Senegal

Economic and political outline

Economic indicators | Foreign Trade in figures | Sources of general economic information | Political outline

Economic indicators

Senegal, with a GDP of 710 USD per resident in 2006, has amongst the highest growth rates in the West African Economic and Monetary Union (UEMOA), but remains a less developed country, with almost 50% of the population living below the poverty line.
Structural reforms have led to an important modification in the economic environment of Senegal, mainly due to the privatization of numerous public enterprises in the agricultural and infrastructural sectors.
The Senegalese economy slowed down in 2006 with a growth rate of 2.1%, but recovered quickly in 2007 with a growth rate of 5%. However the objective to initiate the country into an economic take-off, out of economic poverty had been fixed at 8%.
Today, the sectors of health and education occupy priority position in the country's budget.
In 2004, the status of Heavily Indebted Poor Country (HIPC) was reinforced on Senegal. In this respect, the stock of outside debt was reduced from 69.5% of the GDP to 41.4% at the end of 2004. After the complete cancellation of debts by several bilateral creditors, the outside debt from multilateral creditors remained at 80%. Cancellation measures decided by the G8 have permitted the reduction of debt to a lower level.

Main indicators	2006	2007	2008	2009	2010
GDP (billions USD)	9.37	11.30	13.35e	12.51	13.17e
GDP (constant prices, annual % change)	2.4	4.7	2.5	3.1e	3.4e
GDP per capita (USD)	785	924	1,066	976e	1,003
Inflation rate (%)	2.1	5.9	5.8e	1.1e	2.2
Current Account (billions USD)	-0.89	-1.33	-1.65e	-1.49e	-1.32e
Current Account (in % of GDP)	-9.5	-11.8	-12.3	-11.9e	-10.0e

Source: IMF - World Economic Outlook Database

Note: (e) Estimated data

Main sectors of industry

Its primary sector (14.6% of the GDP in 2006) is characterized by a strong vulnerability of its agriculture (climatic hazards, locust menace). The activities of the secondary sector are based on phosphates (production of fertilizers and phosphoric acid destined for India), on the transformation of groundnuts (oil and food for cattle) and sea food (despite a growing depletion in the resources). Investments in real estate from the diaspora help in the construction and cement production industries. The tertiary sector (63.9% of the GDP) benefits from the excellent 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)	16.7	18.9	64.4
Value added (in % of GDP)	14.1	23.4	62.5
Value added (annual % change)	-0.6	4.4	6.3

- last available data.

Monetary indicators	2004	2005	2006	2007	2008
CFA Franc BCEAO (XOF) - Average annual exchange rate for 1 USD	528.28	527.47	522.89	479.27	447.81

Source: World Bank - World Development Indicators

Indicator of economic freedom

Score:: 56.3/100
Position:: mostly unfree
World Rank:: 110 out of 179
Regional Rank:: 14 out of 47

Distribution of Economic freedom in the world
Source: 2008 Index of Economic freedom, Heritage Foundation

Country risk

See the country risk analysis provided by Ducroire.

Foreign trade in figures

Foreign trade accounts for about 70% of the GDP. Senegal's top three export partners are: Mali, India and Bunkers. The commodities mainly exported are mineral fuels & oils, sea products, inorganic chemicals, salt & sulphur, and vehicles. Its top three import partners are: France, Nigeria and the United Kingdom. Senegal mainly imports mineral fuels & oils, cereals, machinery, and vehicles.

Since the past few years, China is becoming an important partner as witnessed by the China-Africa summits.

Foreign trade indicators	2003	2004	2005	2006	2007
Imports of goods (millions USD)	2,066	2,496	2,889	3,194	-
Exports of goods (millions USD)	1,257	1,509	1,578	1,594	-
Imports of services (millions USD)	591	698	805	839	-
Exports of services (millions USD)	569	670	774	804	-
Imports of goods and services (annual % change)	10.1	0.5	9.7	10.4	8.7
Exports of goods and services (annual % change)	-0.1	6.8	2.4	6.0	-1.8
Imports of goods and services (in % of GDP)	38.7	39.4	42.5	43.8	44.0
Exports of goods and services (in % of GDP)	26.6	26.4	26.9	26.4	23.8
Trade Balance (millions USD)	-809	-986	-1,311	-1,600	-
Trade Balance (including service) (millions USD)	-831	-1,014	-1,341	-1,634	-
Foreign trade (in % of GDP)	65.4	65.8	69.5	70.2	67.9

