In-Depth Analysis
Senegal
The focus of Senegal’s economic growth environment over the medium term will shift towards the expanding mining sector, as oil and gas production are expected to commence in 2023. Infrastructure development is also improving the operating environment.
The Senegalese economy stood strong through the initial phase of the Covid-19 pandemic. In fact, the economy posted economic growth of 0.6% y-o-y during H1 this year, which points to relatively robust economic activity when compared to other countries on the continent. Furthermore, the development of the hydrocarbons sector continues as both FDI and services imports rose, surprisingly, during H1. The biggest concerns for the local economy remain the large twin deficits, which has been exacerbated by the Covid-19 pandemic. Although we expect the economy to recover during H2, the second wave of coronavirus infections worldwide could hamper the recovery process. (Source: Senegal Quarterly Update, December 2020)
Macroeconomic Data
(2020)
|
Fiscal Balance (as a % of GDP) |
-6.8 |
|
Consumer Price Index (% change y-o-y, avg) |
2.5 |
|
Current Account Balance (as a % of GDP) |
-11.2 |
|
Real GDP (annual % change) |
-0.5 |
|
GDP per Capita, US$ |
1,460.2 |
|
Import Cover (months) |
4.1 |
|
Population, million |
16.7 |
| Total External Debt (as a % of GDP) |
103.4 |