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Economic Overview

After registering a decade of strong growth, the Senegalese economy was impacted by the Covid-19 pandemic but was amongst the minority of economies that managed to avoid recession. In 2023, domestic unrest and regional political tensions disrupted consumption and investment, affecting sectors like manufacturing, agriculture, and retail. As a result, economic growth was limited to +4.6%, still below pre-pandemic levels, according to the IMF. Senegal's economy showed resilience in 2024, with preliminary estimates indicating a real GDP growth of about 6%, driven by strong performance in the hydrocarbon sector. The IMF expects growth to accelerate to around 9% in 2025 driven by the development of the country’s hydrocarbon resources, before slowing to 4.9% the following year.

Concerning public finances, the authorities remain steadfast in their commitment to achieving fiscal consolidation objectives. However, the fiscal deficit reached 11.7% of GDP, while central government debt was preliminarily estimated at 105.7% of GDP by the end of 2024. Financing conditions have tightened due to constrained regional markets, delays in donor support, and greater reliance on expensive short-term external borrowing. These challenges underscore the need for a credible fiscal consolidation strategy. Moreover, in February 2025, the Court of Auditors' audit revealed significant revisions to Senegal's fiscal data for 2019–2023. The average fiscal deficit was revised upward by 5.6 percentage points of GDP, and central government debt increased from 74.4% to 99.7% of GDP by the end of 2023. These revisions primarily reflected previously undisclosed liabilities, including hidden loans equivalent to 25.3% of GDP. Following the discovery, the country’s authorities have expressed their intention to request a new IMF-supported program and are focused on implementing the revised Emerging Senegal Plan (PSE), whose objective is to promote strong and inclusive private sector-led growth through structural transformation and diversification, with a new emphasis on accelerating the domestic production of critical supplies through sectoral policies (IMF). Increasing revenue mobilization, rebuilding fiscal buffers, putting public debt on a downward path, improving the business environment, enhancing the social safety net, broadening access to quality education, addressing youth unemployment, and tackling financial system weaknesses are among the key challenges identified by the IMF. Meanwhile, inflation remained low in 2024, averaging 0.8%, fostering a stable price environment.

According to the World Bank, if PSE reforms continue, the poor layer of the Senegalese population would progressively be able to access high-growth or value-added sectors, such as horticulture or agricultural processing. In 2023, the unemployment rate of the country was at 2.8% (World Bank, ILO estimate). Several statistical studies conducted by the ANSD indicate that nearly 97% of economic units operate informally, with 96.4% of the active population engaged in the informal sector, encompassing both urban and rural areas. Overall, poverty (using the low middle-income poverty line) remained stable at around 36.3% in 2023 (World Bank), while the country’s GDP per capita (PPP) was estimated at USD 5,056 in 2024 (IMF).

 
Main Indicators 2023 (E)2024 (E)2025 (E)2026 (E)2027 (E)
GDP (billions USD) 30.9433.6937.8040.6143.46
GDP (Constant Prices, Annual % Change) 4.66.09.34.95.2
GDP per Capita (USD) 1,7031,8051,9722,0612,147
General Government Gross Debt (in % of GDP) 81.284.380.581.081.5
Inflation Rate (%) 5.91.52.02.02.0
Current Account (billions USD) -5.82-4.27-3.13-2.39-2.29
Current Account (in % of GDP) -18.8-12.7-8.3-5.9-5.3

Source: IMF – World Economic Outlook Database , October 2021

Country Risk

See the country risk analysis provided by La Coface.

 

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Main Sectors of Industry

Senegal is rich in minerals, especially phosphates and iron ore. The country is one of the world’s leading phosphate producers and has significant deposits of zirconium, titanium, marble, gold, and limestone, as well as several types of precious stones. Although only one-fifth of the land is arable, agriculture employs 21.6% of the workforce and contributes to 17.4% of the GDP (World Bank). Senegalese agriculture is highly vulnerable to climatic hazards and locust threats. The country’s main crops are peanuts, black-eyed peas, cassava, watermelons, millet, rice, and corn. Fishing is also an important source of revenue. According to FAO, the 2024 aggregate cereal production was forecast at 3.8 million tonnes, around 8% above the average of the previous five years.

