| People | Senegal |
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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 and 2007. The phosphate industry has struggled for two years to secure capital, and reduced output has directly impacted GDP. In 2007, Senegal signed agreements for major new mining concessions for iron, zircon, and gold with foreign companies. Firms from Dubai have agreed to manage and modernize Dakar's maritime port, and create a new special economic zone. Senegal still relies heavily upon outside donor assistance. Under the IMF's Highly Indebted Poor Countries (HIPC) debt relief program, Senegal has benefited from eradication of two-thirds of its bilateral, multilateral, and private-sector debt. In 2007, Senegal and the IMF agreed to a new, non-disbursing, Policy Support Initiative program. |
GDP (purchasing power parity):
|
$20.61 billion (2007 est.) |
GDP (official exchange rate):
|
$11.1 billion (2007) |
GDP - real growth rate:
|
4.8% (2007 est.) |
GDP - per capita (PPP):
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$1,700 (2007 est.) |
GDP - composition by sector:
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agriculture: 13.1%
industry: 20.6%
services: 66.3% (2007 est.) |
Investment (gross fixed):
|
12.2% of GDP (2007 est.) |
Population below poverty line:
|
54% (2001 est.) |
Household income or consumption by percentage share:
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lowest 10%: 2.7%
highest 10%: 33.4% (2001) |
Distribution of family income - Gini index:
|
41.3 (2001) |
Inflation rate (consumer prices):
|
5.8% (2007) |
Labor force:
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4.85 million (2007 est.) |
Labor force participation rate:
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37.73 % of population |
Labor force - by occupation:
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agriculture: 77.5%
industry and services: 22.5% (2007 est.) |
Unemployment rate:
|
48% (2007 est.) |
Budget:
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revenues: $2.25 billion
expenditures: $2.987 billion (2007 est.) |
Budget revenues per capita:
|
176 USD per capita |
Public debt:
|
22.6% of GDP (2007) |
Industries:
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agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, construction materials, ship construction and repair |
Industrial production growth rate:
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2.7% (2007 est.) |
Electricity - production:
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2.159 billion kWh (2006) |
Electricity - production per capita:
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168 kWh per capita |
Electricity - consumption:
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1.859 billion kWh (2006) |
Electricity - consumption - per capita:
|
145 kWh per capita |
Electricity - exports:
|
0 kWh (2005) |
Electricity - imports:
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0 kWh (2005) |
Oil - production:
|
0 bbl/day (2005 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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35,000 bbl/day (2005 est.) |
Oil - consumption - per capita:
|
0.99 bbl/year per capita |
Oil - exports:
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3,889 bbl/day (2004) |
Oil - imports:
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37,180 bbl/day (2004) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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2 billion cu m (2006 est.) |
Natural gas - production per capita:
|
156 cu m per capita |
Natural gas - consumption:
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2 billion cu m (2006 est.) |
Natural gas - consumption - per capita:
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156 cu m per capita |
Natural gas - exports:
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NA cu m |
Natural gas - imports:
|
NA cu m |
Natural gas - proved reserves:
|
NA cu m |
Agriculture - products:
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peanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish |
Current account balance:
|
-$1.085 billion (2007 est.) |
Current account balance - per capita:
|
-84 USD per capita |
Exports:
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$1.725 billion f.o.b. (2007 est.) |
Exports per capita:
|
135 USD per capita |
Exports - commodities:
|
fish, groundnuts (peanuts), petroleum products, phosphates, cotton |
Exports - partners:
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Mali 19.2%, France 8.3%, India 5.8%, Gambia, The 5.3%, Spain 5.1%, Italy 4.9% (2006) |
Imports:
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$3.673 billion f.o.b. (2007 est.) |
Imports per capita:
|
286 USD per capita |
Imports - commodities:
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food and beverages, capital goods, fuels |
Imports - partners:
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France 25.1%, UK 5.2%, Thailand 4.8%, China 4.5%, Spain 4% (2006) |
Reserves of foreign exchange and gold:
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$1.35 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
106 USD per capita |
Debt - external:
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$2.004 billion (31 December 2007) |
Debt - external - per capita:
|
156 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Market value of publicly traded shares:
|
$NA |
Economic aid - donor:
|
void |
Economic aid - recipient:
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$477 million (2007 est.) |
Economic aid - recipient per capita:
|
38 USD per capita |
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)
note: since 1 January 1999, the XOF franc has been pegged to the euro at a rate of 655.957 XOF francs per euro |
Fiscal year:
|
calendar year |
|
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