Senegal - Economy
How is the economy of Senegal? Based on the information we have, Senegal has a lower middle-income, services-driven West African economy; key mining, construction, agriculture, and fishing industries; tourism and exports hit hard by COVID-19; large informal economy; developing offshore oil and gas fields; systemic corruption. Key agricultural products in this country include: rice, groundnuts, watermelons, millet, cassava, sugarcane, maize, sorghum, onions, milk (2023).
More about the economy of Senegal
| Labor force | 5.763 million (2024 est.) |
|---|---|
| Industrial production growth rate | 20% (2024 est.) |
| Industries | agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, zircon, and gold mining, construction materials, ship construction and repair |
| Population below poverty line | |
| Taxes and other revenues | 19.5% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Communaute Financiere Africaine francs (XOF) per US dollar - |
| Exchange rates 2024 | 606.345 (2024 est.) |
| Exchange rates 2023 | 606.57 (2023 est.) |
| Exchange rates 2022 | 623.76 (2022 est.) |
| Exchange rates 2021 | 554.531 (2021 est.) |
| Exchange rates 2020 | 575.586 (2020 est.) |
| Debt - external | |
| Debt - external 2023 | $14.985 billion (2023 est.) |
| Current account balance | |
| Current account balance 2023 | -$6.072 billion (2023 est.) |
| Current account balance 2022 | -$5.542 billion (2022 est.) |
| Current account balance 2021 | -$3.327 billion (2021 est.) |
| Budget | |
| Revenues | $6.423 billion (2022 est.) |
| Expenditures | $6.424 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 10.6% of GDP (2023 est.) |
| Remittances 2022 | 10.5% of GDP (2022 est.) |
| Remittances 2021 | 11.3% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3% (2021 est.) |
| Highest 10% | 28.8% (2021 est.) |
| Imports | |
| Imports 2023 | $14.916 billion (2023 est.) |
| Imports 2022 | $14.698 billion (2022 est.) |
| Imports 2021 | $12.278 billion (2021 est.) |
| Imports (partners) | China 19%, France 9%, Nigeria 7%, India 7%, Russia 5% (2023) |
| Comodities Imports force | refined petroleum, crude petroleum, rice, garments, wheat (2023) |
| Exports | |
| Imports 2023 | $14.916 billion (2023 est.) |
| Imports 2022 | $14.698 billion (2022 est.) |
| Imports 2021 | $12.278 billion (2021 est.) |
| Exports (partners) | Mali 21%, India 12%, Switzerland 11%, China 5%, UAE 4% (2023) |
| Comodities Exports force | gold, refined petroleum, phosphoric acid, fish, cement (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $83.183 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $77.82 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $74.642 billion (2022 est.) |
| GDP (official exchange rate) | $32.267 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $4,500 (2024 est.) |
| Real GDP per capita 2023 | $4,300 (2023 est.) |
| Real GDP per capita 2022 | $4,200 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 15.5% (2024 est.) |
| Industry | 25.4% (2024 est.) |
| Services | 49.1% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 65.8% (2024 est.) |
| Government consumption | 16.4% (2024 est.) |
| Investment in fixed capital | 32.1% (2024 est.) |
| Investment in inventories | 0.8% (2024 est.) |
| Exports of goods and services | 28.1% (2024 est.) |
| Imports of goods and services | -43.1% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 3% (2024 est.) |
| Unemployment rate 2023 | 2.8% (2023 est.) |
| Unemployment rate 2022 | 2.9% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 4.1% (2024 est.) |
| Male | 3.2% (2024 est.) |
| Female | 6.3% (2024 est.) |
All Important Facts about Senegal
Want to know more about Senegal? Check all different factbooks for Senegal below.
