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Senegal Economy 2011
https://theodora.com/wfb2011/senegal/senegal_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 12, 2011

Economy - overview:
Senegal relies heavily on donor assistance. The country's key export industries are phosphate mining, fertilizer production, and commercial fishing. The country is also working on iron ore and oil exploration projects. In January 1994, Senegal undertook a bold and ambitious economic reform program with the support of the international donor community. 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 1995-2008. Annual inflation had been pushed down to the single digits. The country was adversely affected by the global economic downturn in 2009 and GDP growth fell below 2%. 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. Under the IMF's Highly Indebted Poor Countries (HIPC) debt relief program, Senegal 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 which was completed in 2010. Senegal received its first disbursement from the $540 million Millennium Challenge Account compact it signed in September 2009 for infrastructure and agriculture development. In 2010, the Senegalese people protested against frequent power cuts. The government pledged to expand capacity by 2012 and to promote renewable energy but until Senegal has more capacity, more protests are likely and economic activity will be hindered. During the year, bakers protested government price controls on bread. Foreign investment in Senegal is constrained by Senegal's business environment, which has slipped in recent years, and by perceptions of corruption.

GDP (purchasing power parity):
$23.86 billion (2010 est.)
country comparison to the world: 117

$22.96 billion (2009 est.)
$22.56 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$12.66 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.9% (2010 est.)
country comparison to the world: 86

1.8% (2009 est.)
3.3% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,900 (2010 est.)
country comparison to the world: 192

$1,900 (2009 est.)
$1,900 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 14.9%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 21.4%
[see also: GDP - composition by sector - industry country ranks ]
services: 63.6% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
5.53 million (2009 est.)
country comparison to the world: 68
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 77.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 22.5% (2007 est.)

Unemployment rate:
48% (2007 est.)
country comparison to the world: 192
[see also: Unemployment rate country ranks ]

Population below poverty line:
54% (2001 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.5%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 30.1% (2005)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
41.3 (2001)
country comparison to the world: 55

41.3 (1995)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
25.9% of GDP (2009 est.)
country comparison to the world: 39
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $2.726 billion
[see also: Budget - revenues country ranks ]
expenditures: $3.315 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
32.1% of GDP (2010 est.)
country comparison to the world: 86

29.6% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
1.2% (2010 est.)
country comparison to the world: 27

-1% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.25% (31 December 2009)
country comparison to the world: 95

4.75% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
NA%
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.8 billion (31 December 2010 est)

$2.903 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$4.603 billion (31 December 2010 est.)

$4.745 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$3.516 billion (31 December 2010 est.)
country comparison to the world: 115

$3.412 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

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:
3.8% (2009 est.)
country comparison to the world: 89
[see also: Industrial production growth rate country ranks ]

Electricity - production:
1.88 billion kWh (2007 est.)
country comparison to the world: 133
[see also: Electricity - production country ranks ]

Electricity - consumption:
1.384 billion kWh (2007 est.)
country comparison to the world: 142
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
0 bbl/day (2008 est.)
country comparison to the world: 132
[see also: Oil - production country ranks ]

Oil - consumption:
39,000 bbl/day (2009 est.)
country comparison to the world: 106
[see also: Oil - consumption country ranks ]

Oil - exports:
5,653 bbl/day (2007 est.)
country comparison to the world: 103
[see also: Oil - exports country ranks ]

Oil - imports:
42,850 bbl/day (2007 est.)
country comparison to the world: 94
[see also: Oil - imports country ranks ]

Oil - proved reserves:
0 bbl (1 January 2010 est.)
country comparison to the world: 125
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
50 million cu m (2008 est.)
country comparison to the world: 83
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
50 million cu m (2008 est.)
country comparison to the world: 107
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 129
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 134
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
NA cu m
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$1.046 billion (2010 est.)
country comparison to the world: 137

-$1.356 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$2.112 billion (2010 est.)
country comparison to the world: 130

$1.902 billion (2009 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Mali 20.12%, India 9.84%, Gambia 5.58%, France 5.02%, Italy 4.23% (2009)

Imports:
$4.474 billion (2010 est.)
country comparison to the world: 125

$4.549 billion (2009 est.)
[see also: Imports country ranks ]

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

Imports - partners:
France 19.58%, UK 9.64%, China 8.08%, Netherlands 5.64%, Thailand 4.75%, US 3.97% (2009)

Reserves of foreign exchange and gold:
$2.2 billion (31 December 2010 est.)
country comparison to the world: 95

$2.123 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$3.885 billion (31 December 2010 est.)
country comparison to the world: 118

$3.462 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar - 507.71 (2010), 470.9 (2009), 447.81 (2008), 481.83 (2007), 522.89 (2006)


NOTE: The information regarding Senegal on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Senegal Economy 2011 information contained here. All suggestions for corrections of any errors about Senegal Economy 2011 should be addressed to the CIA.



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This page was last modified 09-Feb-11
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