Senegal

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Senegal - In Short.

Overview of Senegal

Senegal is one of the few countries in the world with evidence of continuous human life from the Paleolithic era to present. Between the 14th and 16th centuries, the Jolof Empire ruled most of Senegal. Starting in the 15th century, Portugal, the Netherlands, France, and Great Britain traded along the Senegalese coast. Senegal’s location on the western tip of Africa made it a favorable base for the European slave trade. European powers used the Senegalese island of Goree as a base to purchase slaves from the warring chiefdoms on the mainland, and at the height of the slave trade in Senegal, over one-third of the Senegalese population was enslaved. In 1815, France abolished slavery and began expanding inland. During the second half of the 19th century, France took possession of Senegal as a French colony. In 1959, the French colonies of Senegal and French Sudan were merged and granted independence in 1960 as the Mali Federation. The union broke up after only a few months. In 1982, Senegal joined with The Gambia to form the nominal confederation of Senegambia. The envisaged integration of the two countries was never implemented, and the union dissolved in 1989. Since the 1980s, the Movement of Democratic Forces in the Casamance – a separatist movement based in southern Senegal – has led a low-level insurgency. Several attempts at reaching a comprehensive peace agreement have failed. Since 2012, despite sporadic incidents of violence, an unofficial cease-fire has remained largely in effect. Senegal is one of the most stable democracies in Africa and has a long history of participating in international peacekeeping and regional mediation. The Socialist Party of Senegal ruled for 40 years until Abdoulaye WADE was elected president in 2000 and re-elected in 2007. WADE amended Senegal’s constitution over a dozen times to increase executive power and weaken the opposition. In 2012, WADE’s decision to run for a third presidential term sparked public backlash that led to his defeat to current President Macky SALL. A 2016 constitutional referendum limited future presidents to two consecutive five-year terms. The change, however, does not apply to SALL’s first term. In February 2019, SALL won his bid for re-election; his second term will end in 2024. One month after the 2019 election, the National Assembly voted to abolish the office of the prime minister. Opposition and civil society organizations criticized the decision as a further concentration of power in the executive branch at the expense of the legislative and judicial branches.
Value
Country Full Name
Senegal
Country Code
SEN
Region
Sub-Saharan Africa
Income Group
Lower middle income
Currency Unit
GDP
24644234595
Population
16743930
Land Area
192530
Net National Income Per Capita
1253.935609
GDP per Capita (PPP)
3502.820004

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Senegal - Economic

Economy of Senegal

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.

Unemployment Rate

Inflation Rate

Senegal - GDP Composition

GDP Composiiton & Value Added of Senegal

Last Updated: Jan, 2021, Updated For 2020.

Senegal - GDP, Value Added

Demographics of Senegal

the population is concentrated in the west, with Dakar anchoring a well-defined core area; approximately 70% of the population is rural as shown in this population distribution map
Geographic Location

Western Africa, bordering the North Atlantic Ocean, between Guinea-Bissau and Mauritania

Races

Wolof 37.1%, Pular 26.2%, Serer 17%, Mandinka 5.6%, Jola 4.5%, Soninke 1.4%, other 8.3% (includes Europeans and persons of Lebanese descent) (2017 est.)

Languages

French (official), Wolof, Pular, Jola, Mandinka, Serer, Soninke

Religion

Muslim 95.9% (most adhere to one of the four main Sufi brotherhoods), Christian 4.1% (mostly Roman Catholic) (2017 est.)

Dependency & Expectancy of Senegal

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Senegal - Social Media Briefing

Senegal - Social Media & Social Commerce

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Politics & Policies of Senegal

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ACP, AfDB, AU, CD, CPLP (associate), ECOWAS, EITI (candidate country), FAO, FZ, G-15, G-77, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IDB, IFAD, IFC, IFRCS, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, MINUSMA, MONUSCO, NAM, OIC, OIF, OPCW, PCA, UN, UNAMID, UNCTAD, UNESCO, UNHCR, UNIDO, UNMIL, UNMISS, UNOCI, UNWTO, UPU, WADB (regional), WAEMU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Import of Senegal

Export of Senegal

Import Destination

Export Destination