In January 1994, Senegal took an economic regeneration program in support of international donor community with an objective of 50% devaluation of Senegal's currency. As an outcome of that reform policy, during 1995-2003, Senegal experienced an average GDP (Gross Domestic Product) real growth rate by 5%.
Senegalese economy:
Senegalese economy is primarily dependent on agriculture, fish processing and mining industry. Senegal is rich in natural resources like fish, phosphates and iron ore. Phosphates accounts for a major portion of Senegalese economy.|
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Agriculture:
About 70% of the total workforce in Senegal are involved in agricultural sector, particularly in farming activities. Senegal information also reveals that due to irregular rainfall, agricultural productions in Senegal are being hampered. As a result of that, agricultural production fluctuates. Major agricultural products of Senegal include sorghum, rice, millet, sugarcane, peanuts, and cotton.Senegalese industry:
The industries in Senegal constitute phosphates, mining, fertilizer, petroleum refining, and manufacturing. In 1998, manufacturing sector of Senegal contributed 15.3% to GDP and in 2000, industry accounted for 21% of the overall GDP (Gross Domestic Product) of the country.Agriculture based industry, like fish canneries, bakeries, beverages, dairy, oil mills, sugar refineries accounts for a major portion to the economy of Senegal. The other major industries in Senegal include textiles, cement, petroleum, fertilizers and phosphates. Some of the major industrial products include plywood, sulfuric acid, cigarettes, paints, soaps and bicycles.
In 2004,
GDP (Gross Domestic Product)- real growth rate: 3.2%
GDP - composition by sector:
- Agriculture: 15.9%
- Industry: 21.4%
- Services: 62.7%
Exports:
Senegal exports commodities like fish, phosphates, peanuts, petroleum products and cotton.Imports:
Senegal imports constitute fuels, food and beverages, capital goods.Trading partners: Leading trading partners of Senegal include India, France, Mali, Italy, Spain, and Guinea.
Currency:
The official 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).
