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Senegal: Economy

Economy 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 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 1995-2002. Annual inflation had been pushed down to less than 1%, but rose to an estimated 3.3% in 2001 and 3.0% in 2002. 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 (WAEMU), 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. In 2003, GDP will probably again grow at about 5%. On the negative side, Senegal faces deep-seated urban problems of chronic unemployment, trade union militancy, juvenile delinquency, and drug addiction.
GDP:
purchasing power parity - $15.64 billion (2002 est.)
GDP - real growth rate:
2.4% (2002 est.)
GDP - per capita:
purchasing power parity - $1,500 (2002 est.)
GDP - composition by sector:
agriculture: 18%
industry: 27%
services: 55% (2001 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):
3% (2002 est.)
Labor force:
NA
Labor force - by occupation:
agriculture 70%
Unemployment rate:
48% (urban youth 40%) (2001 est.)
Budget:
revenues: $1.373 billion
expenditures: $1.373 billion, including capital expenditures of $357 million (2002 est.)
Industries:
agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, construction materials
Industrial production growth rate:
8.1% (2002 est.)
Electricity - production:
1.518 billion kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
1.412 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
31,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
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.)
Agriculture - products:
peanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish
Exports:
$1.15 billion f.o.b. (2002 est.)
Exports - commodities:
fish, groundnuts (peanuts), petroleum products, phosphates, cotton
Exports - partners:
India 20.7%, France 13%, Mali 8.9%, Greece 7.7%, Italy 4.4% (2002)
Imports:
$1.46 billion f.o.b. (2002 est.)
Imports - commodities:
foods and beverages, capital goods, fuels
Imports - partners:
France 25.6%, Nigeria 8.7%, Thailand 7.2%, US 5.4%, Germany 5.4%, Italy 4.5%, Spain 4% (2002)
Debt - external:
$3.1 billion (2002 est.)
Economic aid - recipient:
$362.6 million (2002 est.)
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 - 696.99 (2002), 733.04 (2001), 711.98 (2000), 615.7 (1999), 589.95 (1998)
Fiscal year:
calendar year

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Source: The CIA World Fact Book 2003

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