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Senegal Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Senegal Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

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):
$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

GDP (official exchange rate):
$16.06 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
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 ]

GDP - per capita:
$2,700 (2017 est.) $2,600 (2016 est.) $2,500 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 197

Gross national saving:
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 ]

GDP - composition, by end use:
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 ]

GDP - composition, by sector of origin:
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 ]

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, zircon, and gold mining, construction materials, ship construction and repair

Industrial production growth rate:
8.4% (2017 est.)
country comparison to the world: 14
[see also: Industrial production growth rate country ranks ]

Labor force:
6.966 million (2017 est.)
country comparison to the world: 68
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 77.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 22.5% (2007 est.)

Unemployment rate:
48% (2007 est.)
country comparison to the world: 213
[see also: Unemployment rate country ranks ]

Population below poverty line:
46.7% (2011 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.5%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 31.1% (2011)

Distribution of family income - Gini index:
40.3 (2011)
country comparison to the world: 59
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $3.863 billion
[see also: Budget - revenues country ranks ]
expenditures: $4.474 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
24.1% of GDP (2017 est.)
country comparison to the world: 122
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.8% of GDP (2017 est.)
country comparison to the world: 140
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
61.3% of GDP (2017 est.) 58.6% of GDP (2016 est.)
country comparison to the world: 70
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.1% (2017 est.) 0.9% (2016 est.)
country comparison to the world: 98
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.25% (31 December 2010) 4.25% (31 December 2009)
country comparison to the world: 141
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
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 ]

Stock of narrow money:
$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 ]

Stock of broad money:
$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 ]

Stock of domestic credit:
$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 ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$817 million (2017 est.) -$783 million (2016 est.)
country comparison to the world: 124
[see also: Current account balance country ranks ]

Exports:
$2.546 billion (2017 est.) $2.498 billion (2016 est.)
country comparison to the world: 133
[see also: Exports country ranks ]

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

Exports - partners:
Mali 18.2%, Switzerland 10.6%, India 8.2%, Cote dIvoire 5.3%, China 5% (2016)

Imports:
$5.227 billion (2017 est.) $4.993 billion (2016 est.)
country comparison to the world: 121
[see also: Imports country ranks ]

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

Imports - partners:
France 15.9%, China 10.3%, Nigeria 7.8%, India 7.6%, Netherlands 5.3%, Spain 4.9% (2016)

Reserves of foreign exchange and gold:
$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 ]

Debt - external:
$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 ]

Exchange rates:
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.)


NOTE: 1) The information regarding Senegal on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Senegal Economy 2018 information contained here. All suggestions for corrections of any errors about Senegal Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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