Senegal Economy

Economic growth:

The economy recorded average annual growth of 5.0% in the decade to 2022. To read more about GDP growth in Senegal, go to our dedicated page.

Fiscal policy:

Senegal's fiscal deficit averaged 4.5% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 5.3% in the decade to 2022. For more information on Senegal's unemployment click here.

Inflation:

Inflation averaged 1.8% in the decade to 2022. Go to our Senegal inflation page for extra insight.

Monetary Policy:

Senegal's monetary policy rate ended 2022 at 4.75%, up from 4.00% a decade earlier. See our Senegal monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the West African CFA franc weakened by 19.2% vs the U.S. dollar. For more info on the West African CFA franc, click here.

The economy likely performed well in Q3 on strong domestic dynamics. Private consumption was likely bolstered by a drop in consumer prices; moreover, business optimism strengthened from Q2, likely aiding business activity, investment and employment in the period. Less positively, industrial production deteriorated in July–August year on year. In other news, S&P Global downgraded the outlook on Senegal’s credit rating to negative in light of recent findings that the country’s fiscal position is much weaker than initially thought. In particular, these findings mean the country will now need to pen a new financing agreement with the IMF; the government anticipates one by Q1 2025. In politics, parliamentary elections are set for 17 November. The prospect of a victory for the reformist ruling party, Pastef, now appears less certain after two major rival parties recently formed a coalition.

Projections out to 2034.

40 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 8 expert analysts.

Want to get insight on the economic outlook for Senegal in the coming years? FocusEconomics collects projections out to 2034 on 40 economic indicators for Senegal from a panel of 8 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Senegal economy. To download a sample report on the Senegal's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.