Economical Situation

Senegal economic indicators, for 2017, are as follows: GDP=15.43 billion USD; GDP per inhabitant = 973 USD; inflation rate = 1.9%.

Due to great performances in the agricultural sector, supported by an important volume of rains and a high productivity rate of the same sector, Senegal enjoyed 6,5 % economic growth, in 2015 and 6,6 % in 2016.

The economy of the country is essentially based on mine exploitation, construction, tourism, fisheries and agriculture, the main sources of jobs creation in the rural areas.

The economy is still dominated by tertiary activities that contribute up to 60% in the GDP; the primary and secondary sectors count for 20% each.

The main export industries are phosphates extraction, fertilizer production, agricultural products, commercial fisheries and oil exploration.

Gas and oil are recently discovered in Senegal; which will attract more foreign direct investments.

The Government has identified major projects incorporated in the Emerging Senegal Plan (PSE), whose aim consists of transforming the structure of the economy, in compliance with social values of solidarity and respect of the rule of law.

The currency used in Senegal, as well as in the West African Economic and Monetary Union (WAEMU), is Franc CFA, pegged to the Euro, at a fixed rate of 1 Euro = 655,957 FCFA.

Senegal is one ofthe first countries in West Africa rated B+/Stable/B by Standard & Poors.

Senegal is a member of WAEMU (a market of 90 million consumers) and the Economic Community of West African States (ECOWAS), a sub-regional zone for economic integration with more than 300 million of consumers, eligible to Africa Growth and Opportunity Act (AGOA), which grants a free access to the American market, with customs duties exemption