unbekannter Gast

Senegal: Economy#

Senegal’s economy is driven by mining, construction, tourism, fisheries and agriculture, which is the primary source 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. For the first time in the past twelve years, Senegal reached a growth rate of 6.5% in 2015 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 from 2015-2017 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 will focus on 19 projects under the ESP for the 2016 budget to continue the structural transformation of the economy. These 19 projects include the Thies-Touba Highway, including the new airport- Mbour-Thies Highway. Senegal will increase 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.

Economic Facts#

GDP (purchasing power parity)$39.72 billion (2016 est.)
$37.24 billion (2015 est.)
$34.98 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$14.87 billion (2015 est.)
GDP - real growth rate6.6% (2016 est.)
6.5% (2015 est.)
4.3% (2014 est.)
GDP - per capita (PPP)$2,600 (2016 est.)
$2,500 (2015 est.)
$2,400 (2014 est.)
note: data are in 2016 dollars
Gross national saving18.2% of GDP (2016 est.)
17.7% of GDP (2015 est.)
16.1% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 74.5%
government consumption: 15%
investment in fixed capital: 28.3%
investment in inventories: -0.3%
exports of goods and services: 26.5%
imports of goods and services: -44% (2016 est.)
GDP - composition, by sector of originagriculture: 15.6%
industry: 24.1%
services: 60.3% (2016 est.)
Agriculture - productspeanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish
Industriesagricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, zircon, and gold mining, construction materials, ship construction and repair
Industrial production growth rate7.5% (2016 est.)
Labor force6.737 million (2016 est.)
Labor force - by occupationagriculture: 77.5%
industry and services: 22.5% (2007 est.)
Unemployment rate48% (2007 est.)
Population below poverty line46.7% (2011 est.)
Household income or consumption by percentage sharelowest 10%: 2.5%
highest 10%: 31.1% (2011)
Distribution of family income - Gini index40.3 (2011)
Budgetrevenues: $3.839 billion
expenditures: $4.453 billion (2016 est.)
Taxes and other revenues25.8% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-4.1% of GDP (2016 est.)
Public debt55.6% of GDP (2016 est.)
54.6% of GDP (2015 est.)
Fiscal yearcalendar year
Inflation rate (consumer prices)1.6% (2016 est.)
0.1% (2015 est.)
Central bank discount rate0.25% (31 December 2010)
4.25% (31 December 2009)
Commercial bank prime lending rate14.3% (31 December 2016 est.)
14.3% (31 December 2015 est.)
Stock of narrow money$4.759 billion (31 December 2016 est.)
$4.264 billion (31 December 2015 est.)
Stock of broad money$7.271 billion (31 December 2016 est.)
$6.549 billion (31 December 2015 est.)
Stock of domestic credit$5.146 billion (31 December 2016 est.)
$4.868 billion (31 December 2015 est.)
Market value of publicly traded shares$NA
Current account balance-$1.244 billion (2016 est.)
-$1.033 billion (2015 est.)
Exports$2.443 billion (2016 est.)
$2.31 billion (2015 est.)
Exports - commoditiesfish, groundnuts (peanuts), petroleum products, phosphates, cotton
Exports - partnersMali 12.8%, Switzerland 9.7%, India 5.9%, Cote dIvoire 5.3%, China 5.1%, UAE 4.1%, France 4.1% (2015)
Imports$5.001 billion (2016 est.)
$4.918 billion (2015 est.)
Imports - commoditiesfood and beverages, capital goods, fuels
Imports - partnersFrance 17.9%, China 10%, Nigeria 8.7%, India 5.6%, Spain 4.9%, Netherlands 4.5% (2015)
Reserves of foreign exchange and gold$2.173 billion (31 December 2016 est.)
$2.012 billion (31 December 2015 est.)
Debt - external$6.186 billion (31 December 2016 est.)
$5.735 billion (31 December 2015 est.)
Exchange ratesCommunaute Financiere Africaine francs (XOF) per US dollar -
605.7 (2016 est.)
591.45 (2015 est.)
591.45 (2014 est.)
494.42 (2013 est.)
510.53 (2012 est.)