Economy of Senegal

Economy of Senegal
	Dakar, Senegal's place de l'Indépendance: a center of government, banking and trade. In the background is the commercial port and the tourist area, Gorée island.
Trade organisations	AU, AfCFTA, ECOWAS, CEN-SAD, WTO
Country group	Developing/Emerging; Lower-middle income economy;
Statistics
Population	18,384,660 (2023)
GDP	$31.22 billion (nominal, 2023 est.); $64.600 billion (PPP, 2019 est.);
GDP rank	107th (nominal, 2019); 100th (PPP, 2019);
GDP growth	7.1% (2017) 6.8% (2018); 6.3% (2019e) 6.8% (2020f);
GDP per capita	$1,428 (nominal, 2019 est.); $3,853 (PPP, 2019 est.);
GDP per capita rank	149th (nominal, 2019); 149th (PPP, 2019);
GDP by sector	agriculture: 16.9%; industry: 24.3%; services: 58.8%; (2017 est.);
Inflation (CPI)	1.5% (2020 est.)
Population below poverty line	46.7% (2011 est.); 67.5% on less than $3.20/day (2011);
Gini coefficient	38.1 medium (2018, World Bank)
Human Development Index	0.511 low (2021) (170th); 0.354 low IHDI (2021);
Labour force	4,328,681 (2019); 42.4% employment rate (2015);
Labour force by occupation	agriculture: 77.5%; industry: 22.5%; industry and services: 22.5%; (2007 est.);
Unemployment	15,7% (2017)
Main industries	agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, zircon, and gold mining, construction materials, ship construction and repair
External
Exports	$2.362 billion (2017 est.)
Export goods	fish, groundnuts (peanuts), petroleum products, phosphates, cotton
Main export partners	Mali 20%; Switzerland 14.5%; India 10.1%; China 6.68%; Australia 4.18%; Cote d'Ivoire 4.13%; Spain 3.73%; Gambia 3.38%; Guinea 2.76%; United States 2.57%; (2017);
Imports	$5.217 billion (2017 est.)
Import goods	food and beverages, capital goods, fuels
Main import partners	China 21.1%; Russia 9.15%; France 7.62%; India 6.33%; Netherlands 4.96%; Belgium 4.52%; United States 3.9%; Turkey 3.86%; Nigeria 3.3%; Spain 2.85%; (2017);
Current account	−$1.547 billion (2017 est.)
Gross external debt	$8.571 billion (31 December 2017 est.)
Public finances
Government debt	48.3% of GDP (2017 est.)
Budget balance	−3.6% (of GDP) (2017 est.)
Revenues	4.139 billion (2017 est.)
Expenses	4.9 billion (2017 est.)
Foreign reserves	$1.827 billion (31 December 2017 est.)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of Senegal is driven by mining, construction, tourism, fishing and agriculture, which are the main sources of employment in rural areas, despite abundant natural resources in iron, zircon, gas, gold, phosphates, and numerous oil discoveries recently. Senegal's economy gains most of its foreign exchange from fish, phosphates, groundnuts, tourism, and services. As one of the dominant parts of the economy, the agricultural sector of Senegal is highly vulnerable to environmental conditions, such as variations in rainfall and climate change, and changes in world commodity prices.

Dakar, the former capital of French West Africa, is also home to banks and other institutions which serve all of Francophone West Africa, and is a hub for shipping and transport in the region.

Senegal also has one of the best developed tourist industries in Africa. Senegal's economy depends on foreign assistance. It is a member of the World Trade Organization.

The main obstacles to the economic development of the country are its great corruption with inefficient justice, very slow administrative formalities, and a failing education sector.

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