Senegal:
Economy

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Other pages in this profile of Senegal:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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)	Definition - World rank and map $20.6 billion (2007 est.)
GDP (official exchange rate)	Definition $11.12 billion (2007)
GDP - real growth rate	Definition - World rank and map 5% (2007 est.)
GDP - per capita	Definition - World rank and map $1,700 (2007 est.)
GDP - composition by sector	Definition agriculture: 16.7% industry: 18.9% services: 64.4% (2007 est.)
Labor force	Definition 4.85 million (2007 est.)
Labor force - by occupation	Definition agriculture: 77.5% industry and services: 22.5% (2007 est.)
Unemployment rate	Definition - World rank and map 48% (2007 est.)
Population below poverty line	Definition 54% (2001 est.)
Household income or consumption by percentage share	Definition lowest 10%: 2.7% highest 10%: 33.4% (2001)
Distribution of family income - Gini index	Definition - World rank and map 41.3 (2001)
Inflation rate (consumer prices)	Definition - World rank and map 5.9% (2007)
Investment (gross fixed)	Definition - World rank and map 12.2% of GDP (2007 est.)
Budget	Definition revenues: $2.271 billion expenditures: $2.815 billion (2007 est.)
Public debt	Definition - World rank and map 22.6% of GDP (2007)
Agriculture - products	Definition peanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish
Industries	Definition 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	Definition - World rank and map 2.7% (2007 est.)
Electricity - production	Definition - World rank and map 2.159 billion kWh (2006)
Electricity - consumption	Definition - World rank and map 1.859 billion kWh (2006)
Electricity - consumption per capita	Definition - World rank and map 144.7 kWh (2006)
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 0 kWh (2005)
Oil - production	Definition - World rank and map 0 bbl/day (2005 est.)
Oil - consumption	Definition - World rank and map 35,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 2.7 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 3,889 bbl/day (2004)
Oil - imports	Definition - World rank and map 37,180 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 2 billion cu m (2006 est.)
Natural gas - consumption	Definition - World rank and map 2 billion cu m (2006 est.)
Natural gas - consumption per capita	Definition - World rank and map 156 cu m (2006 est.)
Natural gas - exports	Definition - World rank and map NA cu m
Natural gas - imports	Definition - World rank and map NA cu m
Natural gas - proved reserves	Definition - World rank and map NA cu m
Current account balance	Definition - World rank and map -$906 million (2007 est.)
Exports	Definition - World rank and map $1.604 billion f.o.b. (2007 est.)
Exports - commodities	Definition fish, groundnuts (peanuts), petroleum products, phosphates, cotton
Exports - partners	Definition Mali 18.4%, France 8.9%, Italy 5.8%, India 5.6%, Gambia, The 5.1% (2006)
Imports	Definition - World rank and map $3.27 billion f.o.b. (2007 est.)
Imports - commodities	Definition food and beverages, capital goods, fuels
Imports - partners	Definition France 22.8%, Netherlands 9.9%, China 7.4%, Thailand 5.3%, Belgium 4.5%, UK 4.2% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $1.66 billion (31 December 2007 est.)
Debt - external	Definition - World rank and map $2.13 billion (31 December 2007)
Market value of publicly traded shares	Definition $NA
Economic aid - recipient	Definition $477 million (2007 est.)
Currency (code)	Definition Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States
Exchange rates	Definition 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	Definition calendar year

Senegal: Economy

Senegal:
Economy