Overview: After 14 years of mixed compliance with IMF and World Bank economic reform programs, Senegal finds its economy remains hostage to negative economic forces. Declining terms of trade, weather-related setbacks, and relentless growth in population have held back overall growth and left per capita incomes stagnant, if not diminished. The economy continues to rely on exports of fish, peanuts, and phosphates for hard currency earnings. A 50% devaluation of the African franc in January 1994 is likely to lead to substantial increases in local currency prices for producers that may spur improved production. A sheltered import-substitution sector, comprising textiles, shoes, and other light manufacturing, will remain plagued, however, by high labor, transportation, and energy costs. Public finances face a decade-long trend in declining tax revenues, making the government increasingly dependent on official development assistance from bilateral donors.

National product: GDP - purchasing power equivalent - $11.8 billion (1993 est.)

National product real growth rate: 1.2% (1991 est.)

National product per capita: $1,400 (1993 est.)

Inflation rate (consumer prices): -1.8% (1991 est.)

Unemployment rate: NA%

Budget:
revenues: $1.2 billion
expenditures: $1.2 billion, including capital expenditures of $269 million (1992 est.)

Exports: $904 million (f.o.b., 1991 est.)
commodities: fish, ground nuts, petroleum products, phosphates, cotton
partners: France, other EC members, Cote d'Ivoire, Mali

Imports: $1.2 billion (c.i.f., 1991 est.)
commodities: foods and beverages, consumer goods, capital goods, petroleum
partners: France, other EC, Nigeria, Cote d'Ivoire, Algeria, China, Japan

External debt: $2.9 billion (1990)

Industrial production: growth rate 1.9% (1991); accounts for 15% of GDP

Electricity:
capacity: 215,000 kW
production: 760 million kWh
consumption per capita: 100 kWh (1991)

Industries: agricultural and fish processing, phosphate mining, petroleum refining, building materials

Agriculture: accounts for 20% of GDP; major products - peanuts (cash crop), millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; estimated two-thirds self-sufficient in food; fish catch of 354,000 metric tons in 1990

Illicit drugs: transshipment point for Southwest Asian heroin moving to Europe and North America

Economic aid:
recipient: US commitments, including Ex-Im (FY70-89), $551 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $5.23 billion; OPEC bilateral aid (1979-89), $589 million; Communist countries (1970-89), $295 million

Currency: 1 CFA franc (CFAF) = 100 centimes
Exchange rates: Communaute Financiere Africaine francs (CFAF) per US$1 - 592.05 (January 1994), 283.16 (1993), 264.69 (1992), 282.11 (1991), 272.26 (1990), 319.01 (1989)
note: the official rate is pegged to the French franc, and beginning 12 January 1994, the CFA franc was devalued to CFAF 100 per French franc from CFAF 50 at which it had been fixed since 1948

Fiscal year: calendar year

NOTE: The information regarding Senegal on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Senegal Economy 1995 information contained here. All suggestions for corrections of any errors about Senegal Economy 1995 should be addressed to the CIA.