Senegal Economy
Is Senegal a wealthy country?
Senegal, located in West Africa, has a diverse economy that encompasses agriculture, manufacturing, services, and natural resource extraction.
Agriculture: Agriculture is a vital sector of the Senegalese economy, employing a significant portion of the population and contributing to food security and rural livelihoods. Key agricultural products include peanuts, millet, maize, rice, cotton, and fruits. However, the sector faces challenges such as land degradation, climate change, and low productivity.
Fisheries: Senegal's coastal waters are rich in fish stocks, making fisheries an important sector for the economy. Fish and seafood products are major exports, providing revenue and employment opportunities. However, illegal, unreported, and unregulated (IUU) fishing remains a concern, threatening the sustainability of marine resources.
Mining: Senegal has significant mineral resources, including phosphates, gold, iron ore, and zircon. The mining sector contributes to government revenue and foreign exchange earnings, but challenges such as infrastructure constraints, regulatory issues, and environmental concerns need to be addressed to fully harness its potential.
Manufacturing: The manufacturing sector in Senegal is diverse and includes food processing, textiles, chemicals, and construction materials. The government has implemented industrial policies to promote value-added manufacturing and attract investment in key industries. However, the sector faces challenges such as high production costs, limited access to finance, and competition from imported goods.
Services: The services sector is a significant contributor to Senegal's GDP, encompassing a wide range of activities such as tourism, transportation, telecommunications, banking, and commerce. Dakar, the capital city, serves as a regional hub for trade and finance, attracting investment and fostering economic growth.
Tourism: Senegal's rich cultural heritage, diverse landscapes, and vibrant music and arts scene make it a popular tourist destination in West Africa. Tourists are drawn to attractions such as the historic city of Saint-Louis, the beaches of Cap Skirring, and national parks like Niokolo-Koba. However, the tourism sector faces challenges such as infrastructure deficits, security concerns, and competition from neighboring countries.
Infrastructure Development: Senegal has made investments in infrastructure projects such as transportation networks (roads, ports, airports), energy infrastructure (power generation, transmission), and water supply and sanitation. These investments are aimed at improving connectivity, facilitating trade, and enhancing the business environment.
Foreign Aid and Remittances: Senegal receives significant inflows of foreign aid and remittances, which contribute to its economy and household incomes. Remittances from Senegalese living abroad, particularly in Europe and the United States, play a crucial role in supporting household consumption and investment.
Senegal Economy Data
What is the GDP of Senegal?
| Currency Name and Code | CFA Franc BCEAO (XOF) |
| GDP - Gross Domestic Product (PPP) | $55,260,000,000 (USD) |
| GDP - official exchange rate | $13,990,000,000 (USD) |
| GDP - real growth rate | 5.1% |
| GDP Per Capita | $2,500.00 (USD) |
| GDP by Sector- agriculture | 17.1% |
| GDP by Sector- Industry | 24.3% |
| GDP by Sector- services | 58.6% |
| GDP - composition, by end use |
household consumption: 76.5% government consumption: 15.2% investment in fixed capital: 25.7% investment in inventories: 0.9% exports of goods and services: 27% imports of goods and services: -45.3% |
| Population Below Poverty Line | 54% |
| Inflation Rate | 1.2% |
| Labor Force | 5,530,000 |
| Labor Force By Occupation- agriculture | 77.5% |
| Unemployment Rate | 48% |
| Fiscal Year | calendar year |
| Annual Budget | $2,726,000,000 (USD) |
| Budget Surplus or Deficit - percent of GDP | -5.3% |
| Public Debt (% of GDP) | 46.5% |
| Taxes and other revenues - percent of GDP | 23.2% |
| Major Industries | agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, construction materials |
| Industrial Growth Rate | 3.8% |
| Agriculture Products | peanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish |
| Labor Force By Occupation - industry and services | 22.5% |
| Child Labor - % of children ages 5-14 | 22% |
| Child Labor - # of children ages 5-14 | 657,216 |
| Commercial Bank Prime Lending Rate | 13.8% |