (code)

XOF

Currency (code)

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

Exchange rates

Communaute Financiere Africaine francs (XOF) per US dollar - 447.81 (2008 est.), 481.83 (2007), 522.89 (2006), 527.47 (2005), 528.29 (2004)
note: since 1 January 1999, the West African CFA franc (XOF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; West African CFA franc (XOF) coins and banknotes are not accepted in countries using Central African CFA francs (XAF), and vice versa, even though the two currencies trade at par

Fiscal year

calendar year