Predominantly rural, and with limited natural resources, the economy of Senegal gains most of its foreign exchange from fish, phosphates, groundnuts, tourism, and services. The agricultural sector of Senegal is highly vulnerable to variations in rainfall and changes in world commodity prices. The former capital of French West Africa, is also home to banks and other institutions which serve all of Francophone West Africa, and is a hub for shipping and transport in the region.
Senegal also has one of the best developed tourist industries in Africa. Senegal depends heavily on foreign assistance, which in 2000 represented about 32% of overall government spending—including both current expenditures and capital investments—or CFA 270.8 billion (U.S$. 361.0 million). Senegal is a member of the World Trade Organization.
|Economy of Senegal|
Dakar, Senegal's place de l'Indépendance: a center of government, banking and trade. In the background is the commercial port and the tourist area, Gorée island.
|GDP||$59.987 billion (PPP, 2018 est.) $24.240 billion (nominal, 2018 est.)|
|GDP rank||105th (PPP, 2018) 108th (nominal, 2018)|
|6.2% (2016) 7.2% (2017) 6.6% (2018e) 6.6% (2019f) |
GDP per capita
|$3,675 (PPP, 2018 est.) $1,485 (nominal, 2018 est.)|
GDP per capita rank
|158th (PPP, 2017) 158th (nominal, 2017)|
GDP by sector
|agriculture: 16.9% industry: 24.3% services: 58.8% (2017 est.)|
|1.3% (2017 est.) 0.8% (2016 est.)|
Population below poverty line
|46.7% (2011 est.)|
|40.3 medium (2011, World Bank)|
|6.966 million (2017 est.)|
Labour force by occupation
|agriculture: 77.5% industry: 22.5% industry and services: 22.5% (2007 est.)|
|Unemployment||48% (2007 est.)|
|agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, zircon, and gold mining, construction materials, ship construction and repair|
|Exports||$2.362 billion (2017 est.)|
|fish, groundnuts (peanuts), petroleum products, phosphates, cotton|
Main export partners
|Mali 14.8% Switzerland 11.4% India 6% Cote d'Ivoire 5.3% UAE 5.1% Gambia 4.2% Spain 4.1% (2017)|
|Imports||$5.217 billion (2017 est.)|
|food and beverages, capital goods, fuels|
Main import partners
|France 16.3% China 10.4% Nigeria 8% India 7.2% Netherlands 4.2% Spain 4.2% (2017)|
|-$1.547 billion (2017 est.)|
Gross external debt
|$8.571 billion (31 December 2017 est.)|
|48.3% of GDP (2017 est.)|
|-3.6% (of GDP) (2017 est.)|
|Revenues||$4.139 billion (2017 est.)|
|Expenses||$4.9 billion (2017 est.)|
|$1.827 billion (31 December 2017 est.)|
The GDP per capita of Senegal shrank by 1.30% in the 1960s. However, it registered a peak growth of 158% in the 1970s, and still expanded 43% in the turbulent 1980s. However, this proved unsustainable and the economy consequently shrank by 40% in the 1990s.
Since the January 1994 CFA franc devaluation, the International Monetary Fund (IMF), the World Bank, and other multilateral and creditors have been supporting the Government of Senegal’s structural and sectoral adjustment programs. The broad objectives of the program have been to facilitate growth and development by reducing the role of government in the economy, improving public sector management, enhancing incentives for the private sector, and reducing poverty.
In January 1994, Senegal undertook a radical economic reform program at the behest 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 as another economic reform.
This currency devaluation had severe social consequences, because most essential goods were imported. Overnight, the price of goods such as milk, rice, fertilizer and machinery doubled. As a result, Senegal suffered a large exodus, with many of the most educated people and those who could afford it choosing to leave the country.
After an economic contraction of 2.1% in 1993, Senegal made an important turnaround, thanks to the reform program, with a growth in GDP averaging over 5% annually during 1995-2004. Annual inflation had been pushed down to the low 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. Senegal still relies heavily upon outside donor assistance, however. Under the IMF's Highly Indebted Poor Countries debt relief program, Senegal will benefit from eradication of two-thirds of its bilateral, multilateral, and private sector debt, contingent on the completion of privatization program proposed by the government and approved by the IMF.
The fishing sector has replaced the groundnut sector as Senegal's export leader. Its export earnings reached U.S.$239 million in 2000. The industrial fishing operations struggle with high costs, and Senegalese tuna is rapidly losing the French market to more efficient Asian competitors.
Phosphate production, the second major foreign exchange earner, has been steady at about U.S.$95 million. Exports of peanut products reached U.S.$79 million in 2000 and represented 11% of total export earnings. Receipts from tourism, the fourth major foreign exchange earner, have picked up since the January 1994 devaluation. In 2000, some 500,000 tourists visited Senegal, earning the country $120 million.
