Flag: three equal vertical bands of green (hoist side), yellow, and red with a small green five-pointed star centered in the yellow band; uses the popular pan-African colors of Ethiopia
Economy ———-
Economic overview: In 1994 Senegal embarked on its most concerted structural adjustment effort yet to exploit the 50% devaluation of the currencies of the 14 Francophone African nations on 12 January of that year. After years of foot-dragging, the government has passed a liberalized labor code which should lower the cost of labor and improve the manufacturing sector's competitiveness. Inroads also have been made in closing tax loopholes, eliminating monopoly power in several sectors, and privatizing state owned firms. At the same time, the government is holding the line on current fiscal expenditure under the watchful eyes of international organizations on which it depends for substantial support. The IMF, in mid-1995, announced that the government met most economic targets as called for in its Enhanced Structural Adjustment Facility agreement and released the second $50 million tranche. The country's narrow resource base, environmental degradation, and untamed population growth will continue to hold back improvement in living standards over the medium term.
GDP: purchasing power parity - $14.5 billion (1995 est.)
GDP real growth rate: 4.5% (1995 est.)
GDP per capita: $1,600 (1995 est.)
GDP composition by sector: agriculture: NA% industry: NA% services: NA%
Inflation rate (consumer prices): 6.1% (1995)
Labor force: 2.509 million (77% are engaged in subsistence farming; 175,000 wage earners) by occupation: private sector 40%, government and parapublic 60%
Unemployment rate: NA%