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 of 5.6% in 1996 and 4.7% in 1997. Annual inflation has been pushed below 3% and the fiscal deficit has been cut to less than 1.5% of GDP. Investment has been steadily rising 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.

GDP purchasing power parity - $15.6 billion (1997 est.)

GDP - real growth rate 4.7% (1997 est.)

GDP - per capita purchasing power parity - $1,850 (1997 est.)

GDP - composition by sector
agriculture: 19%
industry: 17%
services: 64% (1996 est.)

Inflation rate - consumer price index 2.5% (1997 est.)

Labor force NA
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 7.4% (1996 est.)

Electricity - capacity 303,440 kW (1997)

Electricity - production 1.027 billion kWh (1997 est.)

Electricity - consumption per capita 109 kWh (1997 est.)

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

Exports
total value: $986 million (f.o.b., 1996)
commodities: fish, ground nuts (peanuts), petroleum products, phosphates, cotton
partners: France, other EU countries, Cote d'Ivoire, Mali

Imports
total value: $1.4 billion (f.o.b., 1996)
commodities: foods and beverages, consumer goods, capital goods, petroleum products
partners: France 30%, other EU countries, Nigeria, Cameroon, Cote d'Ivoire, Algeria, China, Japan

Debt - external $3.7 billion (1996)

Economic aid
recipient: ODA, $439 million (1993)

Currency 1 Communaute Financiere Africaine franc (CFAF) = 100 centimes

Exchange rates CFA francs (CFAF) per US$1 - 608.36 (January 1998), 583.67 (1997), 511.55 (1966), 499.15 (1995), 555.20 (1994), 283.16 (1993)
note: beginning 12 January 1994, the CFA franc was devalued to CFAF 100 per French franc from CFAF 50 at which it had been fixed since 1948

Fiscal year calendar year

NOTE: The information regarding Senegal on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Senegal Economy 1998 information contained here. All suggestions for corrections of any errors about Senegal Economy 1998 should be addressed to the CIA.