 The industrial sector contributes to 24.3% of the GDP and employs 22.3% of the workforce (World Bank). It is based essentially on the production of fertilizers and phosphoric acid - which is sent to India, as well as peanut processing (oil and cattle meal) and seafood processing (despite a growing depletion in resources). The most important industrial segment is food production, followed by textiles and chemical industries. Senegalese industries also produce construction materials, machinery, equipment, electricity, and water. Overall, the manufacturing sector is estimated to account for 15% of the country’s GDP. According to the National Statistical Office, in 2024, the combined revenue in the industrial sector increased by 5.3% compared to its 2023 level.

The service sector contributes 49.2% to the GDP and employs 56.1% of the workforce (World Bank). It benefits from the country's excellent telecommunications infrastructure, which fosters investment in tele-services and the Internet. This sector has been expanding steadily. Tourism has also been growing, particularly among European travellers: international tourist arrivals reached 96% of their pre-pandemic level during the period Jan-July 2024. Senegal is home to 26 registered banks. The country's banking sector has drawn several foreign institutions aiming to use Dakar as a base for regional expansion. These include Nigerian banks like United Bank of Africa (UBA), First National Bank, and Diamond Bank, as well as Attijari Bank and Bank of Africa from Morocco. While the largest commercial banks remain mostly French, their dominant position is increasingly challenged by new entrants such as Ecobank, UBA, and the merger of Attijari, CBAO, and Banque Senegalo-Tunisienne (data U.S. Trade Administration).

 
Breakdown of Economic Activity By Sector Agriculture Industry Services
Employment By Sector (in % of Total Employment) 21.6 22.3 56.1
Value Added (in % of GDP) 17.4 24.3 49.2
Value Added (Annual % Change) 7.3 3.7 4.7

Source: World Bank - Latest available data.

 
Monetary Indicators 20162017201820192020
CFA Franc BCEAO (XOF) - Average Annual Exchange Rate For 1 USD 593.01582.09555.72585.90575.59

Source: World Bank - Latest available data.

 

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Foreign Trade

Senegal is an open economy where foreign trade accounts for 71% of its GDP (World Bank's latest available data). Senegal is a member of the Economic Community of West African States, and the country has trade agreements with several countries, including the EU, the United States, Switzerland, South Korea, Japan, and Australia. Given its growing influence in the African continent, China has become an increasingly important partner of Senegal. The country’s trade policies are designed to help reduce the trade deficit, ensure regular supplies to the domestic market, promote local value chains, strengthen the regional integration process and access to international markets and promote competition. Under the Emerging Senegal Plan, the government seeks to deepen regional integration by further developing the infrastructure network; eliminating barriers to the free movement of persons, goods, and services; and developing intra-community trade. According to Comtrade, in 2023, the country’s main exports were petroleum oils (17.8%), gold (16.3%), diphosphorus pentaoxide and phosphoric acid (13.2%), frozen fish (4.8%), and molluscs (3.8%); while imports were led by petroleum oils (27.9%), rice (4.6%), wheat and meslin (3.1%), and light-vessels, fire-floats, dredgers, floating (3.1%).

In 2023, Senegal's exports were primarily directed towards the African continent (43.7%), Europe (24.6%), and Asia (19.4%). Despite the trade agreement related to AGOA and the diversification of exports, the share for the Americas remains low (3.8%) compared to the top three destinations. On a country level, the main export destinations in 2023 were Mali (19.9%), India (15.2%), Switzerland (11.6%), China (4.0%), Australia (3.9%), and Spain (3.6%); whereas imports came chiefly from China (10.0%), France (9.2%), India (7.5%), Belgium (6.3%), and Spain (6.1% - data Comtrade). The main continents that supplied Senegal remained Europe (44.6%) and Asia (30.5%). They are followed by Africa (16.8%), the Americas (6.3%), and Oceania (0.4% - data ANSD).

