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: groundnuts, watermelons, rice, cassava, sugarcane, millet, maize, onions, sorghum, milk (2022).
More about the economy of Senegal
| Labor force | 5.257 million (2023 est.) |
|---|---|
| Industrial production growth rate | 2.9% (2023 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 | 18.7% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Communaute Financiere Africaine francs (XOF) per US dollar - |
| 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.) |
| Exchange rates 2019 | 585.911 (2019 est.) |
| Debt - external | |
| Debt - external 2022 | $12.652 billion (2022 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 31 December 2017 | $1.827 billion (31 December 2017 est.) |
| Reserves of foreign exchange and gold 31 December 2016 | $116.9 million (31 December 2016 est.) |
| Current account balance | |
| Current account balance 2021 | -$3.327 billion (2021 est.) |
| Current account balance 2020 | -$2.662 billion (2020 est.) |
| Current account balance 2019 | -$1.898 billion (2019 est.) |
| Public debt | |
| Public debt 2017 | 48.3% of GDP (2017 est.) |
| Budget | |
| Revenues | $6.423 billion (2022 est.) |
| Expenditures | $6.424 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 9.47% of GDP (2023 est.) |
| Remittances 2022 | 10.89% of GDP (2022 est.) |
| Remittances 2021 | 11.25% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3% (2021 est.) |
| Highest 10% | 28.8% (2021 est.) |
| Imports | |
| Imports 2021 | $12.278 billion (2021 est.) |
| Imports 2020 | $9.627 billion (2020 est.) |
| Imports 2019 | $9.17 billion (2019 est.) |
| Imports (partners) | China 22%, India 8%, France 7%, Belgium 5%, Netherlands 4% (2022) |
| Comodities Imports force | refined petroleum, ships, rice, crude petroleum, plastic products (2022) |
| Exports | |
| Imports 2021 | $12.278 billion (2021 est.) |
| Imports 2020 | $9.627 billion (2020 est.) |
| Imports 2019 | $9.17 billion (2019 est.) |
| Exports (partners) | Mali 18%, India 16%, Switzerland 11%, US 8%, China 4% (2022) |
| Comodities Exports force | gold, phosphoric acid, refined petroleum, fish, precious metal products (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $77.382 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $74.621 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $71.874 billion (2021 est.) |
| GDP (official exchange rate) | $31.014 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $4,400 (2023 est.) |
| Real GDP per capita 2022 | $4,300 (2022 est.) |
| Real GDP per capita 2021 | $4,300 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 16.4% (2023 est.) |
| Industry | 23.7% (2023 est.) |
| Services | 50.8% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 55.9% (2023 est.) |
| Government consumption | 14.7% (2023 est.) |
| Investment in fixed capital | 38.4% (2023 est.) |
| Investment in inventories | 9% (2023 est.) |
| Exports of goods and services | 25.6% (2023 est.) |
| Imports of goods and services | -43.9% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 2.93% (2023 est.) |
| Unemployment rate 2022 | 2.97% (2022 est.) |
| Unemployment rate 2021 | 3.37% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 4.1% (2023 est.) |
| Male | 2.9% (2023 est.) |
| Female | 6.7% (2023 est.) |
All Important Facts about Senegal
Want to know more about Senegal? Check all different factbooks for Senegal below.