Source: World Bank

Main partner countries

Main customers (% of exports)	2008
Mali	23.3%
India	11.6%
France	7.5%
Gambia	4.2%
Guinea	3.8%
Mauritania	3.3%
Guinea-Bissau	2.8%
Spain	2.7%
Ivory Coast	2.4%
Italy	1.8%
Chad	1.7%
Netherlands	1.3%
United Arab Emirates	1.3%
Togo	1.2%
Belgium	1.1%
Greece	1.1%
Burkina Faso	0.9%
Nigeria	0.8%
Benin	0.6%
United Kingdom	0.6%
See more countries	49.7%

Main suppliers (% of imports)	2008
France	17.2%
Nigeria	11.9%
Thailand	6.8%
China	6.0%
United Kingdom	4.5%
Ivory Coast	3.3%
Brazil	3.3%
Germany	3.2%
Spain	3.1%
Netherlands	3.1%
Belgium	2.3%
Italy	2.2%
India	2.1%
Argentina	2.1%
Japan	2.1%
United States	2.0%
Morocco	1.5%
United Arab Emirates	1.5%
Russia	1.4%
Ukraine	1.4%
See more countries	53.7%

Source: Comtrade

Main products

Main exports (% of exports)	2008
Mineral fuels, mineral oils and products of their...Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes	34.0%
Inorganic chemicals; organic or inorganic...Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals, of radioactive elements or of isotopes	10.2%
Fish and crustaceans, molluscs and other aquatic...Fish and crustaceans, molluscs and other aquatic invertebrates	9.7%
Salt; sulphur; earths and stone; plastering...Salt; sulphur; earths and stone; plastering materials, lime and cement	7.6%
Iron and steelIron and steel	5.3%
Tobacco and manufactured tobacco substitutesTobacco and manufactured tobacco substitutes	3.7%
Essential oils and resinoids; perfumery, cosmetic...Essential oils and resinoids; perfumery, cosmetic or toilet preparations	2.2%
Plastics and articles thereofPlastics and articles thereof	2.0%
FertilizersFertilizers	2.0%
Nuclear reactors, boilers, machinery and...Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof	1.8%
Vehicles other than railway or tramway...Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof	1.8%
Aircraft, spacecraft, and parts thereofAircraft, spacecraft, and parts thereof	1.6%
Electrical machinery and equipment and parts...Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles	1.6%
Miscellaneous edible preparationsMiscellaneous edible preparations	1.5%
CottonCotton	1.1%
Natural or cultured pearls, precious or...Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal, and articles thereof; imitation jewellery; coin	1.0%
Edible vegetables and certain roots and tubersEdible vegetables and certain roots and tubers	1.0%
Paper and paperboard; articles of paper pulp, of...Paper and paperboard; articles of paper pulp, of paper or of paperboard	0.9%
Animal or vegetable fats and oils and their...Animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes	0.9%
Copper and articles thereofCopper and articles thereof	0.6%
CerealsCereals	0.6%
Preparations of cereals, flour, starch or milk;...Preparations of cereals, flour, starch or milk; pastrycooks' products	0.6%
Articles of iron or steelArticles of iron or steel	0.6%
Pharmaceutical productsPharmaceutical products	0.6%
Soap, organic surface-active agents, washing...Soap, organic surface-active agents, washing preparations, lubricating preparations, artificial waxes, prepared waxes, polishing or scouring preparations, candles and similar articles, modelling pastes, 'dental waxes' and dental preparations with a basis of plaster	0.5%
Aluminium and articles thereofAluminium and articles thereof	0.4%
Preparations of meat, of fish or of crustaceans,...Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates	0.4%
Edible fruit and nuts; peel of citrus fruits or...Edible fruit and nuts; peel of citrus fruits or melons	0.4%
Dairy produce; birds' eggs; natural honey; edible...Dairy produce; birds' eggs; natural honey; edible products of animal origin, not elsewhere specified or included	0.3%
Products of the milling industry; malt; starches;...Products of the milling industry; malt; starches; inulin; wheat gluten	0.3%
Other made-up textile articles; sets; worn...Other made-up textile articles; sets; worn clothing and worn textile articles; rags	0.3%
Ships, boats and floating structuresShips, boats and floating structures	0.3%
Miscellaneous chemical productsMiscellaneous chemical products	0.3%
Raw hides and skins (other than furskins) and...Raw hides and skins (other than furskins) and leather	0.3%
Beverages, spirits and vinegarBeverages, spirits and vinegar	0.2%
Optical, photographic, cinematographic, measuring,...Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof	0.2%
Prepared feathers and down and articles made of...Prepared feathers and down and articles made of feathers or of down; artificial flowers; articles of human hair	0.2%
Footwear, gaiters and the like; parts of such...Footwear, gaiters and the like; parts of such articles	0.2%
Residues and waste from the food industries;...Residues and waste from the food industries; prepared animal fodder	0.2%
Tanning or dyeing extracts; tannins and their...Tanning or dyeing extracts; tannins and their derivatives; dyes, pigments and other colouring matter; paints and varnishes; putty and other mastics; inks	0.2%
Manufactures of straw, of esparto or of other...Manufactures of straw, of esparto or of other plaiting materials; basketware and wickerwork	0.1%
Organic chemicalsOrganic chemicals	0.1%
Preparations of vegetables, fruit, nuts or other...Preparations of vegetables, fruit, nuts or other parts of plants	0.1%
Furniture; bedding, mattresses, mattress supports,...Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings	0.1%
Wood and articles of wood; wood charcoalWood and articles of wood; wood charcoal	0.1%
Works of art, collectors' pieces and antiquesWorks of art, collectors' pieces and antiques	0.1%
Sugars and sugar confectionerySugars and sugar confectionery	0.1%
Rubber and articles thereofRubber and articles thereof	0.1%
Articles of stone, plaster, cement, asbestos, mica...Articles of stone, plaster, cement, asbestos, mica or similar materials	0.1%
See more products	33.2%

