Economic trends
With a GDP per capita of USD 1,066, Senegal has, for a long time, experienced one of the highest growth rates of the UEMOA (West African Economic and Monetary Union). Structural reforms have created an important change in the economic environment of Senegal, notably thanks to the privatization of a number of public companies in the areas of agriculture and infrastructure. However, Senegal remains an LDC with almost 50% of the population living below the poverty threshold.
In 2009, the effects of the global economic crisis started to touch the Senegalese economy with a decline in the money transfers from emigrant workers (8% of the GDP in 2008), a reduction in exports and in 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 in 2010 with a GDP's growth of 4%. The IMF estimates that the country's growth should speed up in 2011.
Main branches of industry
The primary sector employs 77% of the active population and contributes about 15% to the GDP. The Senegalese agriculture is characterized by being highly vulnerable to climatic hazards and locust threats. Senegal's main crops are peanuts, black-eyed peas, cassava, watermelons, millet, rice and corn. The country is relatively poor in natural resources.
The secondary sector contributes approximately a quarter to the GDP. It is based on the production of fertilizers and phosphoric acid to be sent to India and peanut processing (oil and cattle meal) and seafood (despite a growing depletion in the resource).
The tertiary sector contributes 60% to 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, Gambia and Guinea. The main export commodities are mineral fuels, oil, sea products, inorganic chemical products, salt, sulfur and vehicles.
For several years now, China has become an increasingly important partner of Senegal as it has been witnessed in the China-Africa summits. The country's trade balance improved in 2010 and this improvement should continue in 2011.
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