While most people in Senegal still earn a living from agriculture and fishing, the services sector – particularly the finance sector and telecommunications and IT – is becoming significantly more important. The country's key export industries include phosphate mining, fertilizer production, agricultural products and commercial fishing and it is also working on oil exploration projects. Given the low fiscal pressure (15% of GDP) and domestic savings, this deficit was partially financed by external borrowing, which raised the public debt to 54.7% of GDP in 2018 from 47.7% in 2017. (as at: 31.12.2019) GIZ has been represented in Senegal since 1977, and opened its own office in 1989 in the capital city Dakar. In 2019, we expect GDP growth to re-accelerate to +6%.
Phosphate mining, fertilizer production, construction, tourism, fisheries, and agriculture propel Senegal’s economy.
We expect real GDP growth to contract in 2020, owing to the adverse effects of the coronavirus pandemic, rising in 2021 as infrastructural investment and agricultural output rise. Aware of these deficiencies, the government is seeking to foster a more competitive and diverse business economy, particularly by developing a skilled workforce.Senegal is a former French colony that achieved its current form only in 1989 after several decades of failed confederations with neighboring countries. The PSI implementation continues to be satisfactory as concluded by the IMFâs fifth review in December 2017. GDP Growth Rate YoY Senegal is ranked 13th among 47 countries in the Sub-Saharan Africa region, and its overall score is slightly above the regional average and well below the world average.The Senegalese economy has been mostly unfree for more than two decades. The services sector was the most affected (-0.9% vs 3% in Q4), namely accommodation & food services (-10.9% vs 5.8%); real estate activities (-11% vs -2%); and information & communication (-8.4% vs -1.8%). Inflation in 2019 remained low at 0.2%.Worsening terms of trade due to rising oil prices and equipment imports increased the current account deficit in 2019 to 8.8%, projected to rise to 9.7% in 2020 and 9.8% in 2021. The president, Macky Sall, secured another term in the 2019 election. Also, primary activities grew faster (6% vs 2.6%), mainly supported by fishing (26.9% vs -2.9%). Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. For 2019, Senegal remains committed to a 3% deficit target (WAEMU’s convergence criterium), yet high commodity prices imply continued constraints on the fiscal balance. Both will foster interregional trade. Growth slipped to 6.0% in 2019 from 6.7% in 2018. Electricity prices in Senegal are among the highest in the world. Its overall score has increased by 1.7 point due to a higher fiscal health score. On a seasonally quarterly basis, the economy shrank 3.9%, the most since Q1 of 2007, after expanding 2.3% in the prior quarter. Reforms have made it easier to register property and enforce contracts. Project data. On a quarterly basis, the GDP rose 4% compared to a meagre 0.2% increase in the previous quarter. The bureaucratic approval process and poor infrastructure remain considerable impediments to investment. Senegal has managed to keep its inflation rate at 1% in 2019, well below WAEMU’s standard of 3%, and it is expected to slightly increase in the following years (April 2020 World Economic Outlook IMF). Bureaucratic bottlenecks and a challenging business climate are among the perennial challenges that may slow the implementation of this plan.Senegal receives technical support from the IMF under a Policy Support Instrument (PSI) to assist with implementation of the ESP. Senegalâs economy is driven by mining, construction, tourism, fisheries and agriculture, which are the primary sources of employment in rural areas.
Key projects include the Thiès-Touba Highway, the new international airport opened in December 2017, and upgrades to energy infrastructure.
The judiciary is formally independent, but the president controls appointments to the Constitutional Council, the Court of Appeal, and the Council of State. TEForecast On a quarterly basis, the GDP shrank 0.5 percent, following a downwardly revised 4 percent rise in the preceding quarter. Hence, income shocks such as in 2018 have significant consequences on consumer confidence. Outmoded regulation, high credit costs, and scarce access to financing continue to constrain the small private sector.© 2020 by The Heritage Foundation. Broad political stability will prevail in the country. The largest sector of Senegal's economy is services, accounting for 62 percent of total GDP, of which internal trade (19 percent); administration, education and health (12 percent); communications (11 percent); and real estate activities (6 percent). Other taxes include value-added and insurance taxes.
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