Short facts about the economy in Senegal

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 is 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 in 1995-99. Annual inflation has been pushed down to 2%, and the fiscal deficit has been cut to less than 1.5% of GDP. Investment rose steadily from 13.8% of GDP in 1993 to 16.5% in 1997. As a member of the West African Economic and Monetary Union (UEMOA), Senegal is working toward greater regional integration with a unified external tariff. Senegal also realized full Internet connectivity in 1996, creating a miniboom in information technology-based services. Private activity now accounts for 82% of GDP. On the negative side, Senegal faces deep-seated urban problems of chronic unemployment, juvenile delinquency, and drug addiction. Real GDP growth is expected to rise above 6%, while inflation is likely to hold at 2% in 2001-02.

GDP:	purchasing power parity - $16 billion (2000 est.)

GDP - real growth rate:

5.7% (2000 est.)

GDP - per capita:

purchasing power parity - $1,600 (2000 est.)

GDP - composition by sector:

agriculture:  19% industry:  20% services:  61% (1997 est.)

Population below poverty line:

NA%

Household income or consumption by percentage share:

lowest 10%:  1.4% highest 10%:  42.8% (1991)

Inflation rate (consumer prices):

1.5% (2000 est.)

Labor force:

NA

Labor force - by occupation:

agriculture 60%

Unemployment rate:

NA%; urban youth 40%

Budget:

revenues:  $885 million expenditures:  $885 million, including capital expenditures of $125 million (1996 est.)

Industries:

agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, construction materials

Industrial production growth rate:

7% (1998 est.)

Electricity - production:

1.27 billion kWh (1999)

Electricity - production by source:

fossil fuel:  100% hydro:  0% nuclear:  0% other:  0% (1999)

Electricity - consumption:

1.181 billion kWh (1999)

Electricity - exports:

0 kWh (1999)

Electricity - imports:

0 kWh (1999)

Agriculture - products:

peanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish

Exports:

$959 million (f.o.b., 2000)

Exports - commodities:

fish, ground nuts (peanuts), petroleum products, phosphates, cotton

Exports - partners:

France 17%, India 17%, Italy 12%, Spain 6%, Mali 6%, Cote d'Ivoire 4% (1999)

Imports:

$1.3 billion (f.o.b., 2000)

Imports - commodities:

foods and beverages, consumer goods, capital goods, petroleum products

Imports - partners:

France 30%, Nigeria 7%, Italy 6%, Thailand 5%, Germany 4%, US 4% (1999)

Debt - external:

$4.1 billion (1998 est.)

Economic aid - recipient:

$647.5 million (1995)

Currency:

Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States

Currency code:

XOF

Exchange rates:

Communaute Financiere Africaine francs (XOF) per US dollar - 699.21 (January 2001), 711.98 (2000), 615.70 (1999), 589.95 (1998), 583.67 (1997), 511.55 (1966); note - from 1 January 1999, the XOF is pegged to the euro at a rate of 655.957 XOF per euro

Fiscal year:

calendar year

Source: World Factbook