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Economy - overview:
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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 was 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 during 1995-2003. Annual inflation had been pushed down to the low single digits. As a member of the West African Economic and Monetary Union (WAEMU), Senegal is working toward greater regional integration with a unified external tariff and a more stable monetary policy. Senegal still relies heavily upon outside donor assistance, however. Under the IMF's Highly Indebted Poor Countries debt relief program, Senegal will benefit from eradication of two-thirds of its bilateral, multilateral, and private sector debt.
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GDP: |
purchasing power parity - $18.36 billion (2004 est.)
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GDP - real growth rate: |
3.2% (2004 est.)
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GDP - per capita: |
purchasing power parity - $1,700 (2004 est.)
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GDP - composition by sector: |
agriculture: 15.9%
industry: 21.4%
services: 62.7% (2004 est.)
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Labor force: |
4.65 million (2004 est.)
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Labor force - by occupation: |
agriculture 70%
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Unemployment rate: |
48% (urban youth 40%) (2001 est.)
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Population below poverty line: |
54% (2001 est.)
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Household income or consumption by percentage share: |
lowest 10%: 2.6%
highest 10%: 33.5% (1995)
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Distribution of family income - Gini index: |
41.3 (1995)
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Inflation rate (consumer prices): |
0.8% (2004 est.)
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Investment (gross fixed): |
20.1% of GDP (2004 est.)
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Budget: |
revenues: $1.572 billion
expenditures: $1.627 billion, including capital expenditures of $357 million (2004 est.)
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Public debt: |
55.2% of GDP (2004 est.)
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Agriculture - products: |
peanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish
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Industries: |
agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, construction materials, ship construction and repair
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Industrial production growth rate: |
4.7% (2004 est.)
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Electricity - production: |
1.737 billion kWh (2002)
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Electricity - production by source: |
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)
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Electricity - consumption: |
1.615 billion kWh (2002)
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Electricity - exports: |
0 kWh (2002)
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Electricity - imports: |
0 kWh (2002)
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Oil - production: |
0 bbl/day (2001 est.)
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Oil - consumption: |
31,000 bbl/day (2001 est.)
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Oil - exports: |
NA
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Oil - imports: |
NA
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Natural gas - production: |
50 million cu m (2001 est.)
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Natural gas - consumption: |
50 million cu m (2001 est.)
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Natural gas - exports: |
0 cu m (2001 est.)
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Natural gas - imports: |
0 cu m (2001 est.)
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Current account balance: |
$-518.8 million (2004 est.)
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Exports: |
$1.374 billion f.o.b. (2004 est.)
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Exports - commodities: |
fish, groundnuts (peanuts), petroleum products, phosphates, cotton
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Exports - partners: |
India 13.8%, France 10.6%, Mali 10%, Italy 6%, Cote d'Ivoire 5.7%, Spain 4% (2004)
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Imports: |
$2.128 billion f.o.b. (2004 est.)
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Imports - commodities: |
food and beverages, capital goods, fuels
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Imports - partners: |
France 26.2%, Nigeria 12.1%, Thailand 5.3%, Belgium 5%, Spain 4.2% (2004)
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Reserves of foreign exchange and gold: |
$820 million (2004 est.)
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Debt - external: |
$3.476 billion (2004 est.)
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Economic aid - recipient: |
$362.6 million (2002 est.)
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Currency (code): |
Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States
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Currency code: |
XOF
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Exchange rates: |
Communaute Financiere Africaine francs (XOF) per US dollar - 528.29 (2004), 581.2 (2003), 696.99 (2002), 733.04 (2001), 711.98 (2000)
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Fiscal year: |
calendar year
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