Senegal’s new Agency for the Promotion of Investment (APIX) plays a pivotal role in the government’s foreign investment program. Its objective is to increase the investment rate from its current level of 20.6% to 30%. Currently, there are no restrictions on the transfer or repatriation of capital and income earned, or investment financed with convertible foreign exchange. Direct U.S. investment in Senegal remains about U.S.$38 million, mainly in petroleum marketing, pharmaceuticals manufacturing, chemicals, and banking. Economic assistance, about U.S.$350 million a year, comes largely from France, the IMF, the World Bank, and the United States. Canada, Italy, Japan, and Germany also provide assistance.
Senegal has well-developed though costly port facilities, a major international airport serving 23 international airlines, and direct and expanding telecommunications links with major world centers.
With an external debt of U.S.$2,495 million, and with its economic reform program on track, Senegal qualified for the multilateral debt relief initiative for Heavily Indebted Poor Countries (HIPC). Progress on structural reforms is on track, but the pace of reforms remains slow, as delays occur in implementing a number of measures on the privatization program, good governance issues, and the promotion of private sector activity.
Macroeconomic indicators show that Senegal turned in a respectable performance in meeting IMF targets in 2000: annual GDP growth increased to 5.7%, compared to 5.1% in 1999. Inflation was reported to be 0.7% compared to 0.8% in 1999, and the current account deficit (excluding transfers) was held at less than 6% of GDP.
Senegalese trade unions include The National Confederation of Senegalese Workers (CNTS) and its affiliate the Dakar Dem Dikk Workers Democratic Union (Dakar Public Transport workers), The Democratic Union of Senegalese Workers (UTDS), The General Confederation Of Democratic Workers Of Senegal (CGTDS) and the National Union of Autonomous Trade Unions of Senegal (UNSAS). Mean wages were $0.99 per man-hour in 2009.
Senegal's corporations are included in the Bourse Régionale des Valeurs Mobilières SA (BRVM), a regional stock exchange serving the following eight West African countries, and located in Abidjan, Cote d'Ivoire.
U.S.$43.24 billion (2017 est.)
U.S.$16.46 billion (2017 est.)
7.2% (2017 est.)
$2,700 (2017 est.)
agriculture: 16.9% industry: 24.3% services: 58.8% (2017 est.)
46.7% (2011 est.)
lowest 10%: 2.5% highest 10%: 31.1% (2011)
1.4% (2017 est.)
41% of GDP (2006 est.)
6.966 million (2017 est.)
agriculture: 77.5% industry and services: 22.5% (2007 est.)
48%; note - urban youth 40% (2001 est.)
61.2% of GDP (2017 est.)
agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, construction materials, ship construction and repair
8.4% (2017 est.)
3.673 billion kWh (2015 est.)
3.014 billion kWh (2015 est.)
0 kWh (2016)
0 kWh (2016)
0 bbl/d (0 m3/d) (2004 est.)
35,000 bbl/d (5,600 m3/d) (2007 est.)
62 million cu m (2015 est.)
60 million cu m (2015 est.)
0 cu m (2013 est.)
0 cu m (2013 est.)
U.S.-$1.547 billion (2017 est.)
peanuts, millet, maize, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish
U.S.$2.546 billion (2017 est.)
fish, groundnuts (peanuts), petroleum products, phosphates, cotton
Mali 14.8%, Switzerland 11.4%, India 6%, Cote dIvoire 5.3%, UAE 5.1%, Gambia, The 4.2%, Spain 4.1% (2017)
U.S.$5.227 billion (2017 est.)
food and beverages, capital goods, fuels
France 16.3%, China 10.4%, Nigeria 8%, India 7.2%, Netherlands 4.8%, Spain 4.2% (2017)
U.S.$151.8 million (31 December 2017 est.)
U.S.$6.745 billion (31 December 2017 est.)
U.S.$449.6 million (2003 est.)
Communaute Financiere Africaine francs (XOF) per US dollar - 617.4 (2017), 593.01 (2016), 593.01 (2015), 591.45 (2014), 494.42 (2013) 522.89 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003), 696.99 (2002). In 2006, 1 € = 655.82 XOF (West-African CFA), or 1 XOF = 0.001525 € / € to XOF / XOF to €
|Year||Gross Domestic Product||US Dollar Exchange||Inflation Index (2000=100)|
|1980||652,221||211.27 CFA Francs||?|
|1985||1,197,462||449.32 CFA Francs||66|
|1990||1,603,679||272.27 CFA Francs||66|
|1995||2,309,091||499.15 CFA Francs||93|
|2000||3,192,019||709.96 CFA Francs||100|
|2005||4,387,230||526.55 CFA Francs||107|
Average wages in 2007 hover around $4–5 per day.
