Senegal/Economy

Economy of Senegal

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

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GDP (USD)
$30.8B(2023)
GDP PPP (USD)
$86.6B(2023)
GDP per Capita (USD)
$1,706(2023)
GDP Growth (inflation-adjusted)
4.6%(2023)
Inflation (CPI Annual %)
0.8%(2024)

Trade & Finance

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Exports (as share of GDP)
23%(2023)
Imports (as share of GDP)
48%(2023)
FDI Inflows (as share of GDP)
15.5%(2023)
Remittance Inflow (USD)
$3.3B(2023)
Tax Revenue (as share of GDP)
19.4%(2023)

Labor & Income

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Unemployment Rate
3%(2024)
Employment in Services
56.1%(2023)
Poverty Rate
46.7%(2011)
GINI Index
36.2(2021)
GNI per Capita (USD)
$1,630(2023)

Energy & Environment

Coming Soon
Energy Use per Capita
316 kg oil eq.(2022)
Renewable Energy Consumption (%)
35.4%(2021)

Economic Snapshot Overview

A summary of key economic indicators for Senegal

  • The economic architecture of Senegal is substantial, anchored by a Gross Domestic Product (GDP) of approximately $30.85B
    2023
    . This places it as the 105th largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $1.71K
    2023
    , while its GDP in Purchasing Power Parity (PPP) terms is estimated at $86.62B, reflecting the population's domestic purchasing power. The economy demonstrates solid growth, expanding at a rate of 4.6%
    2023
    , accompanied by stable price levels, with inflation (CPI) at 0.8%
    2024
    .
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The nation runs a trade deficit, with exports at 23.0% of GDP and imports at 48.0%
    2023
    . Foreign Direct Investment (FDI) inflows are significant, constituting 15.53% of the economy
    2023
    . This performance positions the country 8th globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $3.27B annually
    2023
    , highlighting the economic importance of its diaspora. Fiscal capacity is moderate, with tax revenue at 19.4% of GDP
    2023
    .
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $1,630
    2023
    . Globally, this ranks the nation 155th out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The labor market is robust, with a low unemployment rate of 3.0%
    2024
    . The services sector is a primary driver of the labor market, accounting for 56.1% of total employment
    2023
    . Poverty remains a key issue, with 46.7% of the population living below the national poverty line
    2011
    . There is a moderate level of income inequality, with a Gini index of 36.2
    2021
    .
  • On the environment and energy front, energy consumption per capita is 315.966 kg of oil equivalent
    2022
    . The country is a leader in clean energy, with renewable sources making up 35.4% of total final energy consumption
    2021
    . Its commitment to clean energy places it 123rd among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

The economy is in a "Goldilocks" state of strong growth, low inflation, and low unemployment, indicating robust macroeconomic health.

Trade & Investment Profile

The degree of openness to trade and foreign investment is a major determinant of economic structure and resilience.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

Transitioning to a sustainable energy model is critical for mitigating climate risk and ensuring long-term energy security.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.