Senegal GDP Annual Growth Rate

Last Release

Dec 31, 2022

Actual

3.3

Units In

3.4

Frequency

Quarterly

Next Release

Sep 28, 2024

Time to Release

2 Months 27 Days 11 Hours

Highest	Lowest	Average	Date Range	Source
10.7 Jun 2021	-6.55 Dec 1969	3.83 %	1961-2022	N/A

The largest sector of Senegal's economy is services, accounting for 62 percent of total GDP, of which internal trade (19 percent); administration, education and health (12 percent); communications (11 percent); and real estate activities (6 percent). The industrial sector represents 23 percent of the GDP, with construction (7 percent); food industries (5 percent); other industries (4 percent) and energy (3 percent) accounting for the biggest share. Also, the primary sector contributes to 15 percent of GDP, mostly agriculture (9 percent) and livestock activities (4 percent).

Latest Updates

Senegal's economy rose by 2.3% year-on-year in the first quarter of 2024, slowing from an upwardly revised 5.2% in the previous three-month period. This increase was primarily driven by the enhanced performance of the primary (+4.9%) and tertiary (+3.4%) sectors, along with a rise in net taxes (+3.9%). However, overall growth was constrained by a decline in the secondary sector (-2.2%) mainly due to a downturn in petroleum refining and coking activities (-19.1%), the manufacturing of basic chemicals (-14.3%), extractive activities (-6.0%), and the production of food products (-3.1%). From a demand perspective, economic activity was driven by an increase in final consumption (+5.3%) and gross fixed capital formation (+4.6%). Still, the volume of exports of goods and services dropped by 7.5%. On a seasonally adjusted quarterly basis, the real GDP shrank by 2.2% in Q1.