|
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, and now to the euro. 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 1995-2008. Annual inflation had been pushed down to the 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. 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. In September 2009, Senegal signed a Compact with the U.S. Millennium Challenge Corporation, which will provide $540 million in infrastructure development, primarily in road construction along Senegal's northern and southern borders in conjunction with adjacent irrigation and agriculture projects.
|
|
|
$22.37 billion (2009 est.)
country comparison to the world: 118
$21.99 billion (2008 est.)
$21.48 billion (2007 est.)
note:
data are in 2009 US dollars
|
|
|
$12.74 billion (2009 est.)
|
|
|
1.7% (2009 est.)
country comparison to the world: 90
2.4% (2008 est.)
4.8% (2007 est.)
|
|
|
$1,600 (2009 est.)
country comparison to the world: 197
$1,600 (2008 est.)
$1,700 (2007 est.)
note:
data are in 2009 US dollars
|
|
|
agriculture: 13.8%
industry:
23.3%
services:
62.9% (2009 est.)
|
|
|
5.58 million (2009 est.)
country comparison to the world: 67
|
|
|
agriculture: 77.5%
industry and services:
22.5% (2007 est.)
|
|
|
48% (2007 est.)
country comparison to the world: 190
|
|
|
54% (2001 est.)
|
|
|
lowest 10%: 2.5%
highest 10%:
30.1% (2005)
|
|
|
41.3 (2001)
country comparison to the world: 55
41.3 (1995)
|
|
|
33.1% of GDP (2009 est.)
country comparison to the world: 14
|
|
|
revenues: $2.812 billion
expenditures:
$3.383 billion (2009 est.)
|
|
|
29.8% of GDP (2009 est.)
country comparison to the world: 86
24.6% of GDP (2008 est.)
|
|
|
-1% (2009 est.)
country comparison to the world: 6
5.8% (2008 est.)
|
|
|
4.75% (31 December 2008)
country comparison to the world: 118
4.25% (31 December 2007)
|
|
|
NA%
|
|
|
$2.658 billion (31 December 2008)
country comparison to the world: 85
$2.842 billion (31 December 2007)
|
|
|
$1.599 billion (31 December 2008)
country comparison to the world: 109
$1.579 billion (31 December 2007)
|
|
|
$NA (31 December 2008)
$2.97 billion (31 December 2007)
|
|
|
$NA
|
|
|
peanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish
|
|
|
agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining; iron ore, zircon, and gold mining, construction materials, ship construction and repair
|
|
|
1.5% (2009 est.)
country comparison to the world: 60
|
|
|
1.88 billion kWh (2007 est.)
country comparison to the world: 133
|
|
|
1.384 billion kWh (2007 est.)
country comparison to the world: 142
|
|
|
0 kWh (2008 est.)
|
|
|
0 kWh (2008 est.)
|
|
|
0 bbl/day (2008 est.)
country comparison to the world: 132
|
|
|
39,000 bbl/day (2009 est.)
country comparison to the world: 106
|
|
|
5,653 bbl/day (2007 est.)
country comparison to the world: 103
|
|
|
42,850 bbl/day (2007 est.)
country comparison to the world: 95
|
|
|
0 bbl (1 January 2009 est.)
country comparison to the world: 125
|
|
|
50 million cu m (2008 est.)
country comparison to the world: 83
|
|
|
50 million cu m (2008 est.)
country comparison to the world: 107
|
|
|
0 cu m (2008 est.)
country comparison to the world: 129
|
|
|
0 cu m (2008 est.)
country comparison to the world: 134
|
|
|
NA cu m
|
|
|
-$1.356 billion (2009 est.)
country comparison to the world: 138
-$1.873 billion (2008 est.)
|
|
|
$1.902 billion (2009 est.)
country comparison to the world: 131
$2.003 billion (2008 est.)
|
|
|
fish, groundnuts (peanuts), petroleum products, phosphates, cotton
|
|
|
Mali 20.12%, India 9.84%, Gambia 5.58%, France 5.02%, Italy 4.23% (2009)
|
|
|
$4.549 billion (2009 est.)
country comparison to the world: 113
$5.679 billion (2008 est.)
|
|
|
food and beverages, capital goods, fuels
|
|
|
France 19.58%, UK 9.64%, China 8.08%, Netherlands 5.64%, Thailand 4.75%, US 3.97% (2009)
|
|
|
$2.123 billion (31 December 2009 est.)
country comparison to the world: 112
$1.602 billion (31 December 2008 est.)
|
|
|
$2.763 billion (31 December 2009 est.)
country comparison to the world: 126
$2.627 billion (31 December 2008 est.)
|
|
|
Communaute Financiere Africaine francs (XOF) per US dollar - 481.35 (2009), 447.81 (2008), 481.83 (2007), 522.89 (2006), 527.47 (2005)
note:
since 1 January 1999, the West African CFA franc (XOF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; West African CFA franc (XOF) coins and banknotes are not accepted in countries using Central African CFA francs (XAF), and vice versa, even though the two currencies trade at par
|
|
|