Senegal Economy 2008

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 1995-2007. 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):
$20.61 billion (2007 est.)

GDP (official exchange rate):
$8.922 billion (2007 est.)

GDP - real growth rate:
4.6% (2007 est.)

GDP - per capita (PPP):
$1,700 (2007 est.)

GDP - composition by sector:
agriculture: 16.7%
industry: 18.9%
services: 64.4% (2007 est.)

Labor force:
4.85 million (2007 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):
5.4% (2007 est.)

Investment (gross fixed):
39.8% of GDP (2007 est.)

Budget:
revenues: $2.212 billion
expenditures: $2.814 billion (2007 est.)

Public debt:
16.1% of GDP (2007 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:
2.7% (2007 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 (2005 est.)

Oil - consumption:
35,000 bbl/day (2005 est.)

Oil - exports:
3,889 bbl/day (2004)

Oil - imports:
37,180 bbl/day (2004)

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

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)

natural gas - proved reserves:
0 cu m (1 January 2006)

Current account balance:
-$1.034 billion (2007 est.)

Exports:
$1.587 billion f.o.b. (2007 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:
$3.253 billion f.o.b. (2007 est.)

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:
$1.35 billion (31 December 2007 est.)

Debt - external:
$1.604 billion (31 December 2007 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 - 481.83 (2007), 522.89 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)