Main imports (% of imports)	2008
Mineral fuels, mineral oils and products of their...Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes	27.7%
CerealsCereals	13.1%
Nuclear reactors, boilers, machinery and...Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof	8.9%
Vehicles other than railway or tramway...Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof	5.9%
Electrical machinery and equipment and parts...Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles	4.9%
Iron and steelIron and steel	3.7%
Animal or vegetable fats and oils and their...Animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes	3.4%
Salt; sulphur; earths and stone; plastering...Salt; sulphur; earths and stone; plastering materials, lime and cement	2.6%
Plastics and articles thereofPlastics and articles thereof	2.4%
Dairy produce; birds' eggs; natural honey; edible...Dairy produce; birds' eggs; natural honey; edible products of animal origin, not elsewhere specified or included	2.4%
Pharmaceutical productsPharmaceutical products	2.2%
Articles of iron or steelArticles of iron or steel	1.7%
Paper and paperboard; articles of paper pulp, of...Paper and paperboard; articles of paper pulp, of paper or of paperboard	1.4%
Preparations of cereals, flour, starch or milk;...Preparations of cereals, flour, starch or milk; pastrycooks' products	1.2%
Wood and articles of wood; wood charcoalWood and articles of wood; wood charcoal	1.1%
Tobacco and manufactured tobacco substitutesTobacco and manufactured tobacco substitutes	1.1%
Miscellaneous edible preparationsMiscellaneous edible preparations	1.0%
Furniture; bedding, mattresses, mattress supports,...Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings	0.9%
Ceramic productsCeramic products	0.7%
Optical, photographic, cinematographic, measuring,...Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof	0.7%
Other made-up textile articles; sets; worn...Other made-up textile articles; sets; worn clothing and worn textile articles; rags	0.6%
Sugars and sugar confectionerySugars and sugar confectionery	0.6%
Edible vegetables and certain roots and tubersEdible vegetables and certain roots and tubers	0.6%
Rubber and articles thereofRubber and articles thereof	0.6%
FertilizersFertilizers	0.6%
Miscellaneous chemical productsMiscellaneous chemical products	0.6%
Essential oils and resinoids; perfumery, cosmetic...Essential oils and resinoids; perfumery, cosmetic or toilet preparations	0.5%
Organic chemicalsOrganic chemicals	0.5%
Beverages, spirits and vinegarBeverages, spirits and vinegar	0.5%
Edible fruit and nuts; peel of citrus fruits or...Edible fruit and nuts; peel of citrus fruits or melons	0.4%
Inorganic chemicals; organic or inorganic...Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals, of radioactive elements or of isotopes	0.4%
Aluminium and articles thereofAluminium and articles thereof	0.4%
Printed books, newspapers, pictures and other...Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans	0.4%
Soap, organic surface-active agents, washing...Soap, organic surface-active agents, washing preparations, lubricating preparations, artificial waxes, prepared waxes, polishing or scouring preparations, candles and similar articles, modelling pastes, 'dental waxes' and dental preparations with a basis of plaster	0.4%
Footwear, gaiters and the like; parts of such...Footwear, gaiters and the like; parts of such articles	0.4%
Preparations of vegetables, fruit, nuts or other...Preparations of vegetables, fruit, nuts or other parts of plants	0.4%
Copper and articles thereofCopper and articles thereof	0.3%
CottonCotton	0.3%
Products of the milling industry; malt; starches;...Products of the milling industry; malt; starches; inulin; wheat gluten	0.3%
Glass and glasswareGlass and glassware	0.3%
Residues and waste from the food industries;...Residues and waste from the food industries; prepared animal fodder	0.3%
Tanning or dyeing extracts; tannins and their...Tanning or dyeing extracts; tannins and their derivatives; dyes, pigments and other colouring matter; paints and varnishes; putty and other mastics; inks	0.3%
Meat and edible meat offalMeat and edible meat offal	0.3%
Coffee, tea, maté and spicesCoffee, tea, maté and spices	0.2%
Tools, implements, cutlery, spoons and forks, of...Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal	0.2%
Man-made staple fibresMan-made staple fibres	0.2%
Miscellaneous articles of base metalMiscellaneous articles of base metal	0.2%
Articles of apparel and clothing accessories, not...Articles of apparel and clothing accessories, not knitted or crocheted	0.2%
Oil seeds and oleaginous fruits; miscellaneous...Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruit; industrial or medicinal plants; straw and fodder	0.2%
Articles of apparel and clothing accessories,...Articles of apparel and clothing accessories, knitted or crocheted	0.2%
Railway or tramway locomotives, rolling-stock and...Railway or tramway locomotives, rolling-stock and parts thereof; railway or tramway track fixtures and fittings and parts thereof; mechanical (including electro-mechanical) traffic signalling equipment of all kinds	0.1%
Man-made filamentsMan-made filaments	0.1%
Articles of stone, plaster, cement, asbestos, mica...Articles of stone, plaster, cement, asbestos, mica or similar materials	0.1%
See more products	39.5%

