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Senegal Economy 1996

Overview:

In 1994 Senegal embarked on its most concerted structural adjustment effort yet to exploit the 50% devaluation of the currencies of the 14 Francophone African nations on 12 January. After years of foot-dragging, the government finally passed a liberalized labor code which should significantly help lower the cost of labor and improve the manufacturing sector's competitiveness. Inroads also have been made in closing tax loopholes and eliminating monopoly power in several sectors. At the same time the government is holding the line on current fiscal expenditure under the watchful eyes of international organizations on which it depends for substantial support. A bumper peanut crop - Senegal's main source of foreign exchange - coincided with an improvement of international prices and probably resulted in a doubling of earnings in 1994 over 1993. The country's narrow resource base, environmental degradation, and untamed population growth will continue to hold back growth in living standards over the medium term.

National product:

GDP - purchasing power parity - $12.3 billion (1993 est.)

National product real growth rate:

-2% (1993 est.)

National product per capita:

$1,450 (1993 est.)

Inflation rate (consumer prices):

-1.8% (1991 est.)

Unemployment rate:

NA%

Budget:

revenues:

$1.2 billion

expenditures:

$1.2 billion, including capital expenditures of $269 million (1992 est.)

Exports:

$904 million (f.o.b., 1991 est.)

commodities:

fish, ground nuts (peanuts), petroleum products, phosphates, cotton

partners:

France, other EC countries, Cote d'Ivoire, Mali

Imports:

$1.2 billion (c.i.f., 1991 est.)

commodities:

foods and beverages, consumer goods, capital goods, petroleum

partners:

France, other EC countries, Nigeria, Cote d'Ivoire, Algeria, China, Japan

External debt:

$2.9 billion (1990)

Industrial production:

growth rate 1.9% (1991); accounts for 15% of GDP

Electricity:

capacity:

230,000 kW

production:

720 million kWh

consumption per capita:

79 kWh (1993)

Industries:

agricultural and fish processing, phosphate mining, petroleum refining, building materials

Agriculture:

accounts for 20% of GDP; major products - peanuts (cash crop), millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; estimated two-thirds self-sufficient in food; fish catch of 354,000 metric tons in 1990

Illicit drugs:

transshipment point for Southwest and Southeast Asian heroin moving to Europe and North America

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-89), $551 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $5.23 billion; OPEC bilateral aid (1979-89), $589 million; Communist countries (1970-89), $295 million

Currency:

1 CFA franc (CFAF) = 100 centimes

Exchange rates:

Communaute Financiere Africaine francs (CFAF) per US$1 - 529.43 (January 1995), 555.20 (1994), 283.16 (1993), 264.69 (1992), 282.11 (1991), 272.26 (1990)

note:

the official rate is pegged to the French franc, and beginning 12 January 1994, the CFA franc was devalued to CFAF 100 per French franc from CFAF 50 at which it had been fixed since 1948

Fiscal year:

calendar year

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