Senegal Economy 2001

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

NOTE: The information regarding Senegal on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Senegal Economy 2001 information contained here. All suggestions for corrections of any errors about Senegal Economy 2001 should be addressed to the CIA.