Senegal Overview

Senegal's economic results have been optimistic and growth has been continuously sustained for several years. Annual GDP growth rate was 6% in 2004 and 5.7% in 2005. The IMF forecasts a 5% growth in 2006. The country is politically sable and inflation is under control. Despite these good performances, Senegal has been listed among the least-developed countries (LDC) since 2001 but the poverty is decreasing thanks to the financial hekps of the IMF, the World Bank and the European Union.. Unemployment is also very high and could touch 40% of the active population.

The agriculture sector provides 20% of the GDP and about 70% of the population live in rural areas. As a matter of fact, the Senegalese economy strongly relies on harvests and pluviometry. The main crops are cereals, fruits, vegetables, sugar and above all groundnuts which are largely exported. Phosphates exploitation is an essential source of revenue in the country. Industrial sector is little diversified and is driven by chemical activities (phosphoric acid production), food-processing (groundnut oil) and textile. Services add up to 60% of the GDP and is in full boom, especially thanks to telecommunications and tourism.

Senegal is a member of Western African Economic and Monetary Union (WAEMU) and consequently applies its customs Common External Tariff (CET). Senegal's top three export partners are India, Grance and Mali. Its top three import partners are France, Nigeria and Thailand. Senegal mainly imports food-processing products (cereals), capital goods, chemicals and hydrocarbons.