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Senegal: Economic and Political Outline
Economic Indicators | Foreign Trade in Figures | Sources of General Economic Information | Political Outline
With a GDP per capita of USD 1,066, Senegal has, for a long time, experienced one of the highest growth rates of the UEMOA (West African Economic and Monetary Union). Structural reforms have created an important change in the economic environment of Senegal, notably thanks to the privatization of a number of public companies in the areas of agriculture and infrastructure. However, Senegal remains an LDC with almost 50% of the population living below the poverty threshold.
The informal sector represents 60% of GDP. The economy suffers from a faulty power grid, which slows down the growth of the country (4% in 2011). Investments are expected in this sector in 2012.
The country is poor in natural resources but it is one of the most industrialized in West Africa. Growth is driven in particular by the telecommunications sector. It should amount to nearly 5% in 2012, driven by the government's strong investment in public transport.
Senegal has many bilateral partnerships and benefits from assistance of several international agencies (World Bank, IMF, EU, ADB). The World Bank in particular has provided a loan of $ 3.6 billion to fund over 160 programs in many areas.
| Main Indicators | 2009 | 2010 | 2011 | 2012 (e) | 2013 (e) |
| GDP (billions USD) | 12.79 | 12.87 | 14.73 | 15.81 | 16.83 |
| GDP (Constant Prices, Annual % Change) | 2.2 | 4.2 | 4.0 | 4.5 | 4.9 |
| GDP per Capita (USD) | 998e | 980e | 1,096e | 1,148 | 1,194 |
| General Government Gross Debt (in % of GDP) | 32.0e | 38.0e | 40.0 | 41.5 | 42.5 |
| Inflation Rate (%) | -1.7 | 1.2e | 3.6e | 2.5 | 2.1 |
| Current Account (billions USD) | -0.86 | -0.76 | -1.09e | -1.14 | -1.15 |
| Current Account (in % of GDP) | -6.7 | -5.9e | -7.4e | -6.8 | - |
Source: IMF - World Economic Outlook Database , Last Available Data
Note: (e) Estimated Data
The primary sector employs 70% of the active population and contributes about 15% to the GDP. The Senegalese agriculture is characterized by being highly vulnerable to climatic hazards and locust threats. Senegal's main crops are peanuts, black-eyed peas, cassava, watermelons, millet, rice and corn. The country is relatively poor in natural resources. Fishing is also source of important revenues.
The secondary sector contributes 20% to the GDP. It is based on the production of fertilizers and phosphoric acid to be sent to India and peanut processing (oil and cattle meal) and seafood processing (despite a growing depletion in the resource). Today, the secondary sector is in crisis due to lack of energy management.
The tertiary sector contributes almost 65% to the GDP. It benefits from the excellence of the telecommunications infrastructure, which favors investments in teleservices and the Internet.
| Breakdown of Economic Activity By Sector | Agriculture | Industry | Services |
| Employment By Sector (in % of Total Employment) | 33.7 | 14.8 | 35.9 |
| Value Added (in % of GDP) | 16.7 | 22.1 | 61.1 |
| Value Added (Annual % Change) | 3.5 | 4.6 | 1.6 |
Source: World Bank - Last Available Data.
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| Monetary Indicators | 2006 | 2007 | 2008 | 2009 | 2010 |
| CFA Franc BCEAO (XOF) - Average Annual Exchange Rate For 1 USD | 522.89 | 479.27 | 447.81 | 472.19 | 495.28 |
Source: World Bank - Last Available Data.
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Distribution of Economic freedom in the world
Source: 2011 Index of Economic freedom, Heritage Foundation
Note: The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labor freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms.
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Foreign trade accounts for about 70% of Senegal's GDP.
Imports account for nearly half of the GDP. The country's main suppliers are France, the United Kingdom and China. Senegal mainly imports mineral fuels, oil, cereals, machinery and vehicles.
