Economy - overview:
Senegal’s economy is driven by mining, construction, tourism, fisheries and agriculture, which are the primary sources of employment in rural areas. The country's key export industries include phosphate mining, fertilizer production, agricultural products and commercial fishing and it is also working on oil exploration projects. Senegal relies heavily on donor assistance, remittances and foreign direct investment. Senegal reached a growth rate of 6.5% in 2015 and surpassed that in 2016-17, due in part to a buoyant performance in agriculture because of higher rainfall and productivity in the sector.President Macky SALL, who was elected in March 2012 under a reformist policy agenda, inherited an economy with high energy costs, a challenging business environment, and a culture of overspending. President SALL unveiled an ambitious economic plan, the Emerging Senegal Plan (ESP), which aims to implement priority economic reforms and investment projects to increase economic growth while preserving macroeconomic stability and debt sustainability. Bureaucratic bottlenecks and a challenging business climate are among the perennial challenges that may slow the implementation of this plan.Senegal is receiving technical support from the IMF during 2015-17 under a Policy Support Instrument (PSI) to assist with implementation of the ESP. The PSI implementation continues to be satisfactory as concluded by the IMF’s second review mission in March 2016. Investors have signaled confidence in the country through Senegal’s successful Eurobond issuances in recent years, including in 2014.The government is focusing on 19 projects under the ESP to continue the structural transformation of the economy. These 19 projects include the Thies-Touba Highway, including the new airport- Mbour-Thies Highway. Senegal increased the national family allowances program and the community development emergency program in 2016. Electricity supply is a chief constraint for Senegal’s development. Electricity prices in Senegal are among the highest in the world. Power Africa, a program led by USAID and OPIC, plans to increase the current 500 MW of generating capacity to over 1,000 mW in the next three to five years. Recent gas discoveries on the Senegal-Mauritanian border, as well as just south of Dakar, will help alleviate some of the energy shortages.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Exchange rates:
$43.07 billion (2017 est.)
$40.33 billion (2016 est.)
$37.78 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 114
$16.06 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]
6.8% (2017 est.)
6.7% (2016 est.)
6.5% (2015 est.)
country comparison to the world: 12
[see also: GDP - real growth rate country ranks ]
$2,700 (2017 est.)
$2,600 (2016 est.)
$2,500 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 197
22% of GDP (2017 est.)
21.5% of GDP (2016 est.)
17.7% of GDP (2015 est.)
country comparison to the world: 76
[see also: Gross national saving country ranks ]
household consumption: 76.5%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 16.1%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 26.2%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 28.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -45.7% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 16.9%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 24.3%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 58.8% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
peanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish
agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, zircon, and gold mining, construction materials, ship construction and repair
8.4% (2017 est.)
country comparison to the world: 14
[see also: Industrial production growth rate country ranks ]
6.966 million (2017 est.)
country comparison to the world: 68
[see also: Labor force country ranks ]
agriculture: 77.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 22.5% (2007 est.)
48% (2007 est.)
country comparison to the world: 213
[see also: Unemployment rate country ranks ]
46.7% (2011 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 2.5%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 31.1% (2011)
40.3 (2011)
country comparison to the world: 59
[see also: Distribution of family income - Gini index country ranks ]
revenues: $3.863 billion
[see also: Budget - revenues country ranks ]
expenditures: $4.474 billion (2017 est.)
[see also: Budget - expenditures country ranks ]
24.1% of GDP (2017 est.)
country comparison to the world: 122
[see also: Taxes and other revenues country ranks ]
-3.8% of GDP (2017 est.)
country comparison to the world: 140
[see also: Budget surplus (+) or deficit (-) country ranks ]
61.3% of GDP (2017 est.)
58.6% of GDP (2016 est.)
country comparison to the world: 70
[see also: Public debt country ranks ]
calendar year
2.1% (2017 est.)
0.9% (2016 est.)
country comparison to the world: 98
[see also: Inflation rate (consumer prices) country ranks ]
0.25% (31 December 2010)
4.25% (31 December 2009)
country comparison to the world: 141
[see also: Central bank discount rate country ranks ]
16.3% (31 December 2017 est.)
16.4% (31 December 2016 est.)
country comparison to the world: 32
[see also: Commercial bank prime lending rate country ranks ]
$5.305 billion (31 December 2017 est.)
$4.736 billion (31 December 2016 est.)
country comparison to the world: 103
[see also: Stock of narrow money country ranks ]
$8.035 billion (31 December 2017 est.)
$7.244 billion (31 December 2016 est.)
country comparison to the world: 113
[see also: Stock of broad money country ranks ]
$5.55 billion (31 December 2017 est.)
$5.15 billion (31 December 2016 est.)
country comparison to the world: 126
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
-$817 million (2017 est.)
-$783 million (2016 est.)
country comparison to the world: 124
[see also: Current account balance country ranks ]
$2.546 billion (2017 est.)
$2.498 billion (2016 est.)
country comparison to the world: 133
[see also: Exports country ranks ]
fish, groundnuts (peanuts), petroleum products, phosphates, cotton
Mali 18.2%, Switzerland 10.6%, India 8.2%, Cote dIvoire 5.3%, China 5% (2016)
$5.227 billion (2017 est.)
$4.993 billion (2016 est.)
country comparison to the world: 121
[see also: Imports country ranks ]
food and beverages, capital goods, fuels
France 15.9%, China 10.3%, Nigeria 7.8%, India 7.6%, Netherlands 5.3%, Spain 4.9% (2016)
$151.8 million (31 December 2017 est.)
$116.9 million (31 December 2016 est.)
country comparison to the world: 162
[see also: Reserves of foreign exchange and gold country ranks ]
$6.745 billion (31 December 2017 est.)
$6.327 billion (31 December 2016 est.)
country comparison to the world: 127
[see also: Debt - external country ranks ]
Communaute Financiere Africaine francs (XOF) per US dollar -
617.4 (2017 est.)
593.01 (2016 est.)
593.01 (2015 est.)
591.45 (2014 est.)
494.42 (2013 est.)