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Senegal Economy 2010
https://workmall.com/wfb2010/senegal/senegal_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Senegal Economy 2010
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

Page last updated on January 15, 2010

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 over 5% annually during 1995-2008. Annual inflation had been pushed down to the 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. High unemployment, however, continues to prompt illegal migrants to flee Senegal in search of better job opportunities in Europe. Senegal was also beset by an energy crisis that caused widespread blackouts in 2006 and 2007. The phosphate industry has struggled for two years to secure capital, and reduced output has directly impacted GDP. In 2007, Senegal signed agreements for major new mining concessions for iron, zircon, and gold with foreign companies. Firms from Dubai have agreed to manage and modernize Dakar's maritime port, and create a new special economic zone. Senegal still relies heavily upon outside donor assistance. Under the IMF's Highly Indebted Poor Countries (HIPC) debt relief program, Senegal has benefited from eradication of two-thirds of its bilateral, multilateral, and private-sector debt. In 2007, Senegal and the IMF agreed to a new, non-disbursing, Policy Support Initiative program.

GDP (purchasing power parity):
$23.16 billion (2009 est.)

$22.04 billion (2008 est.)
$21.5 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$12.61 billion (2009 est.)

GDP - real growth rate:
5.1% (2009 est.)

2.5% (2008 est.)
4.8% (2007 est.)

GDP - per capita (PPP):
$1,700 (2009 est.)

$1,700 (2008 est.)
$1,700 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 13.8%
industry: 23.3%
services: 62.9% (2009 est.)

Labor force:
5.578 million (2009 est.)

Labor force - by occupation:
agriculture: 77.5%
industry and services: 22.5% (2007 est.)

Unemployment rate:
48% (2007 est.)

Population below poverty line:
54% (2001 est.)

Household income or consumption by percentage share:
lowest 10%: 2.5%
highest 10%: 30.1% (2005)

Distribution of family income - Gini index:
41.3 (2001)

41.3 (1995)

Investment (gross fixed):
33.1% of GDP (2009 est.)

Budget:
revenues: $2.431 billion
expenditures: $3 billion (2009 est.)

Public debt:
24% of GDP (2009 est.)

21.4% of GDP (2008 est.)

Inflation rate (consumer prices):
0.8% (2009 est.)

5.8% (2008 est.)

Central bank discount rate:
4.75% (31 December 2008)

4.25% (31 December 2007)

Commercial bank prime lending rate:
NA% (31 December 2008)

NA% (31 December 2007)

Stock of money:
$NA (31 December 2008)

$2.842 billion (31 December 2007)

Stock of quasi money:
$NA (31 December 2008)

$1.579 billion (31 December 2007)

Stock of domestic credit:
$NA (31 December 2008)

$2.97 billion (31 December 2007)

Market value of publicly traded shares:
$NA

Agriculture - products:
peanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish

Industries:
agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining; iron ore, zircon, and gold mining, construction materials, ship construction and repair

Industrial production growth rate:
1.7% (2009 est.)

Electricity - production:
1.88 billion kWh (2007 est.)

Electricity - consumption:
1.384 billion kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
0 bbl/day (2008 est.)

Oil - consumption:
38,000 bbl/day (2008 est.)

Oil - exports:
5,653 bbl/day (2007 est.)

Oil - imports:
42,850 bbl/day (2007 est.)

Oil - proved reserves:
0 bbl (1 January 2009 est.)

Natural gas - production:
50 million cu m (2008 est.)

Natural gas - consumption:
50 million cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
NA cu m NA cu m

Current account balance:
$-1.437 billion (2009 est.)

$-975 million (2008 est.)

Exports:
$1.652 billion (2009 est.)

$2.053 billion (2008 est.)

Exports - commodities:
fish, groundnuts (peanuts), petroleum products, phosphates, cotton

Exports - partners:
Mali 19.6%, India 7.2%, France 5.5%, Gambia, The 5.4%, Italy 4.9% (2008)

Imports:
$3.864 billion (2009 est.)

$4.263 billion (2008 est.)

Imports - commodities:
food and beverages, capital goods, fuels

Imports - partners:
France 19.7%, UK 15.2%, China 6.7%, Belgium 4.6%, Thailand 4.4%, Netherlands 4.1% (2008)

Reserves of foreign exchange and gold:
$1.25 billion (31 December 2009 est.)

$1.601 billion (31 December 2008 est.)

Debt - external:
$2.763 billion (31 December 2009 est.)

$2.627 billion (31 December 2008 est.)

Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar - 481.35 (2009), 447.81 (2008), 481.83 (2007), 522.89 (2006), 527.47 (2005)
note: since 1 January 1999, the West African CFA franc (XOF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; West African CFA franc (XOF) coins and banknotes are not accepted in countries using Central African CFA francs (XAF), and vice versa, even though the two currencies trade at par


NOTE: The information regarding Senegal on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Senegal Economy 2010 information contained here. All suggestions for corrections of any errors about Senegal Economy 2010 should be addressed to the CIA.






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