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