In-Depth Analysis
Senegal
Senegal is set for an oil- and gas-driven economic boom from 2023, when offshore projects start producing. Gold mining and logistics are other promising sectors that are driving development, the latter leveraging the country’s potential as a gateway to its landlocked neighbours.
On recent data releases, activity is bouncing back strongly after the impacts of Covid-19. Government spending has stimulated the real economy, exports have been growing fast thanks to a boom in gold mining output, and the medium-term outlook is even rosier as the development of offshore oil and gas fields remains on track. We have revised our real GDP growth forecast upwards on the basis of these factors. Downside risks are the negative trend on political stability, and the lack of growth in formal employment. (Source: Senegal Quarterly Update, December 2021)
Macroeconomic Data
(2020)
|
Fiscal Balance (as a % of GDP) |
-6.5 |
|
Consumer Price Index (% change y-o-y, avg) |
2.5 |
|
Current Account Balance (as a % of GDP) |
-12.5 |
|
Real GDP (annual % change) |
2.1 |
|
GDP per Capita, US$ |
1,442.5 |
|
Import Cover (months) |
4.78 |
|
Population, million |
16.7 |
| Total External Debt (as a % of GDP) |
99.8 |