Africa Asia Europe North America South America Oceania
You are here: Home > Africa > Senegal

Economics and business in Senegal

From the colonial era, Senegal has held a leading position in French-speaking Africa and in West Africa. This has also resulted in financial consequences. Among other things, Senegal has a wider industrial base than most African countries, and Dakar is a trade center with train and road links east of the Sahel region, as well as an intellectual and cultural center. Industry and service industry, including a significant tourism industry, plays a relatively greater role in Senegal than most African countries.

Business and Economy of Senegal

Equally, agriculture is central, especially with regard to agriculture. employment, with about 3/4 of the economically active population. Traditionally, agriculture has accounted for the bulk of export revenue, essentially from one product of peanuts. Senegalese agriculture, and thus the economy, was radically changed under French colonial rule, with a strong focus on the production and export of unprocessed peanuts. As a result, the country became heavily dependent on this one item, and thus on price fluctuations in the world market. At the end of the 20th century, dependence on peanut exports was reduced, and production has varied greatly. At the same time, other sectors have accounted for the largest earnings of currency; especially tourism, fisheries and phosphate exports. Foreign aid is also an important source of income.

Liberalization of a previously state-dominated economy has been carried out in particular from the mid-1980s, including the winding-up of state-owned companies and monopolies. through privatization, and facilitating increased private investment and initiative. Economic growth has been hampered by several periods of drought and depletion of the earth, as well as by increased prices of imported fuel. Senegal has experienced a strong urbanization, especially to Dakar.

Mining and energy

According to countryaah, Senegal has limited mineral deposits, and only a few of those detected are exploited commercially. The extraction of calcium and aluminum phosphate at Thiés by Dakar is the dominant mining activity, but although exports are of great economic importance as a currency earner, it accounts for only approx. 1% of GNI. Salt is also extracted and there are deposits of gold, iron ore and titanium. Outside the coast, smaller deposits of oil and gas have been found, which must partly be exploited in collaboration with Guinea-Bissau.

Senegal produced approximately 4.5 TWh of electrical energy as of 2016. About 45 per cent of the population as a whole has access to electricity, but in rural areas the degree of electrification is only 17 per cent.

Agriculture, fishing

Senegal is traditionally an agricultural country, and the sector is still important for employment, while the impact on GDP has been diminishing. While approx. 3 / 4of the working population still employed in agriculture, the sector accounts for around 15% of GNI. Main crops are peanuts, cotton, millet, sorghum, rice and maize, the first of which is a significant export product. The area for and crop from peanut production has declined in recent years, partly as a result of conscious policies to reduce the dominance of this one product, and partly as a result of weaker markets and lower prices. Agriculture is affected by periods of drought, and by a constant shortage of water in large parts of the country. While most of the country is in Africa's arid Sahel belt, there are good growth conditions along the rivers, as well as in southern Casamance Province. Cotton production is utilized in a significant tech industry.

The waters west of Senegal are rich in fish, and the fisheries contribute to both employment and increased foreign exchange income. to the EU. From the mid-1980s, fish has become Senegal's foremost export commodity. Although much of the fishing is done in the traditional way, the modern part of the fishery has grown. About. 45,000 craftsmen account for 60-70% of the catch.

Industry

Senegal has a relatively developed industrial sector, substantially located in and near Dakar. In 2002, the industrial sector accounted for 14% of GDP and is dominated by the domestic light industry, but with significant exports from the extensive textile industry. Much of the industry processes raw materials from agriculture and fisheries. There is also extensive production of building materials, including cement. Oil refinery can be found at M´Bao, near Dakar.

Foreign Trade

Senegal has a negative trade balance with foreign countries, and is dependent on foreign budget balance assistance. Major export items are fish (fresh and processed), petroleum products, peanuts and peanut products, phosphates, chemicals and textiles. France is the main trading partner. Incidentally Nigeria, Thailand and Mali.

Transport and Communications

Senegal has a well-developed road network of just over 14,500 km all year round. About. 922 km of railway including connection between Dakar and Bamako (Mali's capital) and to Saint-Louis on the north coast. Dakar is one of West Africa's most important port cities and has the region's largest deep harbor. The port of Dakar also serves the Gambia, Mali and Mauritania. International airport at Dakar.

Other Countries in Africa

Cheer Countries Copyright 2001 - 2020 All Rights Reserved