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Senegal Economy
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 5% annually during 1995-2003. 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. 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 - $17.09 billion (2003 est.)
GDP - real growth rate:
5.5% (2003 est.)
GDP - per capita:
purchasing power parity - $1,600 (2003 est.)
GDP - composition by sector:
agriculture: 16.8%
industry: 27.2%
services: 56% (2003 est.)
Investment (gross fixed):
21.3% of GDP (2003)
Population below poverty line:
54% (2001 est.)
Household income or consumption by percentage share:
lowest 10%: 2.6%
highest 10%: 33.5% (1995)
Distribution of family income - Gini index:
41.3 (1995)
Inflation rate (consumer prices):
0% (2003 est.)
Labor force:
4.62 million NA (2003)
Labor force - by occupation:
agriculture 70%
Unemployment rate:
48% (urban youth 40%) (2001 est.)
Budget:
revenues: $1.304 billion
expenditures: $1.367 billion, including capital expenditures of $357 million (2003 est.)
Public debt:
54.2% of GDP (2003)
Industries:
agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, construction materials
Industrial production growth rate:
2.9% (2003 est.)
Electricity - production:
1.518 billion kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
1.412 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
31,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Natural gas - production:
50 million cu m (2001 est.)
Natural gas - consumption:
50 million cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
0 cu m (2001 est.)
Agriculture - products:
peanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish
Current account balance:
$-389 million (2003)
Exports:
$1.23 billion f.o.b. (2003 est.)
Exports - commodities:
fish, groundnuts (peanuts), petroleum products, phosphates, cotton
Exports - partners:
India 13%, France 12.2%, Mali 9.5%, Italy 8.5%, Cote d'Ivoire 5.4%, Spain 5% (2003 est.)
Imports:
$1.753 billion f.o.b. (2003 est.)
Imports - commodities:
foods and beverages, capital goods, fuels
Imports - partners:
France 24.9%, Nigeria 12.2%, Thailand 6.7%, Spain 4.3% (2003 est.)
Reserves of foreign exchange & gold:
$780 million (2003)
Debt - external:
$3.009 billion (2003 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 - 581.2 (2003), 696.988 (2002), 733.039 (2001), 711.976 (2000), 615.699 (1999)
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