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):

$20.6 billion (2007 est.)

GDP (official exchange rate):

$11.12 billion (2007)

GDP - real growth rate:

5% (2007 est.)

GDP - per capita (PPP):

$1,700 (2007 est.)

GDP - composition by sector:

agriculture: 16.7%
industry: 18.9%
services: 64.4% (2007 est.)

Labor force:

4.85 million (2007 est.)

Labor force - by occupation:

agriculture: 77.5%
industry and services: 22.5% (2007 est.)

Unemployment rate:

48% (2007 est.)

Population below poverty line:

54% (2001 est.)

Household income or consumption by percentage share:

lowest 10%: 2.7%
highest 10%: 33.4% (2001)

Distribution of family income - Gini index:

41.3 (2001)

Inflation rate (consumer prices):

5.9% (2007)

Investment (gross fixed):

12.2% of GDP (2007 est.)

Budget:

revenues: $2.271 billion
expenditures: $2.815 billion (2007 est.)

Public debt:

22.6% of GDP (2007)

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; iron ore, zircon, and gold mining, construction materials, ship construction and repair

Industrial production growth rate:

2.7% (2007 est.)

Electricity - production:

2.159 billion kWh (2006)

Electricity - consumption:

1.859 billion kWh (2006)

Electricity - exports:

0 kWh (2005)

Electricity - imports:

0 kWh (2005)

Oil - production:

0 bbl/day (2005 est.)

Oil - consumption:

35,000 bbl/day (2005 est.)

Oil - exports:

3,889 bbl/day (2004)

Oil - imports:

37,180 bbl/day (2004)

Oil - proved reserves:

0 bbl (1 January 2006 est.)

Natural gas - production:

2 billion cu m (2006 est.)

Natural gas - consumption:

2 billion cu m (2006 est.)

Natural gas - exports:

NA cu m

Natural gas - imports:

NA cu m

Natural gas - proved reserves:

NA cu m

Current account balance:

-$906 million (2007 est.)

Exports:

$1.604 billion f.o.b. (2007 est.)

Exports - commodities:

fish, groundnuts (peanuts), petroleum products, phosphates, cotton

Exports - partners:

Mali 18.4%, France 8.9%, Italy 5.8%, India 5.6%, Gambia, The 5.1% (2006)

Imports:

$3.27 billion f.o.b. (2007 est.)

Imports - commodities:

food and beverages, capital goods, fuels

Imports - partners:

France 22.8%, Netherlands 9.9%, China 7.4%, Thailand 5.3%, Belgium 4.5%, UK 4.2% (2006)

Economic aid - recipient:

$477 million (2007 est.)

Reserves of foreign exchange and gold:

$1.66 billion (31 December 2007 est.)

Debt - external:

$2.13 billion (31 December 2007)

Market value of publicly traded shares:

$NA

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