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Senegal 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 averaging 5% annually in 1995-98. Annual inflation has been pushed below 2%, and the fiscal deficit has been cut to less than 1.5% of GDP. Investment rose steadily 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. Forecasters predict growth will continue in the 5% range in 1999-2000.

    GDP: purchasing power parity—$15.6 billion (1998 est.)

    GDP—real growth rate: 5.7% (1998 est.)

    GDP—per capita: purchasing power parity—$1,600 (1998 est.)

    GDP—composition by sector:
    agriculture: 19%
    industry: 17%
    services: 64% (1996 est.)

    Population below poverty line: NA%

    Household income or consumption by percentage share:
    lowest 10%: 1.4%
    highest 10%: 42.8% (1991)

    Inflation rate (consumer prices): 1.8% (1998 est.)

    Labor force: NA

    Labor force—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% (1998 est.)

    Electricity—production: 1.027 billion kWh (1997 est.)

    Electricity—production by source:
    fossil fuel: 100%
    hydro: 0%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 730 million kWh (1996)

    Electricity—exports: 0 kWh (1997)

    Electricity—imports: 0 kWh (1997)

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

    Exports: $925 million (f.o.b., 1998)

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

    Exports—partners: France 20%, other EU countries, India, Cote d'Ivoire, Mali (1996)

    Imports: $1.2 billion (f.o.b., 1998)

    Imports—commodities: foods and beverages, consumer goods, capital goods, petroleum products

    Imports—partners: France 36%, other EU countries, Nigeria, Cameroon, Cote d'Ivoire, Algeria, US, China, Japan (1996)

    Debt—external: $3.8 billion (1997)

    Economic aid—recipient: $647.5 million (1995)

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

    Exchange rates: Communaute Financiere Africaine francs (CFAF) per US$1—560.01 (December 1998), 589.95 (1998), 583.67 (1997), 511.55 (1966), 499.15 (1995), 555.20 (1994)

    Fiscal year: calendar year

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