Economy of Senegal

The Senegal has the third economy of the African western under-area after the Nigeria and the Ivory Coast. However, its economy is very turned towards Europe and the India. Its principal economic partners are France, India and the Italy.

General information

Compared with the other countries of the African continent, Senegal is very low in natural resources. Its principal receipts coming from fishing and tourism. But taking into account its geographical location and of its political stability, Senegal mainly belongs to the African countries most industrialized with the presence of multinationals of French origin and to a lesser extent American. The agricultural sector employs approximately 70% of the population sénégalaise. However the share of the primary sector in the Gross domestic product is in constant reduction. The reduction in pluviometry and the crisis of the sector of groundnut, principal culture of revenue of the country, reduced the contribution of the agriculture to less than 20% of the GDP. The fishing which remains however a key sector of the family economy sénégalaise also undergoes the consequences of the degradation of the fishing resources (overexploited) and the recent increase in the energy bill. The essence of the produced richness concentrates in the services and construction and is located in Dakar and in its periphery. In addition, the financial transfers come from the diaspora sénégalaise (the emigration to Europe and in the USA) represent a considerable revenue today. It is estimated that the financial flow generated by the emigration sénégalaise is at least equal to the volume of assistances of the international cooperation (either 37 dollars per capita and per annum).

Senegal is member of the economic Union and monetarist West African.

In North, the Senegal river was the subject of installations within the framework of the Organization for the development of the river Senegal (OMVS). Two stoppings, one in Mali and the other with Diama, are intended to control the course of the river. Many hydro-agricultural installations were carried out along the river, of which most important are located in the low valley.

Informal sector

Agriculture

With the Rural migration which drains such an amount of Senegalese towards the Presqu'île of the Cap Verde from now on blocked, the number of peasants fell. Today the rural ones account for nothing any more but 55% of the total population of Senegal.

The principal agricultural productions are the Céréales - mainly the Mil and the Sorgho, but also the Riz in Casamance -, the Arachide which lost the position of monoculture that it held a long time, the fruit and vegetables.

Breeding

The livestock is composed mainly of Ovins (4 497 000 heads), of Caprine (3 833 000 heads) and of Bovine (2 927 000 heads), for which it is necessary to add the industrial Volaille (22 987 000 heads).

Fish

Mining resources

The country has Phosphate of lime, phosphoric Acid , phosphates of Alumine, iron, Schiste S bituminous, Pétrole ( offshore oil rig ), marine Sel (Sine-Saloum and Lac Pink).

Industries

Services

Banks, finances

As in other countries of the economic Union and monetarist West African, the number of banks increased significantly in Senegal: in 2007 one counts there 17 establishments approved against only 11 five years ago.

Most important are the General society of banks in Senegal (SGBS), the banking Compagnie of Western Africa (CBAO), the international Banque for the trade and the industry of Senegal (BICIS), the Banque of the habitat of Senegal (BHS), the Crédit Lyonnais Senegal (CLS), sénégalo-Tunisian Bank (BST) and the National bank of agricultural credit of Senegal (CNCAS) which appear all in prize list 2007 of the first 200 African banks.

The head offices of these banks are in the capital, generally with Dakar-Plate.

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