Economic overview Senegal, in 36 editions.

The agricultural sector accounts for about 20% of GDP and provides employment for about 75% of the labor force. About 40% of the total cultivated land is used to grow peanuts, an important export crop. The principal economic resource is fishing, which brought in about $200 million or about 25% of total foreign exchange earnings in 1987. Mining is dominated by the extraction of phosphate, but production has faltered because of reduced worldwide demand for fertilizers in recent years. Over the past 10 years tourism has become increasingly more important to the economy.

The agricultural sector accounts for about 20% of GDP and provides
employment for about 75% of the labor force. About 40% of the total
cultivated land is used to grow peanuts, an important export crop. The
principal economic resource is fishing, which brought in about $200 million
or about 25% of total foreign exchange earnings in 1987. Mining is dominated
by the extraction of phosphate, but production has faltered because of
reduced worldwide demand for fertilizers in recent years. Over the past 10
years tourism has become increasingly important to the economy.

The agricultural sector accounts for about 20% 12% of GDP and provides
employment for about 75% 80% of the labor force. About 40% of the total
cultivated land is used to grow peanuts, an important export crop. The Another
principal economic resource is fishing, which brought in about $200 million
or about 25% 23% of total
foreign exchange earnings in 1987. 1990. Mining is dominated
by the extraction of
phosphate, but production has faltered because of
reduced worldwide demand
for fertilizers in recent years. Over the past 10
years tourism has become
increasingly important to the economy.

In 1994 Senegal embarked on its most concerted structural
structural adjustment effort yet to exploit the 50% devaluation of
the currencies
of the 14 Francophone African nations on 12 January. January
of that year. After years of
foot-dragging, the government finally has
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 loopholes, eliminating monopoly power in
in several sectors. sectors, and privatizing state owned firms. At the same time
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 The IMF, in mid-1995,
peanut crop - Senegal's main source of foreign exchange - coincided announced that the government met most economic targets as called
with an improvement of international prices and probably resulted for in a its Enhanced Structural Adjustment Facility agreement and
doubling of earnings in 1994 over 1993. released the second $50 million tranche. The country's narrow resource
resource base, environmental degradation, and untamed population
growth will
continue to hold back growth improvement in living standards
over the medium term.

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 which took place on
12 January
of that year. After years of foot-dragging, the government has
passed a liberalized labor code which should lower the cost of labor
and improve the manufacturing sector's competitiveness. Inroads also
have been made in closing tax loopholes, eliminating monopoly power
in
several sectors, and privatizing state owned state-owned firms. 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. The IMF, in mid-1995,
announced that the
government met most economic targets as called
for in its Enhanced
Structural Adjustment Facility agreement and
released the second $50
million tranche. The country's narrow
tax and resource base,
environmental degradation, and untamed population
growth of the population will
continue to hold back improvement in living standards
over the medium
term. According to the draft budget, GDP will again rise by 5% in
1997.

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
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
thanks to the reform program, with real growth in GDP of 5.6% in 1996 and averaging 5%
4.7% annually in 1997. 1995-98. Annual inflation has been pushed below 3% 2%, and
the fiscal
deficit has been cut to less than 1.5% of GDP. Investment has been
rose steadily rising 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
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.
Forecasters predict growth will continue in the 5% range in
1999-2000.

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 1995-98. 1995-99. Annual inflation has been pushed below 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.
Forecasters predict Real GDP growth will continue in the 5% range is expected to rise above 6%, while inflation is likely to hold at 2% in
1999-2000. 2000-2001.

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 2000-2001. 2001-02.

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. during 1995-2001. Annual inflation has had been pushed down to 2%, and the fiscal deficit has been cut to less than 1.5% of GDP. 1%, but rose to an estimated 3.3% in 2001. 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), (WAEMU), 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, trade union militancy, 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.

