Senegal Economy - 2006

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 1995-2004. 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. However, 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 (purchasing power parity):
$20.44 billion (2005 est.)

GDP (official exchange rate):
$8.012 billion (2005 est.)

GDP - real growth rate:
5.2% (2005 est.)

GDP - per capita (PPP):
$1,700 (2005 est.)

GDP - composition by sector:
agriculture: 16.1%
industry: 21.4%
services: 62.5% (2005 est.)

Labor force:
4.82 million (2005 est.)

Labor force - by occupation:
agriculture: 77%
industry and services: 23% (1990 est.)

Unemployment rate:
48%; note - urban youth 40% (2001 est.)

Population below poverty line:
54% (2001 est.)

Household income or consumption by percentage share:
lowest 10%: 2.6%
highest 10%: 33.5% (1995)

Distribution of family income - Gini index:
41.3 (1995)

Inflation rate (consumer prices):
1.7% (2005 est.)

Investment (gross fixed):
22.4% of GDP (2005 est.)

Budget:
revenues: $1.657 billion
expenditures: $1.926 billion; including capital expenditures of $357 million (2005 est.)

Public debt:
46.5% of GDP (2005 est.)

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, construction materials, ship construction and repair

Industrial production growth rate:
2% (2005 est.)

Electricity - production:
1.332 billion kWh (2003)

Electricity - consumption:
1.239 billion kWh (2003)

Electricity - exports:
0 kWh (2003)

Electricity - imports:
0 kWh (2003)

Oil - production:
0 bbl/day (2003 est.)

Oil - consumption:
31,000 bbl/day (2003 est.)

Oil - exports:
NA bbl/day

Oil - imports:
NA bbl/day

Natural gas - production:
50 million cu m (2003 est.)

Natural gas - consumption:
50 million cu m (2003 est.)

Natural gas - exports:
0 cu m (2001 est.)

Natural gas - imports:
0 cu m (2001 est.)

Current account balance:
-$638 million (2005 est.)

Exports:
$1.526 billion f.o.b. (2005 est.)

Exports - commodities:
fish, groundnuts (peanuts), petroleum products, phosphates, cotton

Exports - partners:
India 14.4%, Mali 13.1%, France 9.8%, Italy 7.3%, Spain 6.6%, Guinea-Bissau 5.6%, Gambia, The 4.8% (2004)

Imports:
$2.405 billion f.o.b. (2005 est.)

Imports - commodities:
food and beverages, capital goods, fuels

Imports - partners:
France 24.8%, Nigeria 11.9%, Thailand 6.1% (2004)

Reserves of foreign exchange and gold:
$1.324 billion (2005 est.)

Debt - external:
$3.61 billion (2003 est.)

Economic aid - recipient:
$449.6 million (2003 est.)

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 - 527.47 (2005), 528.29 (2004), 581.2 (2003), 696.99 (2002), 733.04 (2001)