| Economy | Senegal |
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Economy - overview:
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Senegal relies heavily on donor assistance. The country's key export industries are phosphate mining, fertilizer production, and commercial fishing. The country is also working on iron ore and oil exploration projects. In January 1994, Senegal undertook a bold and ambitious economic reform program with the support of the international donor community. 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 single digits. The country was adversely affected by the global economic downturn in 2009 and GDP growth fell to 2%. 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. Under the IMF's Highly Indebted Poor Countries (HIPC) debt relief program, Senegal 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 which was completed in 2010. The IMF approved a new three-year policy support instrument in December 2010 to assist with economic reforms. Senegal receives disbursements from the $540 million Millennium Challenge Account compact it signed in September 2009 for infrastructure and agriculture development. In 2010, the Senegalese people protested against frequent power cuts. The government pledged to expand power capacity by 2012 and to promote renewable energy, but until Senegal has more capacity, more protests are likely. Foreign investment in Senegal is retarded by Senegal's unfriendly business environment. |
GDP (purchasing power parity):
|
$25.4 billion (2011 est.)
$24.48 billion (2010 est.)
$23.46 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$1,900 (2011 est.)
$1,900 (2010 est.)
$1,800 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$14.7 billion (2011 est.) |
GDP - real growth rate:
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4% (2011 est.)
4.2% (2010 est.)
2.2% (2009 est.) |
GDP - composition by sector:
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agriculture: 15.9%
industry: 21.7%
services: 62.3% (2011 est.) |
Investment (gross fixed):
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25.8% of GDP (2011 est.) |
Population below poverty line:
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54% (2001 est.) |
Household income or consumption by percentage share:
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lowest 10%: 2.5%
highest 10%: 30.1% (2005) |
Distribution of family income - Gini index:
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41.3 (2001)
41.3 (1995) |
Inflation rate (consumer prices):
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3.4% (2011 est.)
1.2% (2010 est.) |
Central bank discount rate:
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0.25% (31 December 2010 est.)
4.25% (31 December 2009 est.) |
Commercial bank prime lending rate:
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15% (31 December 2011 est.)
14.5% (31 December 2010 est.) |
Stock of money:
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$2.658 billion (31 December 2008)
$2.842 billion (31 December 2007) |
Stock of money - per capita:
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211 USD per capita |
Stock of quasi money:
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$1.599 billion (31 December 2008)
$1.579 billion (31 December 2007) |
Stock of quasi money - per capita:
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127 USD per capita |
Stock of domestic credit:
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$4.401 billion (31 December 2011 est.)
$3.771 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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349 USD per capita |
Stock of narrow money:
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$3.549 billion (31 December 2011 est.)
$3.163 billion (31 December 2010 est.) |
Stock of broad money:
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$5.851 billion (31 December 2011 est.)
$5.186 billion (31 December 2010 est.) |
Labor force:
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5.681 million (2011 est.) |
Labor force participation rate:
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44.93 % of population |
Labor force - by occupation:
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agriculture: 77.5%
industry and services: 22.5% (2007 est.) |
Unemployment rate:
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48% (2007 est.) |
Unemployment, youth ages 15-24:
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total: 14.8%
male: 11.9%
female: 20.1% (2006) |
Budget:
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revenues: $3.353 billion
expenditures: $4.337 billion (2011 est.) |
Budget revenues per capita:
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266 USD per capita |
Taxes and other revenues:
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22.8% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-6.7% of GDP (2011 est.) |
Public debt:
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33.2% of GDP (2011 est.)
33.3% of GDP (2010 est.) |
Industries:
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agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining; iron ore, zircon, and gold mining, construction materials, ship construction and repair |
Industrial production growth rate:
|
4.9% (2011 est.) |
Electricity - production:
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2.232 billion kWh (2008 est.) |
Electricity - production per capita:
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177 kWh per capita |
Electricity - consumption:
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1.763 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
140 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
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0 kWh (2009 est.) |
Oil - production:
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65.12 bbl/day (2010 est.) |
Oil - production per capita:
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6 bbl/day per capita |
Oil - consumption:
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41,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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1.18 bbl/year per capita |
Oil - exports:
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4,550 bbl/day (2009 est.) |
Oil - imports:
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36,290 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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50 million cu m (2009 est.) |
Natural gas - production per capita:
|
4 cu m per capita |
Natural gas - consumption:
|
50 million cu m (2009 est.) |
Natural gas - consumption - per capita:
|
4 cu m per capita |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
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peanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish |
Current account balance:
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-$1.425 billion (2011 est.)
-$1.167 billion (2010 est.) |
Current account balance - per capita:
|
-112 USD per capita |
Exports:
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$2.515 billion (2011 est.)
$2.053 billion (2010 est.) |
Exports per capita:
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199 USD per capita |
Exports - commodities:
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fish, groundnuts (peanuts), petroleum products, phosphates, cotton |
Exports - partners:
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Mali 21.6%, India 9.6%, France 4.5%, Gambia, The 4.2% (2010) |
Imports:
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$5.366 billion (2011 est.)
$4.45 billion (2010 est.) |
Imports per capita:
|
425 USD per capita |
Imports - commodities:
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food and beverages, capital goods, fuels |
Imports - partners:
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France 15.9%, UK 13.6%, China 8.6%, Nigeria 8.6%, Netherlands 5.2% (2010) |
Reserves of foreign exchange and gold:
|
$2.8 billion (31 December 2011 est.)
$2.048 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
222 USD per capita |
Debt - external:
|
$4.381 billion (31 December 2011 est.)
$3.858 billion (31 December 2010 est.) |
Debt - external - per capita:
|
347 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
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void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
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Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States |
Exchange rates:
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Communaute Financiere Africaine francs (XOF) per US dollar -
466.2 (2011 est.)
494.1 (2010 est.)
472.19 (2009)
447.81 (2008)
481.83 (2007) |
Fiscal year:
|
calendar year |
|
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