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 was 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 during 1995-2001. 1995-2002. Annual inflation had been pushed down to less than 1%, but rose to an estimated 3.3% in 2001. 2001 and 3.0% in 2002. 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 (WAEMU), 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. In 2003, GDP will probably again grow at about 5%. On the negative side, Senegal faces deep-seated urban problems of chronic unemployment, trade union militancy, juvenile delinquency, and drug addiction.

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 was 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 during 1995-2002. 1995-2003. Annual inflation had been pushed down to less than 1%, but rose to an estimated 3.3% in 2001 and 3.0% in 2002. Investment rose steadily from 13.8% of GDP in 1993 to 16.5% in 1997. the low single digits. As a member of the West African Economic and Monetary Union (WAEMU), 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. In 2003, GDP will probably again grow at about 5%. On the negative side, Senegal faces deep-seated urban problems of chronic unemployment, trade union militancy, juvenile delinquency, and drug addiction.

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 was 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 during 1995-2003. Annual inflation had been pushed down to the low single digits. As a member of the West African Economic and Monetary Union (WAEMU), Senegal is working toward greater regional integration with a unified external tariff. Senegal also realized full Internet connectivity in 1996, creating tariff and a miniboom in information technology-based services. Private activity now accounts for 82% of GDP. On more stable monetary policy. Senegal still relies heavily upon outside donor assistance, however. Under the negative side, IMF's Highly Indebted Poor Countries debt relief program, Senegal faces deep-seated urban problems will benefit from eradication of chronic unemployment, trade union militancy, juvenile delinquency, two-thirds of its bilateral, multilateral, and drug addiction. private sector debt.

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 was 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 over 5% annually during 1995-2003. 1995-2004. Annual inflation had been pushed down to the low single digits. As a member of the West African Economic and Monetary Union (WAEMU), Senegal is working toward greater regional integration with a unified external tariff and a more stable monetary policy. However, Senegal still relies heavily upon outside donor assistance, however. assistance. Under the IMF's Highly Indebted Poor Countries (HIPC) debt relief program, Senegal will benefit from eradication of two-thirds of its bilateral, multilateral, and private sector private-sector debt.

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 was 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 over 5% annually during 1995-2004. 1995-2006. Annual inflation had been pushed down to the low single digits. As a member of the West African Economic and Monetary Union (WAEMU), Senegal is working toward greater regional integration with a unified external tariff and a more stable monetary policy. However, High unemployment, however, continues to prompt illegal migrants to flee Senegal in search of better job opportunities in Europe. Senegal was also beset by an energy crisis that caused widespread blackouts in 2006. Senegal still relies heavily upon outside donor assistance. Under the IMF's Highly Indebted Poor Countries (HIPC) debt relief program, Senegal will benefit from eradication of two-thirds of its bilateral, multilateral, and private-sector debt.

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 was 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 over 5% annually during 1995-2006. 1995-2007. Annual inflation had been pushed down to the low single digits. As a member of the West African Economic and Monetary Union (WAEMU), Senegal is working toward greater regional integration with a unified external tariff and a more stable monetary policy. High unemployment, however, continues to prompt illegal migrants to flee Senegal in search of better job opportunities in Europe. Senegal was also beset by an energy crisis that caused widespread blackouts in 2006. 2006 and 2007. The phosphate industry has struggled for two years to secure capital, and reduced output has directly impacted GDP. In 2007, Senegal signed agreements for major new mining concessions for iron, zircon, and gold with foreign companies. Firms from Dubai have agreed to manage and modernize Dakar's maritime port, and create a new special economic zone. Senegal still relies heavily upon outside donor assistance. Under the IMF's Highly Indebted Poor Countries (HIPC) debt relief program, Senegal will benefit has benefited from eradication of two-thirds of its bilateral, multilateral, and private-sector debt. In 2007, Senegal and the IMF agreed to a new, non-disbursing, Policy Support Initiative program.

