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In January 1994, Senegal undertook a bold and ambitious economic reform program with the support of the international donor community. This reform began with a 50% devaluation of Senegal's currency, the CFA franc, which was linked at a fixed rate to the French franc. Government price controls and subsidies have been steadily dismantled. After seeing its economy contract by 2.1% in 1993, Senegal made an important turnaround, thanks to the reform program, with real growth in GDP averaging 5% annually during 1995-2003. Annual inflation had been pushed down to the low single digits. As a member of the West African Economic and Monetary Union (WAEMU), Senegal is working toward greater regional integration with a unified external tariff. Senegal also realized full Internet connectivity in 1996, creating a miniboom in information technology-based services. Private activity now accounts for 82% of GDP. On the negative side, Senegal faces deep-seated urban problems of chronic unemployment, trade union militancy, juvenile delinquency, and drug addiction.
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Business and Economy
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GDP: $16 billion (2000 est.)
GDP - real growth rate: 5.7% (2000 est.)
GDP - per capita: $1,600 (2000 est.)
GDP - composition in agriculture: 19%
GDP - composition in industry: 20%
GDP - composition in services: 61%
Inflation rate (consumer prices): 1.5%
Unemployment rate: 40%
Budget (revenues): $885 million
Budget (expenditures): $885 million
Industries: agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, construction materials
Industrial production growth rate: 7%
Electricity (production): 1.27 billion kWh
Electricity (production by source): fossil fuel: 100%
Electricity (consumption): 1.181 billion kWh
Electricity (exports): 0 kWh
Electricity (imports): 0 kWh
Agriculture (products): peanuts, millet, corn, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish
Exports: $959 million
Exports (commodities): fish, ground nuts (peanuts), petroleum products, phosphates, cotton
Exports (partners): France 17%, India 17%, Italy 12%, Spain 6%, Mali 6%, Cote d'Ivoire 4%
Imports: $1.3 billion
Imports (commodities): foods and beverages, consumer goods, capital goods, petroleum products
Imports (partners): France 30%, Nigeria 7%, Italy 6%, Thailand 5%, Germany 4%, US 4%
Debt (external): $4.1 billion
Economic aid (recipient): $647.5 million
Currency: Communaute Financiere Africaine franc (XOF)
Currency code: XOF
Exchange rates: 699.21 XOF = 1 US$
Fiscal year: calendar year
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