Senegal Economy

Senegal is a scenic country located in the western part of Africa. The total population of Senegal is 11,987,121(2006 eastern standard time). The economy of Senegal is principally dependent on agriculture, fish processing and mining industry.

Senegalese economy
Agriculture, fish processing, and mining accounts for major portion of Senegalese economy. Nearly seventy percent of the overall workforce in Senegal are engaged in agricultural sector, specifically in farming. This is because of irregular rainfall, agricultural production in Senegal fluctuates.

Major agricultural products include millet, sorghum, rice, sugarcane, peanuts, and cotton.Senegal is rich in natural resources like phosphates and iron ore. Senegalese industry is primarily dependent on phosphates mining, fertilizer, petroleum refining, and manufacturing.

Senegal exports fish products, petroleum products, peanuts, cotton and phosphates and imports foods and beverages, fuels, and capital goods.

Trading partners
Leading trading partners of Senegal include India, France, Italy, Mali, Spain, Gambia, Nigeria,Guinea-Bissau, and Thailand.

In 2005,
GDP (Gross Domestic Product) :$20.44 billion
GDP Real Growth Rate: 5.2%
Inflation: 1.7% and unemployment rate was 48%.
Currency
The currency of Senegal is West African CFA Franc (XOF), which is divided into 100 centimes.

Currency exchange rate as on 21st September, 2007:
1 US Dollar is equal to 467.899 CFA Franc BCEAO and 1 CFA Franc BCEAO (XOF) is equal to 0.002137 US Dollar (USD).

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Last Updated on : 25th June 2013