Senegal Economy 2007

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 1995-2006. 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. 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. Senegal still relies heavily upon outside donor assistance. Under the IMF's Highly Indebted Poor Countries (HIPC) debt relief program, Senegal will benefit from eradication of two-thirds of its bilateral, multilateral, and private-sector debt.

GDP (purchasing power parity):
$21.54 billion (2006 est.)

GDP (official exchange rate):
$8.331 billion (2006 est.)

GDP - real growth rate:
2% (2006 est.)

GDP - per capita (PPP):
$1,800 (2006 est.)

GDP - composition by sector:
agriculture: 16.6%
industry: 19.2%
services: 64.1% (2006 est.)

Labor force:
4.723 million (2006 est.)

Labor force - by occupation:
agriculture: 77%
industry and services: 23% (1990 est.)

Unemployment rate:
48%; note - urban youth 40% (2001 est.)

Population below poverty line:
54% (2001 est.)

Household income or consumption by percentage share:
lowest 10%: 2.7%
highest 10%: 33.4% (2001)

Distribution of family income - Gini index:
41.3 (2001)

Inflation rate (consumer prices):
2.1% (2006 est.)

Investment (gross fixed):
39.7% of GDP (2006 est.)

Budget:
revenues: $1.975 billion
expenditures: $2.485 billion (2006 est.)

Public debt:
16.3% of GDP (2006 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:
3.2% (2006 est.)

Electricity - production:
2.223 billion kWh (2005)

Electricity - consumption:
1.456 billion kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
0 bbl/day (2004 est.)

Oil - consumption:
31,000 bbl/day (2004 est.)

Oil - exports:
NA bbl/day

Oil - imports:
NA bbl/day

Oil - proved reserves:
0 bbl (1 January 2006)

Natural gas - production:
47.95 million cu m (2005 est.)

Natural gas - consumption:
47.95 million cu m (2005 est.)

Natural gas - exports:
0 cu m (2005 est.)

Natural gas - imports:
0 cu m (2005)

Current account balance:
$-960 million (2006 est.)

Exports:
$1.408 billion f.o.b. (2006 est.)

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

Exports - partners:
Mali 19.2%, France 8.3%, India 5.8%, Gambia, The 5.3%, Spain 5.1%, Italy 4.9% (2006)

Imports:
$3.007 billion f.o.b. (2006 est.)

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

Imports - partners:
France 25.1%, UK 5.2%, Thailand 4.8%, China 4.5%, Spain 4% (2006)

Economic aid - recipient:
$689.3 million (2005 est.)

Reserves of foreign exchange and gold:
$1.334 billion (2006 est.)

Debt - external:
$1.437 billion (2006 est.)

Market value of publicly traded shares:
$NA

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 - 522.89 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003), 696.99 (2002)