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Economy of Senegal

Senegal is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Senegal may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Senegal exports around $2.69 billion and imports roughly $5.61 billion. 4.8% of population in the country are unemployed. The total number of unemployed people in Senegal is 782,125. In Senegal, 54% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Senegal is very high when compared with other nations. This situation is indicative of a variety of alarming economic and political factors. It is not advisable to make any investments in countries with this level of poverty. Government expenditure on education is 5.8% of GDP. The Gini Index of the country is 40.3. Senegal is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Senegal has a Human Development Index (HDI) of 0.485. Senegal has a lower medium HDI score. This indicates that the majority of citizens will struggle to attain a desirable life due to flawed economic and social systems. The Global Peace Index (GPI) for Senegal is 1.805. Due to strong law enforcement presence and high social responsibility, Senegal is very safe by international standards. The strength of legal rights index for Senegal is 6. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency

The currency of Senegal is West African CFA Franc. The plural form of the word West African CFA Franc is CFA francs. The symbol used for this currency is Fr, and it is abbreviated as XOF. The West African CFA Franc is divided into Centime; there are 100 in one CFA Franc.

Credit rating

According to the S&P credit-rating agency, Senegal has a credit rating score of B+, and the prospects of this rating are negative. According to the Moody's credit-rating agency, Senegal has a credit rating score of B1, and the prospects of this rating are stable.

Central bank

In Senegal, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of West African States. Locally, the central bank of Senegal is called Banque Centrale des États de l'Afrique de l'Ouest, BCEAO. The average deposit interest rate offered by local banks in Senegal is 3.5%.

Public debt

Senegal has a government debt of 33.6% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Senegal is set at 25%. Personal income tax ranges from 0% to 50%, depending on your specific situation and income level. VAT in Senegal is 20%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Senegal is $34201 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Senegal was last recorded at $2 million. PPP in Senegal is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Senegal is 15,152 billion. Based on this statistic, Senegal is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Senegal was last recorded at $1 million. The average citizen in Senegal has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Senegal averaged 4.5% in 2014. According to this percentage, Senegal is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Senegal.

Industry

Major industries in the country are agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, zircon, and gold mining, construction materials, ship construction and repair. The total labor force of Senegal is 5,179,250 people, wherein 4.8% of population in the country are unemployed. The total number of unemployed people in Senegal is 782,125. The Industrial Production growth rate of Senegal is 3.8%.To read more about industrial information within Senegal click on industry of Senegal.

Agriculture

There are 24019 km2 of arable land in Senegal, and it comprises 12% of the country's total territory. There are 24480 km2 of cultivated land in Senegal. The country's major agricultural crops and products are peanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables, cattle, poultry, pigs, fish.To read more about agriculture click on agriculture of Senegal.