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 during 1995-2001. Annual inflation had been pushed down to less than 1%, but rose to an estimated 3.3% in 2001. 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. 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 - $16.2 billion (2001 est.)

GDP - real growth rate 5.7% (2001 est.)

GDP - per capita purchasing power parity - $1,580 (2001 est.)

GDP - composition by sector
agriculture: 18.5%
industry: 20.7%
services: 60.8% (2000 est.)

Population below poverty line 54% (2001 est.)

Household income or consumption by percentage share
lowest 10%: 1.4%
highest 10%: 42.8% (1991)

Distribution of family income - Gini index 41.3 (1995)

Inflation rate (consumer prices) 3.3% (2001 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 5.2% (2000 est.)

Electricity - production 1.32 billion kWh (2000)

Electricity - production by source
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 1.228 billion kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

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

Exports $1 billion (f.o.b., 2001)

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

Exports - partners France 19%, Italy 12%, Spain 6%, Cote d'Ivoire 2% (2000)

Imports $1.3 billion (f.o.b., 2001)

Imports - commodities foods and beverages, consumer goods, capital goods, petroleum products

Imports - partners France 27%, Nigeria 19%, Germany 4%, US 4%, Italy 3% (2000)

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 - 742.79 (January 2002), 733.04 (2001), 711.98 (2000), 615.70 (1999), 589.95 (1998), 583.67 (1997); 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 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Senegal Economy 2002 information contained here. All suggestions for corrections of any errors about Senegal Economy 2002 should be addressed to the CIA.