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flag Senegal Senegal: Economic and Political Outline

Economic Indicators | Foreign Trade in Figures | Sources of General Economic Information | Political Outline

Economic Indicators

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.

In 2009, the effects of the global economic crisis started to touch the Senegalese economy with a decline in the money transfers from emigrant workers (8% of the GDP in 2008), a reduction in exports and in FDI. According to an IMF report, the Senegalese banking sector, which does not have any toxic assets, was not directly affected by the global crisis. Nevertheless, the effects of the crisis can have an indirect effect, namely on the quality of loans. According to an IMF report, the Senegalese authorities have managed to redress the budgetary overflows and to put their economic program back on track in 2010 with a GDP's growth of 4%.  The IMF estimates that the country's growth should speed up in 2011.

 
Main Indicators 2009201020112012 (e)2013 (e)
GDP (billions USD) 12.7912.8714.7315.8116.83
GDP (Constant Prices, Annual % Change) 2.24.24.04.54.9
GDP per Capita (USD) 998e980e1,096e1,1481,194
General Government Gross Debt (in % of GDP) 32.0e38.0e40.041.542.5
Inflation Rate (%) -1.71.2e3.6e2.52.1
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

Main Sectors of Industry

The primary sector employs 77% 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.

The secondary sector contributes approximately a quarter 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 (despite a growing depletion in the resource).

The tertiary sector contributes 60% 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.

 
 
Monetary Indicators 20062007200820092010
CFA Franc BCEAO (XOF) - Average Annual Exchange Rate For 1 USD 522.89479.27447.81472.19495.28

Source: World Bank - Last Available Data.

 
 
Learn more about Market Analysis about Senegal on Globaltrade.net, the Directory for International Trade Services.
 

Indicator of Economic Freedom

Score:
55.7/100
Position:
Mostly unfree
World Rank:
116/179
Regional Rank:
22/45

Distribution of Economic freedom in the world
Source: 2011 Index of Economic freedom, Heritage Foundation

 

Country Risk

See the Country Risk Analysis Provided By Ducroire.

 

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Foreign Trade in Figures

Foreign trade accounts for about 70% of Senegal's GDP. 

Imports account for 47% of the GDP. The country's main suppliers are France, Nigeria, Thailand, China and the United Kingdom. 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 it has been witnessed in the China-Africa summits.  The country's trade balance improved in 2010 and this improvement should continue in 2011.

 
Foreign Trade Indicators 20062007200820092010
Imports of Goods (million USD) 3,6714,8716,5284,7134,820
Exports of Goods (million USD) 1,5941,6742,2062,0502,200
Imports of Services (million USD) 8081,2061,3841,248-
Exports of Services (million USD) 7161,0961,1771,076-
Imports of Goods and Services (Annual % Change) 9.620.419.1-17.13.5
Exports of Goods and Services (Annual % Change) 4.18.112.1-8.85.7
Imports of Goods and Services (in % of GDP) 43.047.752.844.144.0
Exports of Goods and Services (in % of GDP) 25.625.426.324.124.5
Trade Balance (million USD) -1,600-2,490-3,400--
Trade Balance (Including Service) (million USD) -1,634-2,527-3,520--
Foreign Trade (in % of GDP) 68.673.179.168.268.6

Source: WTO - World Trade Organization ; World Bank , Last Available Data

 

Main Partner Countries

Main Customers
(% of Exports)
2010
Mali 25.4%
India 9.7%
Switzerland 7.7%
France 4.5%
Guinea 4.2%
See More Countries 48.6%
Main Suppliers
(% of Imports)
2010
France 19.7%
Nigeria 10.2%
China 8.3%
Netherlands 5.3%
United Kingdom 4.9%
See More Countries 51.5%

Source: Comtrade, Last Available Data

 

Main Products

Main Exports
(% of Exports)
2010
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 23.3%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 9.5%
Cement, incl. cement clinkers, whether or not...Cement, incl. cement clinkers, whether or not coloured 9.3%
Diphosphorus pentaoxide; phosphoric acid;...Diphosphorus pentaoxide; phosphoric acid; polyphosphoric acids, whether or not chemically defined 9.2%
Fish, fresh or chilled (excl. fish fillets and...Fish, fresh or chilled (excl. fish fillets and other fish meat of heading 0304) 3.6%
See More Products 45.1%
Main Imports
(% of Imports)
2010
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 17.3%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 9.4%
RiceRice 6.1%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 3.0%
Wheat and meslinWheat and meslin 2.7%
See More Products 61.5%

Source: Comtrade, Last Available Data

 
See More Products
More imports (Intracen Data)
More exports (Intracen Data)
 

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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 (in French)
Search Engines
Seneweb.com
Dmoz.org
Economic Portals
Web Senegal
Senegal Directory

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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
 

Indicator of Freedom of the Press

World Rank:
93/178
Evolution:
4 places down compared to 2009

Source: Worldwide Press Freedom Index 2010, Reporters Without Borders

 

Indicator of Political Freedom

Ranking:
Partly Free
Political Freedom:
3/7
Civil Liberties:
3/7

Map of freedom 2010
Source: Freedom House

 

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Last Updates: January 2012