The following table shows the main economic indicators in 1980–2017.
|GDP in $
|4.63 bil.||6.87 bil.||8.99 bil.||11.24 bil.||14.94 bil.||21.08 bil.||22.26 bil.||23.98 bil.||25.35 bil.||26.16 bil.||27.61 bil.||28.71 bil.||30.55 bil.||32.15 bil.||34.07 bil.||36.67 bil.||39.64 bil.||43.24 bil.|
|GDP per capita in $
|−0.8 %||3.3 %||−0.7 %||5.4 %||3.2 %||5.6 %||2.5 %||5.0 %||3.7 %||2.4 %||4.3 %||1.9 %||4.5 %||3.6 %||4.1 %||6.5 %||6.7 %||7.2 %|
|8.8 %||13.0 %||0.3 %||8.1 %||0.8 %||1.7 %||2.1 %||5.9 %||6.3 %||−2.2 %||1.2 %||3.4 %||1.4 %||0.7 %||−1.1 %||0.1 %||0.9 %||1.4 %|
(Percentage of GDP)
|...||...||...||...||74 %||46 %||22 %||23 %||24 %||34 %||36 %||41 %||43 %||47 %||54 %||57 %||60 %||61 %|
Executing Agency for Public Interest Works Against Underemployment (French: Agence d’Exécution des Travaux d’Intérêt Public contre le sous-emploi, AGETIP) is the public works and public employment service in Senegal. It provides mostly small-scale basic infrastructure (roads, water supply, sanitation, health centers, hospitals, schools etc.) and other services such as micro-enterprise credit, nutrition and female literacy programs for the benefit of the poor, while creating employment and promoting the local private sector. The term is also used to describe similar agencies created based on the model of the first AGETIP in Senegal.Agriculture in Senegal
Senegal's economy is mostly driven by agriculture, fisheries, mining, construction and tourism. Most of Senegal lies within the drought-prone Sahel region, with irregular rainfall and generally poor soils. With only about 5 percent of the land irrigated, Senegal continues to rely on rain-fed agriculture, which occupies about 75 percent of the workforce. Despite a relatively wide variety of agricultural production, the majority of farmers produce for subsistence needs. Production is subject to drought and threats of pests such as locusts, birds, fruit flies, and white flies. Millet, rice, corn, and sorghum are the primary food crops grown in Senegal.Senegal is a net food importer, particularly for rice, which represents almost 75 percent of cereal imports. Peanuts, sugarcane, and cotton are important cash crops, and a wide variety of fruits and vegetables are grown for local and export markets. In 2006 gum arabic exports soared to $280 million, making it by far the leading agricultural export. Green beans, industrial tomato, cherry tomato, melon, and mango are Senegal's main vegetable cash crops. The Casamance region, isolated from the rest of Senegal by Gambia, is an important agriculture producing area, but without the infrastructure or transportation links to improve its capacity.Despite the lack of modernization of artisanal fishing, the fishing sector remains Senegal's main economic resource and major foreign exchange earner. The livestock and poultry sectors are relatively underdeveloped and have potential for modernization, development and growth. Senegal imports most of its milk and dairy products. The sector is inhibited due to low output and limited investments. The potential production of fauna and forest products is high and diversified and could, if well organized, benefit poor farmers in rural areas. Although the agricultural sector was impacted by a locust invasion in 2004, it has recovered and gross agricultural production is expected to increase by 6 percent in 2006 and 5 percent in 2007.BRVM
The Bourse Régionale des Valeurs Mobilières SA ("Regional Securities Exchange SA") or BRVM, is a regional stock exchange serving the following west African countries:
Togo.The exchange is located in Abidjan, Cote d'Ivoire. Market offices are maintained in each country.
BRVM is a private corporation with 2,904,300,000 CFA francs in capital.
