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| 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.
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| GDP: |
purchasing power parity - $16 billion (2000 est.)
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| GDP - real growth rate: |
5.7% (2000 est.)
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| GDP - per capita: |
purchasing power parity - $1,600 (2000 est.)
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| GDP - composition by sector: |
agriculture:
19%
industry:
20%
services:
61% (1997 est.)
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| Population below poverty line: |
NA%
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| Household income or consumption by percentage share: |
lowest 10%:
1.4%
highest 10%:
42.8% (1991)
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| Inflation rate (consumer prices): |
1.5% (2000 est.)
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| Labor force - by occupation: |
agriculture 60%
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| Unemployment rate: |
NA%; urban youth 40%
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| Budget: |
revenues:
$885 million
expenditures:
$885 million, including capital expenditures of $125 million (1996 est.)
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| Industries: |
agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, construction materials
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| Industrial production growth rate: |
7% (1998 est.)
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| Electricity - production: |
1.27 billion kWh (1999)
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| Electricity - production by source: |
fossil fuel:
100%
hydro:
0%
nuclear:
0%
other:
0% (1999)
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| Electricity - consumption: |
1.181 billion kWh (1999)
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| Electricity - exports: |
0 kWh (1999)
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| Electricity - imports: |
0 kWh (1999)
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| Agriculture - products: |
peanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish
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| Exports: |
$959 million (f.o.b., 2000)
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| Exports - commodities: |
fish, ground nuts (peanuts), petroleum products, phosphates, cotton
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| Exports - partners: |
France 17%, India 17%, Italy 12%, Spain 6%, Mali 6%, Cote d'Ivoire 4% (1999)
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| Imports: |
$1.3 billion (f.o.b., 2000)
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| Imports - commodities: |
foods and beverages, consumer goods, capital goods, petroleum products
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| Imports - partners: |
France 30%, Nigeria 7%, Italy 6%, Thailand 5%, Germany 4%, US 4% (1999)
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| Debt - external: |
$4.1 billion (1998 est.)
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| Economic aid - recipient: |
$647.5 million (1995)
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| Currency: |
Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States
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| Exchange rates: |
Communaute Financiere Africaine francs (XOF) per US dollar - 699.21 (January 2001), 711.98 (2000), 615.70 (1999), 589.95 (1998), 583.67 (1997), 511.55 (1966); note - from 1 January 1999, the XOF is pegged to the euro at a rate of 655.957 XOF per euro
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| Fiscal year: |
calendar year
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