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 was 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 over 5% annually during 1995-2007. 1995-2008. Annual inflation had been pushed down to the low single digits. As a member of the West African Economic and Monetary Union (WAEMU), Senegal is working toward greater regional integration with a unified external tariff and a more stable monetary policy. High unemployment, however, continues to prompt illegal migrants to flee Senegal in search of better job opportunities in Europe. Senegal was also beset by an energy crisis that caused widespread blackouts in 2006 and 2007. The phosphate industry has struggled for two years to secure capital, and reduced output has directly impacted GDP. In 2007, Senegal signed agreements for major new mining concessions for iron, zircon, and gold with foreign companies. Firms from Dubai have agreed to manage and modernize Dakar's maritime port, and create a new special economic zone. Senegal still relies heavily upon outside donor assistance. Under the IMF's Highly Indebted Poor Countries (HIPC) debt relief program, Senegal has benefited from eradication of two-thirds of its bilateral, multilateral, and private-sector debt. In 2007, Senegal and the IMF agreed to a new, non-disbursing, Policy Support Initiative program.

Senegal relies heavily on donor assistance. The country's key export industries are phosphate mining, fertilizer production, and commercial fishing. The country is also working on iron ore and oil exploration projects. 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 was 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 over 5% annually during 1995-2008. Annual inflation had been pushed down to the single digits. The country was adversely affected by the global economic downturn in 2009 and GDP growth fell below 2%. As a member of the West African Economic and Monetary Union (WAEMU), Senegal is working toward greater regional integration with a unified external tariff and a more stable monetary policy. High unemployment, however, continues to prompt illegal migrants to flee Senegal in search of better job opportunities in Europe. Senegal was also beset by an energy crisis that caused widespread blackouts in 2006 and 2007. The phosphate industry has struggled for two years to secure capital, and reduced output has directly impacted GDP. In 2007, Senegal signed agreements for major new mining concessions for iron, zircon, and gold with foreign companies. Firms from Dubai have agreed to manage and modernize Dakar's maritime port, and create a new special economic zone. Senegal still relies heavily upon outside donor assistance. Under the IMF's Highly Indebted Poor Countries (HIPC) debt relief program, Senegal has benefited from eradication of two-thirds of its bilateral, multilateral, and private-sector debt. In 2007, Senegal and the IMF agreed to a new, non-disbursing, Policy Support Initiative program. program which was completed in 2010. Senegal received its first disbursement from the $540 million Millennium Challenge Account compact it signed in September 2009 for infrastructure and agriculture development. In 2010, the Senegalese people protested against frequent power cuts. The government pledged to expand capacity by 2012 and to promote renewable energy but until Senegal has more capacity, more protests are likely and economic activity will be hindered. During the year, bakers protested government price controls on bread. Foreign investment in Senegal is constrained by Senegal's business environment, which has slipped in recent years, and by perceptions of corruption.

Senegal relies heavily on donor assistance. The country's key export industries are phosphate mining, fertilizer production, and commercial fishing. The country is also working on iron ore and oil exploration projects. In January 1994, Senegal undertook a bold and ambitious economic reform program with the support of the international donor community. 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 over 5% annually during 1995-2008. 1995-2007. Annual inflation had been pushed down to the single digits. The country was adversely affected by the global economic downturn in 2009 and GDP growth fell below 2%. As a member of the West African Economic and Monetary Union (WAEMU), Senegal is working toward greater regional integration with a unified external tariff and a more stable monetary policy. High unemployment, however, continues to prompt illegal migrants to flee Senegal in search of better job opportunities in Europe. Under the IMF's Highly Indebted Poor Countries (HIPC) debt relief program, Senegal benefited from eradication of two-thirds of its bilateral, multilateral, and private-sector debt. In 2007, Senegal and the IMF agreed to a new, non-disbursing, Policy Support Initiative program which was completed in 2010. Senegal received its first disbursement from the $540 million Millennium Challenge Account compact it signed in September 2009 for infrastructure and agriculture development. In 2010, the Senegalese people protested against frequent power cuts. The government pledged to expand capacity by 2012 and to promote renewable energy but until Senegal has more capacity, more protests are likely and economic activity will be hindered. During the year, bakers protested government price controls on bread. Foreign investment in Senegal is constrained by Senegal's business environment, which has slipped in recent years, and by perceptions of corruption.

