Africa > Senegal > Economy

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Agriculture > products peanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish
Aid as % of GDP	9.7%		[33rd of 129]
Debt > External	$2,190,000,000.00		[115th of 136]
Distribution of family income > Gini index	41.3		[9th of 43]
Economic freedom	1.95		[82nd of 156]
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 1995-2007. 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. 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.
Exports	$1,650,000,000.00		[125th of 189]
GDP	$8,936,158,000.00		[103rd of 203]
GDP > PPP	$18,242,000,000.00		[102nd of 163]
GDP > Real growth rate	4.6%		[113rd of 198]
GINI index	41.25		[9th of 40]
Gross National Income	$4,741,650,000.00		[103rd of 172]
Human Development Index	0.458		[158th of 178]
Income category	Low income
Income distribution > Richest 10%	33.5%		[39th of 114]
Population below poverty line	54%		[10th of 46]
Poverty > Share of all poor people	0.22 % of world's poor		[32nd of 80]
Public debt	22.9 % of GDP		[86th of 121]
Technological achievement	0.16		[62nd of 68]
Tourist arrivals	313,000		[87th of 152]

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