mailing address: B. P. 49, Dakar
telephone: [221] 823-4296, 823-7384
FAX: [221] 822-2991
Flag description: 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
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 1995-99. Annual inflation has been pushed down to 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. Real GDP growth is expected to rise above 6%, while inflation is likely to hold at 2% in 2001-02.
GDP: purchasing power parity - $16 billion (2000 est.)
GDP - real growth rate: 5.7% (2000 est.)
GDP - per capita: purchasing power parity - $1,600 (2000 est.)
GDP - composition by sector: agriculture: 19%