Senegal relies heavily on donor assistance and foreign direct investment. The country's key export industries are phosphate mining, fertilizer production, and commercial fishing. The country is also working on iron ore and oil exploration projects. After seeing its economy contract by 2.1% in 1993, Senegal made an important turnaround, thanks to an economic reform program backed by the donor community, which led to real growth in GDP averaging over 5% annually during 1995-2007. Annual inflation was pushed down to the single digits. The global economic downturn reduced growth to 2.2% in 2009. The IMF completed a non-dispursing, non-dispersing, Policy Support Initiative program in 2010 and approved a new three-year policy support instrument in December 2010 to assist with economic reforms. Senegal also receives disbursements from a $540 million Millennium Challenge Account for infrastructure and agriculture development. In 2012, the economy began to rebound after a weak 2011. The economy continues to suffer from unreliable power supply, which has led to public protests and high unemployment and has prompted migrants to flee Senegal in search of better job opportunities in Europe.

Senegal relies heavily on donor assistance Senegal’s economy is driven by agriculture and foreign direct investment. that sector is the primary source of employment for the rural areas. The country's key export industries are phosphate mining, fertilizer production, and commercial fishing. The country is also working on iron ore and oil exploration projects. After seeing its economy contract by 2.1% in 1993, Senegal made an important turnaround, thanks to an economic reform program backed by the senegal relies heavily on donor community, which led to real growth in GDP averaging over 5% annually during 1995-2007. Annual inflation assistance and foreign direct investment. President Macky SALL, who was pushed down to elected in March 2012 under a reformist policy agenda, inherited an economy with a weak infrastructure, challenging business environment, and a culture of overspending that still plagued the single digits. The global economic downturn reduced growth to 2.2% country in 2009. 2013. The IMF completed a non-dispersing, Policy Support Initiative program in December 2010 and approved a new three-year policy support instrument in December 2010 to assist with economic reforms. Senegal also receives disbursements from a $540 million Millennium Challenge Account for infrastructure and agriculture development. In 2012, the economy began to rebound after a weak 2011. The economy continues to suffer from unreliable power supply, supplies and rising costs of living, which has led to public protests and high unemployment and has prompted migrants to flee Senegal in search of better job opportunities in Europe.

Senegal’s economy is driven by agriculture mining, construction, tourism, fisheries and that sector agriculture which is the primary source of employment for the in rural areas. The country's key export industries are include phosphate mining, fertilizer production, agricultural products and commercial fishing. The country fishing and it is also working on iron ore and oil exploration projects. senegal Senegal relies heavily on donor assistance assistance, remittances and foreign direct investment. President Macky SALL, who was elected in March 2012 under a reformist policy agenda, inherited an economy with high energy costs, a weak infrastructure, challenging business environment, and a culture of overspending that still plagued overspending. Senegal received technical support from the country in 2013. The IMF completed in 2010-2014 under a non-dispersing, Policy Support Initiative program in December 2010 and approved a new three-year policy support instrument Instrument to assist with economic reforms. The economy continues reform through sound macroeconomic and fiscal policies to suffer from unreliable power supplies reduce the fiscal deficit, increase transparency and rising costs of living, facilitate private investment. President SALL unveiled an ambitious economic plan, the Emerging Senegal Plan, which has led aims to public protests and high unemployment implement priority economic reforms and has prompted migrants investment projects to flee Senegal in search increase economic growth. Bureaucratic bottlenecks and a challenging business climate are among the perennial challenges that may slow the implementation of better job opportunities this plan. Investors have signaled confidence in Europe. the country through Senegal’s successful Eurobond issuances in recent years, including in 2014.

