Economy

Economy—overview: 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 is linked at a fixed rate to the French franc. 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 of 5.6% in 1996 and 4.7% in 1997. Annual inflation has been pushed below 3% and the fiscal deficit has been cut to less than 1.5% of GDP. Investment has been steadily rising from 13.8% of GDP in 1993 to 16.5% in 1997. As a member of the West African Economic and Monetary Union (UEMOA) Senegal is working toward greater regional integration with a unified external tariff. Senegal also realized full Internet connectivity in 1996 creating a miniboom in information technology-based services. Private activity now accounts for 82% of GDP. On the negative side Senegal faces deep-seated urban problems of chronic unemployment juvenile delinquency and drug addiction.

GDP: purchasing power parity—$15.6 billion (1997 est.)

GDP—real growth rate: 4.7% (1997 est.)

GDP—per capita: purchasing power parity—$1 850 (1997 est.)

GDP—composition by sector:

agriculture: 19%

industry: 17%

services: 64% (1996 est.)

Inflation rate—consumer price index: 2.5% (1997 est.)

Labor force: NA

by occupation: agriculture 60%

Unemployment rate: NA%; urban youth 40%

Budget:

revenues: $885 million

expenditures: $885 million including capital expenditures of $125 million (1996 est.)

Industries: agricultural and fish processing phosphate mining fertilizer production petroleum refining construction materials

Industrial production growth rate: 7.4% (1996 est.)

Electricity—capacity: 303 440 kW (1997)

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: $986 million (f.o.b. 1996)

commodities: fish ground nuts (peanuts) petroleum products phosphates cotton

partners: France other EU countries Cote d'Ivoire Mali

Imports:

total value: $1.4 billion (f.o.b. 1996)

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: $3.7 billion (1996)

Economic aid:

recipient: ODA $439 million (1993)

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

Exchange rates: CFA francs (CFAF) per US$1—608.36 (January 1998) 583.67 (1997) 511.55 (1966) 499.15 (1995) 555.20 (1994) 283.16 (1993)

note: beginning 12 January 1994 the CFA franc was devalued to CFAF 100 per French franc from CFAF 50 at which it had been fixed since 1948

Fiscal year: calendar year