Senegal Economy - 2005

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 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 est.)

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)

Inflation rate (consumer prices):
0.8% (2004 est.)

Investment (gross fixed):
20.1% of GDP (2004 est.)

Budget:
revenues: $1.572 billion
expenditures: $1.627 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:
1.737 billion kWh (2002)

Electricity - consumption:
1.615 billion kWh (2002)

Electricity - exports:
0 kWh (2002)

Electricity - imports:
0 kWh (2002)

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:
$1.374 billion f.o.b. (2004 est.)

Exports - commodities:
fish, groundnuts (peanuts), petroleum products, phosphates, cotton

Exports - partners:
India 13.8%, France 10.6%, Mali 10%, Italy 6%, Cote d'Ivoire 5.7%, Spain 4% (2004)

Imports:
$2.128 billion f.o.b. (2004 est.)

Imports - commodities:
food and beverages, capital goods, fuels

Imports - partners:
France 26.2%, Nigeria 12.1%, Thailand 5.3%, Belgium 5%, Spain 4.2% (2004)

Reserves of foreign exchange and gold:
$820 million (2004 est.)

Debt - external:
$3.476 billion (2004 est.)

Economic aid - recipient:
$362.6 million (2002 est.)

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 - 528.29 (2004), 581.2 (2003), 696.99 (2002), 733.04 (2001), 711.98 (2000)