Economy - overview In 1994 Senegal embarked on its most concerted structural adjustmenteffort yet to exploit the 50% devaluation of the currencies of the 14 FrancophoneAfrican nations which took place on 12 January of that year. After years offoot-dragging, the government passed a liberalized labor code which should lower the cost of labor and improve the manufacturing sector's competitiveness.Inroads also have been made in closing tax loopholes, eliminating monopolypower in several sectors, and privatizing state-owned firms. At the same time,the government is holding the line on current fiscal expenditure under thewatchful eyes of international organizations on which it depends for substantialsupport. The IMF, in mid-1995, announced that the government met most economictargets as called for in its Enhanced Structural Adjustment Facility agreementand released the second $50 million tranche. The country's narrow tax andresource base, environmental degradation, and untamed growth of the populationwill continue to hold back improvement in living standards over the mediumterm. According to the draft budget, GDP will again rise by 5% in 1997.

GDP purchasing power parity - $15.6 billion (1996 est.)

GDP - real growth rate 5% (1996 est.)

GDP - per capita purchasing power parity - $1,700 (1996 est.)

GDP - composition by sector
agriculture : 21%
industry: 19%
services: 60% (1995 est.)

Inflation rate - consumer price index 7.8% (1995)

Labor force
total: 2.509 million (77% are engaged in subsistence farming; 175,000 wageearners)
by occupation: private sector 40%, government and parapublic 60%

Unemployment rate NA%

Budget
revenues: $876 million
expenditures: NA, including capital expenditures of $NA

Industries agricultural and fish processing, phosphate mining, petroleum refining,construction materials

Industrial production growth rate 2% (1994)

Electricity - capacity 303,440 kW

Electricity - production 1.027 billion kWh (1997 est.)

Electricity - consumption per capita 109 kWh (1997 est.)

Agriculture - products peanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables;cattle, poultry, pigs; fish

Exports
total value: $968 million (f.o.b., 1995)
commodities: fish, ground nuts (peanuts), petroleum products, phosphates, cotton
partners : France, other EU countries, Cote d'Ivoire, Mali

Imports
total value: $1.22 billion (f.o.b., 1995.)
commodities: foods and beverages, consumer goods, capital goods, petroleum products
partners: France 30%, other EU countries, Nigeria, Cameroon, Cote d'Ivoire, Algeria,China, Japan

Debt - external $4.1 billion (1995 est.)

Economic aid
recipient: ODA, $439 million (1993)

Currency 1 Communaute Financiere Africaine franc (CFAF) = 100 centimes

Exchange rates CFA francs (CFAF) per US$1 - 541.69 (January 1997), 511.55 (1966), 499.15(1995), 555.20 (1994), 283.16 (1993), 264.69 (1992)
note: beginning 12 January 1994, the CFA franc was devalued to CFAF 100 perFrench franc from CFAF 50 at which it had been fixed since 1948

Fiscal year calendar year

NOTE: The information regarding Senegal on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Senegal Economy 1997 information contained here. All suggestions for corrections of any errors about Senegal Economy 1997 should be addressed to the CIA.