Highlights

  • Driven by all sectors of the economy, progress in structural reforms and a favorable international environment, economic growth in Senegal has recently accelerated, reaching approximately 6.2% in 2016 and 7.2% in 2017. It is expected to reach 7.0% in 2018.
  • The Government has adopted a new development plan, the Senegal Emerging Plan, to enable the country to break away from the cycle of weak growth and insufficient progress in reducing poverty. Major infrastructures are under construction in the country.
  • The budget deficit declined in recent years, to 3.3% of GDP in 2016 and 3.0% in 2017, passing below the community standard of 3%.
  • Inflation remains very low. It would be practically zero in 2017. Projections for 2019 place it below the community ceiling of 3%.
  • In spite of the rise in exports supported by a diversification of agricultural products, fishing and the extractive sector, the current account deficit is expected to widen in 2017 to 7.3% of GDP compared with 4.2 percent in 2016, because of the high level of imports of capital goods thanks to public investment.
  • Structurally, Senegal has the advantage of being one of the most stable countries politically speaking in Africa. The geographical location of its capital makes it a hub of transport in West Africa. The country exports mainly fish, phosphate, fertilizers and groundnut.

 

  2013 2014 2015 2016 2017 2018
GDP growth (%)  3.5 4.0 6.4 6.2 7.2 7.0
Investment rate* 28.4 25.9 25.9 25.1 28.5 31.6
Inflation rate (annual average) 0.7 -1.1 0.1 0.8 1.3 0.4
Underlying budget balance / Nominal GDP (%)* -4.2 -4.0 -3.7 -3.3 -3.0 -3.5
Current balance, grants included* -8.1 -6.8 -5.3 -4.2 -7.3 -8.0
Overall debt* 46.9 54.5 56.9 60.4 61.2 60.6

Sources : BCEAO except the debt data provided by the IMF (Regional Economic outlook report, April 2018)
* in % of GDP 

InstrumentDate of operationValue dateDeadlineAmount
(in millions of FCFA)
StatusMore