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Senegal Economy

Senegal's economy in numbers:

Nominal GDP of USD 31.3 billion in 2023.

GDP per capita of USD 1,722 compared to the global average of USD 10,589.

Average real GDP growth of 4.9% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 60% of overall GDP, manufacturing 15%, other industrial activity 10%, and agriculture 15%. Looking at GDP by expenditure, private consumption accounted for 69% of GDP in 2021, government consumption 15%, fixed investment 36%, and net exports -20%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 27% of total merchandise exports, mineral fuels 16%, food 30%, ores and metals 7% and agricultural raw materials 1%, with other categories accounting for 19% of the total. In the same period, manufactured products made up 49% of total merchandise imports, mineral fuels 25%, food 21%, ores and metals 2% and agricultural raw materials 1%, with other goods accounting for 2% of the total. Total exports were worth USD 6 billion in 2022, while total imports were USD 10 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 5.0% in the decade to 2022. To read more about GDP growth in Senegal, go to our dedicated page.

Fiscal policy:

Senegal's fiscal deficit averaged 4.5% of GDP in the decade to 2022. Find out more on our dedicated page.


The unemployment rate averaged 5.3% in the decade to 2022. For more information on Senegal's unemployment click here.


Inflation averaged 1.8% in the decade to 2022. Go to our Senegal inflation page for extra insight.

Monetary Policy:

Senegal's monetary policy rate ended 2022 at 4.75%, up from 4.00% a decade earlier. See our Senegal monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the West African CFA franc weakened by 19.2% vs the U.S. dollar. For more info on the West African CFA franc, click here.
Preliminary estimates showed that annual GDP growth accelerated to 4.4% in Q4 (Q3: +3.3% yoy). While details are pending, the improvement likely came on the back of strong domestic demand: In Q4, inflation averaged its lowest since Q2 2021, and businesses were more optimistic, boding well for investment and employment. Additionally, merchandise exports declined at a slower pace in Q4. Meanwhile, political uncertainty and turmoil abound as the democratic process is threatened, likely weighing on investment. The opposition leader Ousmane Sonko was barred from running for president in January, and the 25 February elections were delayed by 10 months in February, prolonging President Sall’s tenure. Protests ensued, and, in return, opposition lawmakers were arrested, and the internet was cut. Then, on 15 February, the election postponement was ruled unconstitutional and, shortly after, Sall vowed to hold elections as soon as possible; uncertainty remains high.
Projections out to 2033.

39 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 11 expert analysts.

Want to get insight on the economic outlook for Senegal in the coming years? FocusEconomics collects projections out to 2033 on 39 economic indicators for Senegal from a panel of 11 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Senegal economy. To download a sample report on the Senegal's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Senegal Economic Data

2018 2019 2020 2021 2022
Population (million) 15.9 16.3 16.7 17.2 17.7
GDP (USD bn) 23.1 23.4 24.5 27.6 27.7
GDP per capita (USD) 1,456 1,434 1,466 1,602 1,565
GDP (XOF bn) 12,840 13,713 14,119 15,288 17,268
Economic Growth (Nominal GDP, ann. var. %) 5.3 6.8 3.0 8.3 13.0
Economic Growth (GDP, ann. var. %) 6.6 4.3 1.5 6.6 2.5
Domestic Demand (ann. var. %) 6.7 3.5 6.3 7.0 10.8
Private Consumption (ann. var. %) 4.7 3.8 2.3 3.1 2.9
Government Consumption (ann. var. %) 3.5 7.5 0.8 13.3 6.4
Fixed Investment (ann. var. %) 13.7 10.3 7.2 16.5 7.2
Fiscal Balance (% of GDP) -3.7 -3.9 -6.4 -6.3 -6.6
Public Debt (% of GDP) 61.5 63.6 69.2 73.2 75.0
Benchmark Interest Rate (%, eop) 2.50 2.50 2.00 2.00 2.75
Exchange Rate (XOF per USD, eop) 574 584 535 577 615
Current Account Balance (USD bn) -2.2 -1.9 -2.7 -3.3 -4.2
Current Account Balance (% of GDP) -9.6 -8.1 -10.9 -12.1 -15.3
Merchandise Trade Balance (USD bn) -3.4 -2.9 -2.8 -3.0 -3.9
Merchandise Exports (USD bn) 3.9 4.4 4.2 5.5 5.7
Merchandise Imports (USD bn) 7.2 7.3 7.0 8.5 9.5
Merchandise Exports (ann. var. %) 18.3 14.6 -5.3 31.0 3.7
Merchandise Imports (ann. var. %) 22.0 0.7 -4.3 21.4 12.5
Foreign Direct Investment (USD bn) 0.8 1.1 1.8 2.6 2.6
International Reserves (USD bn) 3.4 3.2 5.0 4.7 3.6
International Reserves (months of imports) 5.6 5.3 8.6 6.6 4.5
External Debt (USD bn) 19.0 19.2 23.3 28.5 32.1
External Debt (% of GDP) 82.3 82.3 94.9 103.5 116.1

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