Your partner for success

Senegal
Chamber of Commerce Country Factsheet Last update: 15.11.2017

Your advisors at the Chamber of Commerce

  • Daniel Sahr
    +352423939313
  • Thomas Bertrand
    +352423939337
Contact us: africa@cc.lu

Key Indicators

Area
196,722 km2
Population
14,668,522 (July 2017 est.)
Government type
Republic
Languages
French (official), Wolof, Pulaar, Jola, Mandinka, Serer, Soninke
GDP
$39.64 billion (2016 est.)
Growth rate
6.7% (2016 est.)
HDI
162
Capital
Dakar

 

Introduction

The French colonies of Senegal and French Sudan were merged in 1959 and granted independence in 1960 as the Mali Federation. The union broke up after only a few months. Senegal joined with The Gambia to form the nominal confederation of Senegambia in 1982. The envisaged integration of the two countries was never implemented, and the union was dissolved in 1989. The Movement of Democratic Forces in the Casamance has led a low-level separatist insurgency in southern Senegal since the 1980s, and several peace deals have failed to resolve the conflict. Nevertheless, Senegal remains one of the most stable democracies in Africa and has a long history of participating in international peacekeeping and regional mediation. Senegal was ruled by a Socialist Party for 40 years until Abdoulaye WADE was elected president in 2000. He was reelected in 2007 and during his two terms amended Senegal's constitution over a dozen times to increase executive power and weaken the opposition. His decision to run for a third presidential term sparked a large public backlash that led to his defeat in a March 2012 runoff with Macky SALL, whose term runs until 2019. A 2016 constitutional referendum reduced the term to five years with a maximum of two consecutive terms for future presidents.

Source: The CIA World Factbook - Senegal

 

Macroeconomic indicators

Senegal’s economy is driven by mining, construction, tourism, fisheries and agriculture which is the primary source of employment in rural areas. The country's key export industries include phosphate mining, fertilizer production, agricultural products and commercial fishing and it is also working on oil exploration projects. Senegal relies heavily on donor assistance, remittances and foreign direct investment. President Macky SALL, who was elected in March 2012 under a reformist policy agenda, inherited an economy with high energy costs, a challenging business environment, and a culture of overspending. Senegal received technical support from the IMF in 2010-2014 under a Policy Support Instrument to assist economic reform through sound macroeconomic and fiscal policies to reduce the fiscal deficit, increase transparency and facilitate private investment. President SALL unveiled an ambitious economic plan, the Emerging Senegal Plan, which aims to implement priority economic reforms and investment projects to increase economic growth. Bureaucratic bottlenecks and a challenging business climate are among the perennial challenges that may slow the implementation of this plan. Investors have signaled confidence in the country through Senegal’s successful Eurobond issuances in recent years, including in 2014.

The government will focus on 19 projects under the ESP for the 2016 budget to continue the structural transformation of the economy. These 19 projects include the Thies-Touba Highway, including the new airport- Mbour-Thies Highway. Senegal will increase the national family allowances program and the community development emergency program in 2016. Electricity supply is a chief constraint for Senegal’s development. Electricity prices in Senegal are among the highest in the world. Power Africa, a program led by USAID and OPIC, plans to increase the current 500 mW of generating capacity to over 1,000 mW in the next three to five years. Recent gas discoveries on the Senegal-Mauritanian border, as well as just south of Dakar, will help alleviate some of the energy shortages.

Source: The CIA World Factbook - Economic Overview

IMF Statistics:

 

Source: IMF Statistics - Senegal

 

Luxembourg and the country

Existing conventions and agreements

Non double taxation agreement 

On 10 February 2016, Luxembourg and Senegal signed an Income Tax Treaty. The Treaty will come into force after the two countries exchange ratification instruments. The provisions of the treaty will have effect from 1 January of the calendar year next following that in which the agreement enters into force.

Air Services agreement

None

Source: Administration des contributions directes

 

Further information

  

Foreign Trade

The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.

You can see the statistics on the website of the Statec.

Contact points in Senegal:

Le Luxembourg est représenté par:
Madame Nicole BINTNER
Ambassadeur avec résidence à Dakar

Madame Marion SEGNANA
Chargé d’affaires a.i., Conseiller de Légation 1er en rang, Responsable du Bureau de la Coopération au Développement

Ambassade du Grand-Duché de Luxembourg à Dakar
Immeuble Lot 43, 2ème étage
Cité des jeunes cadres Lébous
Zone Toundoup Riya
N°YF23 Route de l’Aéroport Léopold
Sédar Senghor – Yoff
BP 11750 Dakar

Tél.: (+221) 33.869.59.59
Fax: (+221) 33.869.59.60
E-mail: dakar.amb(at)mae.etat.lu

Source: Ministry of Foreign Affairs of Luxembourg

 

Country risk as defined by Office du Ducroire for Senegal

Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.

Link: Ducroire Office - Country Risk for Senegal

 

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