Source: Comtrade

See more products: More imports (Intracen Data)
More exports (Intracen Data)

Sources of general economic information

Ministries: Ministry of Economy and Finance
Statistical Office: National Agency of Statistics and Demography
Central Bank: Central Bank of the States of West Africa
Stock Exchange: Regional Bank for Transferable Securities
Search Engines: Seneweb.com
Dmoz.org
Economic portals: Web Senegal
Senegal Directory

Political outline

Executive Power: The President is the chief of state and is elected by a popular vote for a five-year term under the new constitution of 2001 (earlier it was seven years). The President is the commander-in-chief of the armed forces and enjoys immense executive powers which includes implementation of the law in the country and running the day-to-day affairs. He appoints the Prime Minister as Head of the government. The Council of Ministers (cabinet) is appointed by the Prime Minister in consultation with the President.
Legislative Power: The legislature in Senegal is unicameral. The parliament called National Assembly has 120 seats with its members are elected by direct, popular vote to serve five-year terms. President has the right to dismiss the National Assembly. Legislative power is vested in both the government and the parliament. The people of Senegal have considerable political rights.
Main political parties: Senegal has presently a multi-party system. The major political parties in the country are:
- PDS (Senegalese Democratic Party) – a liberal democratic party;
- AFP (Alliance of Progress Forces) – a progressive liberal party, believes in social justice and development;
- PS (Socialist Party of Senegal) – a democratic socialist party, having strong base in trade unions;
- African Party for Democracy and Socialism – a revolutionary socialist party;
- URD (Union for Democratic Renewal) – a democratic liberal party.
Current political leaders: President: Abdoulaye WADE (since April 2000) - PDS
Prime Minister : Soulayemane Ndene NDIAYE (since May 2009)
Next election dates: Presidential: Year 2012
National Assembly: Year 2012