Macroeconomic and Developmental Indicators
Sectors driving growth
Senegal Economic Outlook
Senegal recorded an average real growth of 6.5% over the period 2014-19, higher than the ECOWAS average (4.5%). The country experienced a slowdown in economic activity since 2018. In terms of prospects, the country’s economic activity in 2020 looks promising with an expected real GDP of 7%.
Over the same period, Senegal recorded an average annual per capita GDP of US$3090.4, above that of ECOWAS (US$2753.4). At the same time, the country’s population grew with an average annual rate of 2.9% and the country is still classified in the low Human Development category. In 2011, the poverty rate was 46.7% while the GINI index measuring income inequality was estimated at 40.3%.
Inflation remained moderate and well below the 3% of GDP threshold set by the WAEMU convergence criteria. The fiscal balance remained in deficit. It was in 2017 and 2019 that Senegal was able to meet the WAEMU convergence criterion on the fiscal balance (≥ -3% of GDP).
Over the period 2014-19, Senegal’s public debt increased, with an average annual debt of 53.4% of GDP. The country’s debt level falls within the threshold (≤ 70% of GDP) set by the WAEMU convergence criteria. The current account remained in deficit, with an annual average deficit of 6.9% of GDP. The credit to the private sector grew from 2015 to 2017 with an average annual rate of 10.7%, before falling in 2018. In terms of business environment, Senegal is ranked 123rd out of 190 countries on the 2019 World Bank Ease of Doing