Senegal Economy:
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 and a more stable monetary policy. Senegal still relies heavily upon outside donor assistance, however. Under the IMF's Highly Indebted Poor Countries debt relief program, Senegal will benefit from eradication of two-thirds of its bilateral, multilateral, and private sector debt.
GDP (purchasing power parity):
$18.36 billion (2004 est.)
GDP — real growth rate:
3.2% (2004 est.)
GDP — per capita:
purchasing power parity: $1,700 (2004 est.)
GDP — composition by sector:
agriculture: 15.9%
industry: 21.4%
services: 62.7%
(2004)
Labor force:
4.65 million (2004 est.)
Labor force — by occupation:
agriculture: 70%
Unemployment rate:
48% (urban youth 40%) (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 est.)
Inflation rate (consumer prices):
0.8% (2004 est.)
Investment (gross fixed):
20.1% of GDP (2004 est.)
Budget:
revenues: $1.57 billion (2004 est.)
expenditures: $1.63 billion including capital expenditures of $357 million (2004 est.)
Public debt:
55.2% of GDP (2004 est.)
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, construction materials, ship construction and repair
Industrial production growth rate:
4.7% (2004 est.)
Electricity — production:
1.74 billion kWh (2002 est.)
Electricity — consumption:
1.62 billion kWh (2002 est.)
Electricity — exports:
0 kWh (2002 est.)
Electricity — imports:
0 kWh (2002 est.)
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.)
Current account balance:
$-518.8 million (2004 est.)
Exports:
$1.37 billion (f.o.b. 2004 est.)
Exports — commodities:
fish, groundnuts (peanuts), petroleum products, phosphates, cotton
Exports — partners:
India 14.4%, Mali 13.1%, France 9.8%, Italy 7.3%, Spain 6.6%, Guinea-Bissau 5.6%, Gambia, The 4.8% (2004)
Imports:
$2.13 billion (f.o.b. 2004 est.)
Imports — commodities:
foods and beverages, capital goods, fuels
Imports — partners:
France 24.8%, Nigeria 11.9%, Thailand 6.1% (2000)
Reserves of foreign exchange and gold:
$820 million (2004 est.)
Debt — external:
$3.48 billion (2004 est.)
Economic aid — recipient:
$362.6 million (2002 est.)
Currency:
Communaute Financiere Africaine franc (XOF)
note: Responsible authority is the Central Bank of the West African States
Exchange rates:
Communaute Financiere Africaine francs (XOF) per US$: 528.29 (2004 est.), 581.2 (2003 est.), 696.99 (2002 est.), 733.04 (2001 est.), 711.98 (2000 est.)
Fiscal year:
calendar year
|
