296,
823-7384 FAX: [221] 822-2991

Flag description: three equal vertical bands of green (hoist side),
yellow, and red with a small green five-pointed star centered in the
yellow band; uses the popular pan-African colors of Ethiopia

Economy Senegal

Economy - overview: In January 1994, Senegal undertook a bold and
ambitious economic reform program with the support of the international
donor community. This reform began with a 50% devaluation of Senegal's
currency, the CFA franc, which is linked at a fixed rate to the French
franc. Government price controls and subsidies have been steadily
dismantled. After seeing its economy contract by 2.1% in 1993, Senegal
made an important turnaround, thanks to the reform program, with real
growth in GDP averaging 5% annually during 1995-2001. Annual inflation had
been pushed down to less than 1%, but rose to an estimated 3.3% in 2001.
Investment rose steadily from 13.8% of GDP in 1993 to 16.5% in 1997. As a
member of the West African Economic and Monetary Union (WAEMU), Senegal
is working toward greater regional integration with a unified external
tariff. Senegal also realized full Internet connectivity in 1996, creating
a miniboom in information technology-based services. Private activity now
accounts for 82% of GDP. On the negative side, Senegal faces deep-seated
urban problems of chronic unemployment, trade union militancy, juvenile
delinquency, and drug addiction.

GDP: purchasing power parity - $16.2 billion (2001 est.)

GDP - real growth rate: 5.7% (2001 est.)

GDP - per capita: purchasing power parity - $1,580 (2001 est.)

GDP - composition by sector: agriculture: 18.5% industry: 20.7% services:
60.8% (2000 est.)

Population below poverty line: 54% (2001 est.)

Household income or consumption by percentage share: lowest 10%: 1.4%
highest 10%: 42.8% (1991)

Distribution of family income - Gini index: 41.3 (1995)

Inflation rate (consumer prices): 3.3% (2001 est.)

Labor force: NA

Labor force - by occupation: agriculture 70%

Unemployment rate: 48% (urban youth 40%) (2001 est.)

Budget: revenues: $1.373 billion expenditures: $1.373 billion, including
capital expenditures of $357 million (2002 est.)

Industries: agricultural and fish processing, phosphate mining,
fertilizer production, petroleum refining, construction materials

Industrial production growth rate: 5.2% (2000 est.)

Electricity - production: 1.32 billion kWh (2000)

Elect