Goods and services exports account for 25% of the GDP. Senegal's main clients are Mali, India, France, Gambia and Guinea. The main export commodities are mineral fuels, oil, sea products, inorganic chemical products, salt, sulfur and vehicles.
For several years now, China has become an increasingly important partner of Senegal, as evidenced by the China-Africa summits. The country's trade balance improved in 2011 and this improvement should continue in 2012. However, the Senegalese foreign trade is characterized by a structural deficit of current account equivalent to several percentage points of GDP every year.
| Foreign Trade Indicators | 2007 | 2008 | 2009 | 2010 | 2011 |
| Imports of Goods (million USD) | 4,871 | 6,528 | 4,713 | 4,820 | 5,909 |
| Exports of Goods (million USD) | 1,674 | 2,206 | 2,050 | 2,200 | 2,542 |
| Imports of Services (million USD) | 1,206 | 1,384 | 1,248 | 1,074 | - |
| Exports of Services (million USD) | 1,096 | 1,177 | 1,076 | 894 | - |
| Imports of Goods and Services (Annual % Change) | 20.4 | 19.1 | -17.1 | 3.5 | - |
| Exports of Goods and Services (Annual % Change) | 8.1 | 12.1 | -8.8 | 5.7 | - |
| Imports of Goods and Services (in % of GDP) | 47.7 | 52.8 | 44.1 | 44.0 | - |
| Exports of Goods and Services (in % of GDP) | 25.4 | 26.3 | 24.1 | 24.5 | - |
| Trade Balance (million USD) | -2,490 | -3,400 | - | - | - |
| Trade Balance (Including Service) (million USD) | -2,527 | -3,520 | - | - | - |
| Foreign Trade (in % of GDP) | 73.1 | 79.1 | 68.2 | 68.6 | - |
Source: WTO - World Trade Organization ; World Bank , Last Available Data
| Main Customers (% of Exports) |
2011 |
| Mali | 17.3% |
| India | 14.0% |
| Switzerland | 8.7% |
| Guinea | 5.3% |
| France | 4.4% |
| See More Countries | 50.2% |
| Main Suppliers (% of Imports) |
2011 |
| France | 17.2% |
| Nigeria | 9.2% |
| China | 6.6% |
| Netherlands | 6.5% |
| United Kingdom | 5.3% |
| See More Countries | 55.2% |
Source: Comtrade, Last Available Data
Source: Comtrade, Last Available Data
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Source: Worldwide Press Freedom Index 2011, Reporters Without Borders
Note: The world rankings, published annually, measures the violations of press freedom worldwide. It reflects the degree of freedom enjoyed by journalists, the media and digital citizens of each country and the means used by states to respect and uphold this freedom. Finally, a note and a position is assigned to each country. To compile this index, Reporters Without Borders (RWB) prepared a questionnaire sent to partner organizations,150 RWB correspondents, journalists, researchers, jurists and activists of human rights, including the main criteria - 44 in total - to assess the situation of press freedom in a given country. It includes every kind of direct attacks against journalists and digital citizens (murders, imprisonment, assault, threats, etc.) or against the media (censorship, confiscation, searches and harassment etc.).
Map of freedom 2010
Source: Freedom House
Note: The Indicator of Political Freedom provides an annual evaluation of the state of freedom in a country as experienced by individuals. The survey measures freedom according to two broad categories: political rights and civil liberties. The ratings process is based on a checklist of 10 political rights questions (on Electoral Process, Political Pluralism and Participation, Functioning of Government) and 15 civil liberties questions (on Freedom of Expression, Belief, Associational and Organizational Rights, Rule of Law, Personal Autonomy and Individual Rights). Scores are awarded to each of these questions on a scale of 0 to 4, where a score of 0 represents the smallest degree and 4 the greatest degree of rights or liberties present. The total score awarded to the political rights and civil liberties checklist determines the political rights and civil liberties rating. Each rating of 1 through 7, with 1 representing the highest and 7 the lowest level of freedom, corresponds to a range of total scores.
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Last Updates: May 2012