Economic trends
Senegal, with a per capita GDP of USD 1,066 has, for a long time, had one of the highest growth rates of the UEMOA (West African Economic and Monetary Union - website in French). However, it remains an LDC with almost 50% of the population living below the poverty threshold. Structural reforms have led to an important change in the economic environment of Senegal, brought on by the privatization of a number of public companies in the areas of agriculture and infrastructure.
Apart from the agricultural sector, growth clearly slowed down in 2008. In 2009, the effects of the global economic crisis started to become manifest on the Senegalese economy with a drop in remittances from emigrant workers (8% of the GDP in 2008), a reduction in exports and FDI. According to an IMF report, the Senegalese banking sector, which does not have any toxic assets, was not directly affected by the global crisis. Nevertheless, the effects of the crisis can have an indirect effect, namely on the quality of loans. According to an IMF report, the Senegalese authorities have managed to redress the budgetary overflows and to put their economic program back on track. The country is now better equiped to face the effects of the international economic crisis.
Main branches of industry
The primary sector employs 77% of the active population and contributes about 15% of the GDP. Senegalese agriculture is characterized by being highly vulnerable when faced with climatic hazards and locust threats. Senegal's main crops are peanuts, black-eyed peas, cassava, water melons, millet, rice and corn. The country is relatively poor in natural resources.
The secondary sector contributes approximately a quarter of the GDP. It is based on the production of fertilizers and phosphoric acid destined for India, peanut processing (oil and cattle meal) and sea food (despite a growing depletion in the resource). This sector had negative growth in 2008.
The tertiary sector contributes 60% of the GDP. It benefits from the excellence of the telecommunications infrastructure, which favors investments in teleservices and the Internet.
International trade
Foreign trade accounts for about 70% of Senegal's GDP.
Imports account for 47% of the GDP. The country's main suppliers are France, Nigeria, Thailand, China and the United Kingdom. Senegal mainly imports mineral fuels, oil, cereals, machinery and vehicles.
Goods and services exports account for 25% of the GDP. Senegal's main clients are Mali, India, France, the Gambia and Guinea. The main export commodities are mineral fuels, oil, sea products, inorganic chemical products, salt, sulphur and vehicles.
For several years now, China is becoming an increasingly important partner for Senegal as witnessed by the China-Africa summits.
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