Senegalese foreign trade is characterized by a structural current account deficit, which historically represents more than 10% of GDP. However, offshore oil production should help narrow the deficit in the medium term. In 2023, imports of goods decreased to USD 11 billion (-8.3% y-o-y) while exports of goods stood at USD 5.43 billion (-6.9% y-o-y – WTO). The overall trade balance was estimated to be in deficit by 25% of GDP by the World Bank (from 26.3% one year earlier). According to preliminary figures from the ANSD, in the period Jan-Sep 2024, exports totalled XOF 2,696 billion against XOF 5,164 billion in imports.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 8,1447,8129,69912,06511,064
Exports of Goods (million USD) 4,1793,9295,2025,7105,313
Imports of Services (million USD) 1,8612,6423,7893,562n/a
Exports of Services (million USD) 1,4088741,2891,186n/a

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20192020202120222023
Foreign Trade (in % of GDP) 64.260.069.480.071.0
Trade Balance (million USD) -2,880-2,797-2,998n/an/a
Trade Balance (Including Service) (million USD) -3,334-4,564-5,498n/an/a
Imports of Goods and Services (Annual % Change) 6.87.016.012.44.6
Exports of Goods and Services (Annual % Change) 14.7-13.222.53.56.6
Imports of Goods and Services (in % of GDP) 39.339.344.753.248.0
Exports of Goods and Services (in % of GDP) 25.020.724.626.923.0

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 14.317.68.36.77.2
Volume of imports of goods and services (Annual % change) -1.2-5.17.75.67.2

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Senegal is a member of the Economic and Monetary Union of Western Africa (UEMAO) and also adheres to the Franc Zone
 

Main Partner Countries

Main Customers
(% of Exports)
2022
Mali 19.9%
India 15.2%
Switzerland 11.6%
China 4.0%
Australia 3.9%
See More Countries 45.4%
Main Suppliers
(% of Imports)
2022
China 10.0%
France 9.2%
India 7.5%
Belgium 6.3%
Spain 6.1%
See More Countries 61.0%

Source: Comtrade, Latest Available Data

 

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Political Outline

Current Political Leaders
President: Bassirou Diomaye FAYE (since 2 April 2024)
Prime Minister : Ousmane SONKO (since 2 April 2024)
Next Election Dates
Presidential: March 2029
National Assembly: November 2029
Main Political Parties
Senegal maintains a robust multi-party system, where the number of parties is important. The major political parties in the country are:

- African Patriots of Senegal for Work, Ethics and Fraternity (PASTEF): left-wing populism, pan-Africanism, achieved a significant victory in the November 2024 legislative elections, securing 130 out of 165 seats in the National Assembly
- Takku Wallu Sénégal (TWS): centre to centre-right, coalition formed in September 2024, including former ruling parties such as the Alliance for the Republic (APR) and the Senegalese Democratic Party (PDS)
- Jàmm ak Njariñ: centre-left to left-wing, formed after the dissolution of the United in Hope (BBY) coalition in September 2024, this coalition includes the Alliance of the Forces of Progress (AFP) and the Socialist Party of Senegal (PS)
- Sàmm Sa Kàddu (SSK): big tent coalition.

Other parties/coalitions represented in the parliament include: Andu Nawlé, Farlu, Jël Linu Moom, Kiraay ak Natangue, Sénégaal Kese, And Ci Koolutè, And Beesal Sénégal, and Sopi Senegal.

Executive Power
The President of Senegal is the head of state and government, elected by popular vote for a five-year term. The President holds significant executive powers, including serving as the commander-in-chief of the armed forces, overseeing the implementation of laws, and managing the country’s administration. The Prime Minister, appointed by the President, serves as the head of government. The Council of Ministers is appointed directly by the President.
Legislative Power
Senegal has a unicameral legislature, with the National Assembly comprising 165 members elected by direct, popular vote to serve five-year terms. Legislative power is shared between the government and the National Assembly. Unlike in some other systems, the President does not have the authority to dissolve the National Assembly. The people of Senegal enjoy considerable political rights and actively participate in the democratic process.
 

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