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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.
Annual GDP growth accelerated to 4.5% in Q3 (Q2: +3.2% yoy). The improvement chiefly reflected fixed investment growth picking up steam. Moreover, private consumption rose faster in Q3 than in Q2, likely buttressed by lower average inflation. Meanwhile, the external sector detracted 1.8 percentage points from the overall GDP reading on a nearly 12% year-on-year fall in exports. In Q4, activity was likely healthy; businesses were more optimistic in October–November than in Q3, boding well for investment and employment. Less positively, the goods exports downturn worsened in the same two-month period compared to Q3. In other news, the IMF disbursed USD 279 million in December thanks to Senegal’s commitment to fiscal consolidation. In politics, in mid-January, opposition leader Ousmane Sonko appealed his disqualification from running for president at the upcoming 25 February elections.
Projections out to 2033.

39 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 10 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 10 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 Datos económicos

2018 2019 2020 2021 2022
Población (millones) 15.9 16.3 16.7 17.2 17.7
PIB (en millones de dólares) 22.8 23.4 24.5 27.6 27.0
PIB per cápita (USD) 1,439 1,436 1,463 1,603 1,527
PIB (en miles de millones de francos CFA) 12,840 13,713 14,101 15,319 16,867
Crecimiento económico (PIB nominal, var. anual) 5.3 6.8 2.8 8.6 10.1
Crecimiento económico (PIB, var. anual) 6.6 4.3 1.5 6.1 -
Demanda interna (% var. anual) 6.8 3.5 6.4 5.3 -
Consumo privado (% var. anual) 4.7 3.8 2.2 6.0 -
Consumo público (var. anual) 3.5 7.5 2.6 5.4 -
Inversión fija (% var. anual) 13.7 10.3 4.3 7.4 -
Saldo fiscal (% del PIB) -3.7 -3.9 -6.4 -6.3 -6.2
Deuda pública (% del PIB) 61.5 63.6 69.2 73.2 -
Inflación (IPC, % var. anual, aop) 0.4 1.0 2.5 2.2 9.7
Tipo marginal de crédito (%, eop) 4.50 4.50 4.00 4.00 4.75
Tipo de cambio (XOF por USD, eop) 572.72 585.25 534.00 580.00 617.00
Balanza por cuenta corriente (en millones de dólares) -2.2 -1.9 -2.7 -3.3 -
Balanza por cuenta corriente (% del PIB) -9.6 -8.1 -10.9 -12.0 -
Balanza comercial de mercancías (en millones de USD) -3.4 -2.9 -2.8 -3.4 -
Exportaciones de mercancías (en millones de dólares) 3.8 4.4 4.2 5.1 -
Importaciones de mercancías (en millones de dólares) 7.2 7.3 7.0 8.5 -
Exportaciones de mercancías (% var. anual) 17.3 16.0 -5.4 22.3 -
Importaciones de mercancías (% var. anual) 21.0 1.9 -4.6 21.7 -
Inversión extranjera directa (en millones de dólares) 0.8 1.1 1.8 2.2 -
Reservas internacionales (en millones de dólares) 3.4 3.2 5.0 4.7 3.6
Reservas internacionales (meses de importaciones) 5.7 5.3 8.6 6.6 -
Deuda externa (en millones de dólares) 19.0 19.2 23.3 28.9 -
Deuda externa (% del PIB) 83.2 82.2 95.1 104.9 -

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