The BRVM Composite Index climbed 18 percent in 2015.Bank of West Africa (BAO)
Banque d'Afrique Occidentale (also B.A.O. or BAO or Banque de l'AOF): (French for Bank of West Africa) was a bank French colonial authorities established in 1901 in Dakar, Sénégal, as the central bank of the colonies of French West Africa.Central Bank of West African States
The Central Bank of West African States (French: Banque Centrale des États de l'Afrique de l'Ouest, BCEAO) is a central bank serving the eight west African countries which share the common West African CFA franc currency and comprise the West African Economic and Monetary Union (UEMOA):
Ivory Coast (Côte d'Ivoire)
TogoThe Bank is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion.Diamniadio Lake City
Diamniadio Lake City is a government approved futuristic township based in Diamniadio, Senegal. The township is conceptualized to ease the residential and commercial clutter in the capital of Dakar, which is currently the home to a quarter of the country’s 14 million people.Housing in Senegal
Senegal’s high population growth and migration from the rural areas to Dakar has resulted in the mushrooming of squatter settlements on Dakar’s periphery.List of Senegalese regions by Human Development Index
This is a list of Regions of Senegal by Human Development Index as of 2017.List of banks in Senegal
This is a list of commercial banks in Senegal
Bank of Africa Sénégal
International Commercial Bank
Banque Atlantique Sénégal
Banque Régionale de Solidarité
Banque de l'Habitat du Sénégal
Société Générale de Banques au Sénégal (SG-BS)
Crédit Lyonnais Sénégal
Caisse Nationale de Crédit Agricole du Sénégal (CNCAS)
Compagnie Bancaire de l'Afrique Occidentale
Banque Islamique du Sénégal
Banque des Institutions Mutualistes d'Afrique de l'Ouest
Banque Sahélo-Saharienne pour l'Investissement et le Commerce (BSSIC)
Banque Internationale pour le Commerce et l'Industrie du Sénégal (BICIS)
United Bank for Africa
Banque Régionale des Marchés
Banque de Dakar (BDK)Mining industry of Senegal
The mining industry of Senegal is mainly centred on the production of phosphates and industrial limestone. Senegal is one of the leading producers of phosphates in the world, accounting for about 6% of exports in 2006, and deposits are of a particularly high quality. In the coastal region of the country, titanium-bearing minerals have been found and the reserve is estimated at 10 million tons. The mineral sector's exports accounts for 20% of total exports of the country and constitutes 20% of the GDP.
Senegal's relatively poor natural resources may have contributed to a long period of political stability (2012). The mining in Senegal is relatively poor. Senegal has not had a rich mining industry or a disruptive government. Gold has been found in the east of the country and it is hoped that this can be exploited to benefit a continuing stable country.Ministers of the Economy and Finance (Senegal)
This is a list of individuals who have served as Minister of the Economy and Finance (Ministres de l'Économie et des Finances) of the Republic of Senegal.Outline of Senegal
The following outline is provided as an overview of and topical guide to Senegal:
Senegal – sovereign country located south of the Sénégal River in West Africa. Senegal is bound by the Atlantic Ocean to the west, Mauritania to the north, Mali to the east, and Guinea and Guinea-Bissau to the south. The Gambia lies almost entirely within Senegal, surrounded on the north, east and south; from its western coast, Gambia's territory follows the Gambia River more than 300 kilometres (190 mi) inland. Dakar is the capital city of Senegal, located on the Cape Verde Peninsula on the country's Atlantic coast.Senegal
Senegal ( (listen); French: Sénégal), officially the Republic of Senegal (French: République du Sénégal), is a country in West Africa. Senegal is bordered by Mauritania in the north, Mali to the east, Guinea to the southeast, and Guinea-Bissau to the southwest. Senegal also borders The Gambia, a country occupying a narrow sliver of land along the banks of the Gambia River, which separates Senegal's southern region of Casamance from the rest of the country. Senegal also shares a maritime border with Cape Verde. Senegal's economic and political capital is Dakar.
The unitary semi-presidential republic is the westernmost country in the mainland of the Old World, or Afro-Eurasia, and owes its name to the Senegal River, which borders it to the east and north. Senegal covers a land area of almost 197,000 square kilometres (76,000 sq mi) and has an estimated population of about 15 million. The climate is typically Sahelian, though there is a rainy season.Trade unions in Senegal
Trade unionism is a powerful force in the politics, economy, and culture of Senegal, and was one of the earliest trades union movements to form in Francophone West Africa.West African CFA franc
The West African CFA franc (French: franc CFA; Portuguese: franco CFA or simply franc, ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. These eight countries had a combined population of 105.7 million people in 2014, and a combined GDP of US$128.6 billion (as of 2018).The acronym CFA stands for Communauté Financière d'Afrique ("Financial Community of Africa") or Communauté Financière Africaine ("African Financial Community"). The currency is issued by the BCEAO (Banque Centrale des États de l'Afrique de l'Ouest, "Central Bank of the West African States"), located in Dakar, Senegal, for the members of the UEMOA (Union Économique et Monétaire Ouest Africaine, "West African Economic and Monetary Union"). The franc is nominally subdivided into 100 centimes but no centime denominations have been issued.
The Central African CFA franc is of equal value to the West African CFA franc, and is in circulation in several central African states. They are both called the CFA franc.
States with limited