Senegal Economy - 2021

Economic overview

Senegal’s economy is driven by mining, construction, tourism, fisheries and agriculture, which are the primary sources of employment in rural areas. The country's key export industries include phosphate mining, fertilizer production, agricultural products and commercial fishing and Senegal is also working on oil exploration projects. It relies heavily on donor assistance, remittances and foreign direct investment. Senegal reached a growth rate of 7% in 2017, due in part to strong performance in agriculture despite erratic rainfall.

President Macky SALL, who was elected in March 2012 under a reformist policy agenda, inherited an economy with high energy costs, a challenging business environment, and a culture of overspending. President SALL unveiled an ambitious economic plan, the Emerging Senegal Plan (ESP), which aims to implement priority economic reforms and investment projects to increase economic growth while preserving macroeconomic stability and debt sustainability. Bureaucratic bottlenecks and a challenging business climate are among the perennial challenges that may slow the implementation of this plan.

Senegal receives technical support from the IMF under a Policy Support Instrument (PSI) to assist with implementation of the ESP. The PSI implementation continues to be satisfactory as concluded by the IMF’s fifth review in December 2017. Financial markets have signaled confidence in Senegal through successful Eurobond issuances in 2014, 2017, and 2018.

The government is focusing on 19 projects under the ESP to continue The government’s goal under the ESP is structural transformation of the economy. Key projects include the Thiès-Touba Highway, the new international airport opened in December 2017, and upgrades to energy infrastructure. The cost of electricity is a chief constraint for Senegal’s development. Electricity prices in Senegal are among the highest in the world. Power Africa, a US presidential initiative led by USAID, supports Senegal’s plans to improve reliability and increase generating capacity.

Real GDP growth rate

7.2% (2017 est.)

6.2% (2016 est.)

6.4% (2015 est.)

Inflation rate (consumer prices)

-0.8% (2019 est.)

0.4% (2018 est.)

1.3% (2017 est.)

Credit ratings

Moody's rating: Ba3 (2017)

Standard & Poors rating: B+ (2000)

Real GDP (purchasing power parity)

$55.324 billion (2019 est.)

$52.553 billion (2018 est.)

$49.402 billion (2017 est.)

note: data are in 2010 dollars

GDP (official exchange rate)

$23.576 billion (2019 est.)

Real GDP per capita

$3,395 (2019 est.)

$3,315 (2018 est.)

$3,204 (2017 est.)

note: data are in 2010 dollars

Gross national saving

23.4% of GDP (2018 est.)

22.5% of GDP (2017 est.)

20.4% of GDP (2015 est.)

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.)

Ease of Doing Business Index scores

Overall score: 59.3 (2020)

Starting a Business score: 91.2 (2020)

Trading score: 60.9 (2020)

Enforcement score: 50.6 (2020)

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

7.7% (2017 est.)

Labor force

6.966 million (2017 est.)

Labor force - by occupation

agriculture: 77.5%

industry: 22.5%

industry and services: 22.5% (2007 est.)

Unemployment rate

48% (2007 est.)

Population below poverty line

46.7% (2011 est.)

Gini Index coefficient - distribution of family income

40.3 (2011 est.)

Household income or consumption by percentage share

lowest 10%: 2.5%

highest 10%: 31.1% (2011)

Budget

revenues: 4.139 billion (2017 est.)

expenditures: 4.9 billion (2017 est.)

Taxes and other revenues

19.6% (of GDP) (2017 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.)

Fiscal year

calendar year

Current account balance

-$1.547 billion (2017 est.)

-$769 million (2016 est.)

Exports

$2.362 billion (2017 est.)

$2.498 billion (2016 est.)

Exports - partners

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

Exports - commodities

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

Imports

$5.217 billion (2017 est.)

$4.966 billion (2016 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 -

617.4 (2017 est.)

593.01 (2016 est.)

593.01 (2015 est.)

591.45 (2014 est.)

494.42 (2013 est.)