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Economy - overview:
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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.
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GDP:
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purchasing power parity - $15.64 billion (2002 est.)
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GDP - real growth rate:
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2.4% (2002 est.)
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GDP - per capita:
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purchasing power parity - $1,500 (2002 est.)
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GDP - composition by sector:
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agriculture: 18%
industry: 27%
services: 55% (2001 est.)
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Population below poverty line:
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54% (2001 est.)
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Household income or consumption by percentage share:
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lowest 10%: 2.6%
highest 10%: 33.5% (1995)
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Distribution of family income - Gini index:
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41.3 (1995)
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Inflation rate (consumer prices):
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3% (2002 est.)
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Labor force:
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NA
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Labor force - by occupation:
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agriculture 70%
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Unemployment rate:
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48% (urban youth 40%) (2001 est.)
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Budget:
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revenues: $1.373 billion
expenditures: $1.373 billion, including capital expenditures of $357 million (2002 est.)
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Industries:
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agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, construction materials
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Industrial production growth rate:
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8.1% (2002 est.)
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Electricity - production:
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1.518 billion kWh (2001)
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Electricity - production by source:
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity - consumption:
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1.412 billion kWh (2001)
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Electricity - exports:
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0 kWh (2001)
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Electricity - imports:
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0 kWh (2001)
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Oil - production:
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0 bbl/day (2001 est.)
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Oil - consumption:
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31,000 bbl/day (2001 est.)
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Oil - exports:
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NA (2001)
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Oil - imports:
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NA (2001)
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Natural gas - production:
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50 million cu m (2001 est.)
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Natural gas - consumption:
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50 million cu m (2001 est.)
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Natural gas - exports:
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0 cu m (2001 est.)
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Natural gas - imports:
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0 cu m (2001 est.)
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Agriculture - products:
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peanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish
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Exports:
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$1.15 billion f.o.b. (2002 est.)
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Exports - commodities:
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fish, groundnuts (peanuts), petroleum products, phosphates, cotton
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Exports - partners:
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India 20.7%, France 13%, Mali 8.9%, Greece 7.7%, Italy 4.4% (2002)
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Imports:
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$1.46 billion f.o.b. (2002 est.)
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Imports - commodities:
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foods and beverages, capital goods, fuels
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Imports - partners:
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France 25.6%, Nigeria 8.7%, Thailand 7.2%, US 5.4%, Germany 5.4%, Italy 4.5%, Spain 4% (2002)
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Debt - external:
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$3.1 billion (2002 est.)
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Economic aid - recipient:
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$362.6 million (2002 est.)
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Currency:
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Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States
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Currency code:
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XOF
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Exchange rates:
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Communaute Financiere Africaine francs (XOF) per US dollar - 696.99 (2002), 733.04 (2001), 711.98 (2000), 615.7 (1999), 589.95 (1998)
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Fiscal year:
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calendar year
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