Senegal Economy - 2023

Economic overview

lower middle-income, services-driven West African economy; key mining, construction, agriculture, and fishing industries; tourism and exports hit hard by COVID-19; large informal economy; developing offshore oil and gas fields; systemic corruption

Real GDP (purchasing power parity)

$58.991 billion (2021 est.)

$55.618 billion (2020 est.)

$54.89 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

6.06% (2021 est.)

1.33% (2020 est.)

4.61% (2019 est.)

Real GDP per capita

$3,500 (2021 est.)

$3,400 (2020 est.)

$3,400 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$23.576 billion (2019 est.)

Inflation rate (consumer prices)

2.55% (2020 est.)

1.76% (2019 est.)

0.46% (2018 est.)

Credit ratings

Moody's rating: Ba3 (2017)

Standard & Poors rating: B+ (2000)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 16.9% (2017 est.)

industry: 24.3% (2017 est.)

services: 58.8% (2017 est.)

GDP - composition, by end use

household consumption: 71.9% (2017 est.)

government consumption: 15.2% (2017 est.)

investment in fixed capital: 25.1% (2017 est.)

investment in inventories: 3.4% (2017 est.)

exports of goods and services: 27% (2017 est.)

imports of goods and services: -42.8% (2017 est.)

Agricultural products

groundnuts, watermelons, rice, sugar cane, cassava, millet, maize, onions, sorghum, vegetables

Industries

agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, zircon, and gold mining, construction materials, ship construction and repair

Industrial production growth rate

10.91% (2021 est.)

Labor force

4.377 million (2021 est.)

Labor force - by occupation

agriculture: 77.5%

industry: 22.5%

industry and services: 22.5% (2007 est.)

Unemployment rate

3.72% (2021 est.)

3.62% (2020 est.)

2.86% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 5%

male: 3.5%

female: 7.5% (2021 est.)

Population below poverty line

46.7% (2011 est.)

Gini Index coefficient - distribution of family income

38.1 (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.5%

highest 10%: 31.1% (2011)

Budget

revenues: $4.76 billion (2019 est.)

expenditures: $5.662 billion (2019 est.)

Budget surplus (+) or deficit (-)

-3.6% (of GDP) (2017 est.)

Public debt

48.3% of GDP (2017 est.)

47.8% of GDP (2016 est.)

Taxes and other revenues

16.38% (of GDP) (2018 est.)

Fiscal year

calendar year

Current account balance

-$2.215 billion (2018 est.)

-$1.526 billion (2017 est.)

-$795.648 million (2016 est.)

Exports

$5.287 billion (2018 est.) note: data are in current year dollars

$4.593 billion (2017 est.)

Exports - partners

Mali 22%, Switzerland 14%, India 9%, China 7% (2019)

Exports - commodities

gold, refined petroleum, phosphoric acid, fish, ground nuts (2019)

Imports

$8.96 billion (2018 est.) note: data are in current year dollars

$7.499 billion (2017 est.)

Imports - partners

China 17%, France 11%, Belgium 7%, Russia 7%, Netherlands 7% (2019)

Imports - commodities

refined petroleum, crude petroleum, rice, cars, malt extract, clothing and apparel (2019)

Reserves of foreign exchange and gold

$1.827 billion (31 December 2017 est.)

$116.9 million (31 December 2016 est.)

Debt - external

$8.571 billion (31 December 2017 est.)

$6.327 billion (31 December 2016 est.)

Exchange rates

Communaute Financiere Africaine francs (XOF) per US dollar -

554.531 (2021 est.)

575.586 (2020 est.)

585.911 (2019 est.)

555.446 (2018 est.)

580.657 (2017 est.)