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World > Africa > Senegal > Economy (Facts)

Senegal - Economy (Facts)
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 1995-2006. 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. Senegal still relies heavily upon outside donor assistance. Under the IMF's Highly Indebted Poor Countries (HIPC) debt relief program, Senegal will benefit from eradication of two-thirds of its bilateral, multilateral, and private-sector debt.
GDP - real growth rate: 2% (2006 est.)
GDP (purchasing power parity): $21.54 billion (2006 est.)
GDP (official exchange rate): $8.331 billion (2006 est.)
GDP - per capita (PPP): $1,800 (2006 est.)
GDP - composition by sector: agriculture: 18.3%
industry: 19.2%
services: 62.5% (2006 est.)
Population below poverty line: 54% (2001 est.)
Household income or consumption by percentage share: lowest 10%: 2.6%
highest 10%: 33.5% (1995)
Inflation rate (consumer prices): 2% (2006 est.)
Labor force: 4.749 million (2006 est.)
Labor force - by occupation: agriculture: 77%
industry and services: 23% (1990 est.)
Unemployment rate: 48%; note - urban youth 40% (2001 est.)
Budget: revenues: $2.023 billion
expenditures: $2.377 billion; including capital expenditures of $357 million (2006 est.)
Industries: agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, construction materials, ship construction and repair
Industrial production growth rate: 3.2% (2006 est.)
Electricity - production: 1.453 billion kWh (2004)
Electricity - consumption: 1.351 billion kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 0 bbl/day (2004 est.)
Oil - consumption: 31,000 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 50 million cu m (2004 est.)
Natural gas - exports: 0 cu m (2004 est.)
Natural gas - imports: 0 cu m (2004 est.)
Agriculture - products: peanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish
Exports: $1.478 billion f.o.b. (2006 est.)
Exports - commodities: fish, groundnuts (peanuts), petroleum products, phosphates, cotton
Exports - partners: Mali 18.5%, India 14.3%, France 6.9%, Italy 5.1%, Gambia, The 5% (2006)
Imports: $2.98 billion f.o.b. (2006 est.)
Imports - commodities: food and beverages, capital goods, fuels
Imports - partners: France 21.3%, Nigeria 10.6%, UK 8.9%, Netherlands 4.9%, China 4.8%, Brazil 4.1% (2006)
Debt - external: $1.628 billion (2006 est.)
Economic aid - recipient: $449.6 million (2003 est.)
Currency: CFA Franc BCEAO (XOF)

Current CFA Franc BCEAO Exchange Rates
Historical CFA Franc BCEAO Exchange Rates
Chart CFA Franc BCEAO Exchange Rates
Currency code: XOF
Exchange rates: Communaute Financiere Africaine francs (XOF) per US dollar - 522.89 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003), 696.99 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - CFA Franc BCEAO Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
CFA Franc BCEAO Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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