Senegal’s economy is driven by mining, construction, tourism, fisheries and agriculture agriculture, which is the primary source of employment in rural areas. 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. Senegal relies heavily on donor assistance, remittances and foreign direct investment. For the first time in the past twelve years, Senegal reached a growth rate of 6.5% in 2015 due in part to a buoyant performance in agriculture because of higher rainfall and productivity in the sector.
President Macky SALL, who was elected in March 2012 under a reformist policy agenda, inherited an economy with high energy costs, a challenging business environment, and a culture of overspending. Senegal received technical support from the IMF in 2010-2014 under a Policy Support Instrument to assist economic reform through sound macroeconomic and fiscal policies to reduce the fiscal deficit, increase transparency and facilitate private investment. President SALL unveiled an ambitious economic plan, the Emerging Senegal Plan, Plan (ESP), which aims to implement priority economic reforms and investment projects to increase economic growth. growth while preserving macroeconomic stability and debt sustainability. Bureaucratic bottlenecks and a challenging business climate are among the perennial challenges that may slow the implementation of this plan.
Senegal is receiving technical support from the IMF from 2015-2017 under a Policy Support Instrument (PSI) to assist with implementation of the ESP. The PSI implementation continues to be satisfactory as concluded by the IMF’s second review mission in March 2016. Investors have signaled confidence in the country through Senegal’s successful Eurobond issuances in recent years, including in 2014.
The government will focus on 19 projects under the ESP for the 2016 budget to continue the structural transformation of the economy. These 19 projects include the Thies-Touba Highway, including the new airport- Mbour-Thies Highway. Senegal will increase the national family allowances program and the community development emergency program in 2016. Electricity supply is a chief constraint for Senegal’s development. Electricity prices in Senegal are among the highest in the world. Power Africa, a program led by USAID and OPIC, plans to increase the current 500 mW of generating capacity to over 1,000 mW in the next three to five years. Recent gas discoveries on the Senegal-Mauritanian border, as well as just south of Dakar, will help alleviate some of the energy shortages.

Senegal’s economy is driven by mining, construction, tourism, fisheries and agriculture, which is are the primary source sources of employment in rural areas. 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. Senegal relies heavily on donor assistance, remittances and foreign direct investment. For the first time in the past twelve 12 years, Senegal reached a growth rate of 6.5% in 2015 and surpassed 6.6% in 2016, due in part to a buoyant performance in agriculture because of higher rainfall and productivity in the sector.
President Macky SALL, who was elected in March 2012 under a reformist policy agenda, inherited an economy with high energy costs, a challenging business environment, and a culture of overspending. President SALL unveiled an ambitious economic plan, the Emerging Senegal Plan (ESP), which aims to implement priority economic reforms and investment projects to increase economic growth while preserving macroeconomic stability and debt sustainability. Bureaucratic bottlenecks and a challenging business climate are among the perennial challenges that may slow the implementation of this plan.
Senegal is receiving technical support from the IMF from 2015-2017 during 2015-17 under a Policy Support Instrument (PSI) to assist with implementation of the ESP. The PSI implementation continues to be satisfactory as concluded by the IMF’s second review mission in March 2016. Investors have signaled confidence in the country through Senegal’s successful Eurobond issuances in recent years, including in 2014.
The government will focus on 19 projects under the ESP for the 2016 budget to continue the structural transformation of the economy. These 19 projects include the Thies-Touba Highway, including the new airport- Mbour-Thies Highway. Senegal will increase the national family allowances program and the community development emergency program in 2016. Electricity supply is a chief constraint for Senegal’s development. Electricity prices in Senegal are among the highest in the world. Power Africa, a program led by USAID and OPIC, plans to increase the current 500 mW MW of generating capacity to over 1,000 mW in the next three to five years. Recent gas discoveries on the Senegal-Mauritanian border, as well as just south of Dakar, will help alleviate some of the energy shortages.

