Senegalese Economy, Senegal Economy
Advertisement
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 5% annually during 1995-2003. 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. Senegal still relies heavily upon outside donor assistance, however. Under the IMF's Highly Indebted Poor Countries debt relief program, Senegal will benefit from eradication of two-thirds of its bilateral, multilateral, and private sector debt.
GDP: 1.5% (2004)
GDP - real growth rate: 3.2% (2004 est.)
GDP - per capita: Purchasing power parity - $1,700 (2004 est.)
GDP - composition by sector: Agriculture: 15.9% industry: 21.4% services: 62.7% (2004 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):
Labor force: 4.65 million (2004 est.)
Labor force - by occupation: Agriculture 70%
Unemployment rate: 48% (urban youth 40%) (2001 est.)
Budget: Revenues: $1.572 billion expenditures: $1.627 billion, including capital expenditures of $357 million (2004 est.)
Industries: Agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, construction materials, ship construction and repair
Industrial production growth rate: 4.7% (2004 est.)
Electricity - production: 1.737 billion kWh (2002)
Electricity - production by source:
Electricity - consumption: 1.615 billion kWh (2002)
Electricity - exports: 0 kWh (2002)
Electricity - imports: 0 kWh (2002)
Oil - production: 0 bbl/day (2001 est.)
Oil - consumption: 31,000 bbl/day (2001 est.)
Oil - exports: NA
Oil - imports: NA
Oil - proved reserves:
Natural gas - production: 50 million cu m (2001 est.)
Natural gas - consumption: 50 million cu m (2001 est.)
Natural gas - exports: 0 cu m (2001 est.)
Natural gas - imports: 0 cu m (2001 est.)
Natural gas - proved reserves:
Agriculture - products: Peanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish
Exports: $1.374 billion f.o.b. (2004 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: $2.128 billion f.o.b. (2004 est.)
Imports - commodities: Food and beverages, capital goods, fuels
Imports - partners: France 24.8%, Nigeria 11.9%, Thailand 6.1% (2004)
Debt - external: $3.476 billion (2004 est.)
Economic aid - recipient: $362.6 million (2002 est.)
Currency:
Currency code:
Exchange rates: Communaute Financiere Africaine francs (XOF) per US dollar - 528.29 (2004), 581.2 (2003), 696.99 (2002), 733.04 (2001), 711.98 (2000)
Fiscal year: Calendar year
Advertisement
The information here has been derived from Public Domain Sources such as the CIA World Factbook. No liability can be taken for any inaccuracies.
Tot: 0.019s; Tpl: 0.008s; cc: 3; qc: 2; dbt: 0.0024s; 1; m:domysql w:travelblog (10.17.0.13); sld: 2;
; mem: 1.1mb