In-Depth Analysis
Senegal
Much of Senegal's economic growth during the next few years will be concentrated in the expanding mining sector related to increased production and investment. Infrastructure development is improving the operating environment.
Senegal has experienced strong economic growth over the last few years thanks to its ambitious development plan, the Emerging Senegal Plan (PSE) which saw growth average 6.6% p.a. over the 2014-18 period. However, real GDP growth slowed during the first half of 2019 as a downturn in primary and secondary sector activity somewhat dampened recent momentum. Growth is now forecast to slow to 5.8% this year. Despite this slowdown, the longer-term outlook remains positive and is expected to be buoyed by the second phase of the PSE (set to run from 2019- to 2023) which should spur an uptick in investment expenditure and support average growth of 7.8% p.a. over the 2020-23 period. Moreover, oil and gas production (set to start in 2021-22) will provide a further boost to the country’s growth trajectory over the medium term. (Source: Senegal Quarterly Update, November 2019.)
Macroeconomic Data
(2018)
|
Fiscal Balance (as a % of GDP) |
-3.5 |
|
Consumer Price Index (% change y-o-y, avg) |
0.5 |
|
Current Account Balance (as a % of GDP) |
-7.0 |
|
Real GDP (annual % change) |
6.8 |
|
GDP per Capita, US$ |
1,521.3 |
|
Import Cover (months) |
4.8 |
|
Population, million |
15.9 |
| Total External Debt (as a % of GDP) |
51.7 |