Senegal’s economy is driven by mining, construction, tourism, fisheries and agriculture, which are the primary sources of employment in rural areas. The country's key export industries include phosphate mining, fertilizer production, agricultural products and commercial fishing and it Senegal is also working on oil exploration projects. Senegal It relies heavily on donor assistance, remittances and foreign direct investment. For the first time in the past 12 years, Senegal reached a growth rate of 6.5% in 2015 and surpassed 6.6% 7% in 2016, 2017, due in part to a buoyant strong performance in agriculture because of higher rainfall and productivity in the sector.
despite erratic rainfall. President Macky SALL, who was elected in March 2012 under a reformist policy agenda, inherited an economy with high energy costs, a challenging business environment, and a culture of overspending. President SALL unveiled an ambitious economic plan, the Emerging Senegal Plan (ESP), which aims to implement priority economic reforms and investment projects to increase economic growth while preserving macroeconomic stability and debt sustainability. Bureaucratic bottlenecks and a challenging business climate are among the perennial challenges that may slow the implementation of this plan.
Senegal is receiving receives technical support from the IMF during 2015-17 under a Policy Support Instrument (PSI) to assist with implementation of the ESP. The PSI implementation continues to be satisfactory as concluded by the IMF’s second fifth review mission in March 2016. Investors December 2017. Financial markets have signaled confidence in the country Senegal through Senegal’s successful Eurobond issuances in recent years, including in 2014.
2014, 2017, and 2018. The government will focus is focusing on 19 projects under the ESP for the 2016 budget to continue The government’s goal under the ESP is structural transformation of the economy. These 19 Key projects include the Thies-Touba Thiès-Touba Highway, including the new airport- Mbour-Thies Highway. Senegal will increase the national family allowances program and the community development emergency program international airport opened in 2016. Electricity supply December 2017, and upgrades to energy infrastructure. The cost of electricity is a chief constraint for Senegal’s development. Electricity prices in Senegal are among the highest in the world. Power Africa, a program US presidential initiative led by USAID and OPIC, USAID, supports Senegal’s plans to improve reliability and increase the current 500 MW of generating capacity to over 1,000 mW in the next three to five years. Recent gas discoveries on the Senegal-Mauritanian border, as well as just south of Dakar, will help alleviate some of the energy shortages. capacity.

Senegal’s economy is driven by mining, construction, tourism, fisheries and agriculture, which are the primary sources of employment in rural areas. The country's key export industries include phosphate mining, fertilizer production, agricultural products and commercial fishing and Senegal is also working on oil exploration projects. It relies heavily on donor assistance, remittances and foreign direct investment. Senegal reached a growth rate of 7% in 2017, due in part to strong performance in agriculture despite erratic rainfall.
President Macky SALL, who was elected in March 2012 under a reformist policy agenda, inherited an economy with high energy costs, a challenging business environment, and a culture of overspending. President SALL unveiled an ambitious economic plan, the Emerging Senegal Plan (ESP), which aims to implement priority economic reforms and investment projects to increase economic growth while preserving macroeconomic stability and debt sustainability. 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. The PSI implementation continues to be satisfactory as concluded by the IMF’s fifth review in December 2017. Financial markets have signaled confidence in Senegal through successful Eurobond issuances in 2014, 2017, and 2018.
The government is focusing on 19 projects under the ESP to continue The government’s goal under the ESP is structural transformation of the economy. Key projects include the Thiès-Touba Highway, the new international airport opened in December 2017, and upgrades to energy infrastructure. The cost of electricity is a chief constraint for Senegal’s development. Electricity prices in Senegal are among the highest in the world. Power Africa, a US presidential initiative led by USAID, supports Senegal’s plans to improve reliability and increase generating capacity.