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Senegal

Author(s):
International Monetary Fund
Published Date:
June 2003
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Table 1.Senegal: GDP by Economic Sector at Constant 1987 Prices, 1994–2001(In billions of CFA francs)
19941995199619971998199920002001
Primary sector318.3325.5345.3336.7327.4346.2383.0412.3
Agriculture164.0164.8182.2162.9150.9162.0196.4223.6
Livestock109.8115.0115.7121.9125.9131.9136.0140.4
Fishing33.234.335.940.238.840.438.636.0
Forestry11.311.411.511.711.811.912.112.3
Secondary sector279.1311.7328.2347.5376.8401.9426.4452.3
Mining3.34.54.54.94.85.85.75.4
Industry180.8211.8220.7230.1246.6257.3270.6284.4
Oil milling7.89.28.76.98.89.514.215.0
Energy28.829.532.034.136.036.238.642.5
Construction and public works58.656.762.271.480.593.297.4105.0
Tertiary sector926.1965.01,011.11,085.41,167.01,216.51,264.51,325.3
Transportation168.1174.3184.7206.9222.4237.2256.2272.7
Commerce310.0328.6357.0383.4413.5430.3439.2464.0
Government159.3159.8160.3161.6166.3172.7182.2183.8
Other services288.7302.3309.1333.5364.8376.4387.3404.9
GDP1,523.51,602.21,684.51,769.51,871.11,964.72,074.42,189.9
Source: Senegalese authorities.
Source: Senegalese authorities.
Table 2.Senegal: GDP by Economic Sector at Constant 1987 Prices, 1994–2001(Annual percentage changes)
19941995199619971998199920002001
Primary sector9.32.26.1-2.5-2.85.710.67.6
Agriculture15.90.510.6-10.6-7.47.321.313.8
Livestock1.54.70.65.43.34.83.13.2
Fishing6.83.14.812.0-3.54.1-4.5-6.5
Forestry8.51.00.51.70.81.21.41.9
Secondary sector-0.511.75.35.98.46.76.16.1
Mining5.038.7-1.48.9-2.320.7-0.8-5.4
Industry-5.517.24.24.37.24.35.25.1
Oil milling15.518.1-5.1-20.728.17.149.56.2
Energy10.02.48.86.65.60.56.610.3
Construction and public works10.8-3.19.614.812.815.74.57.8
Tertiary sector1.84.24.87.37.54.23.94.8
Transportation3.23.76.012.07.56.68.06.4
Commerce-1.86.08.77.47.84.12.15.6
Government1.20.30.30.82.93.95.50.8
Other services5.64.72.27.99.43.22.94.5
GDP2.95.25.15.05.75.05.65.6
Excluding agriculture1.55.74.56.97.04.94.24.7
Memorandum item:
GDP deflator27.95.10.92.61.71.40.82.8
Source: Senegalese authorities
Source: Senegalese authorities
Table 3.Senegal: Supply and Use of Resources at Current Prices, 1994–2001
19941995199619971998199920002001
(In billions of CFA francs)
GDP2,022.32,234.02,371.82,553.22,746.02,925.03,114.03,379.7
Gross domestic expenditure2,157.02,360.32,701.52,701.52,940.83,146.63,423.63,702.8
Consumption1,783.71,987.02,074.82,268.72,398.12,542.72,846.93,090.5
Private1,525.31,710.91,788.41,965.02,073.32,172.52,467.22,600.4
Public258.4276.1286.4303.6324.7370.2379.7490.1
Investment324.3327.6386.9403.2486.3572.7539.7600.3
Public100.299.1151.1163.8196.9242.3193.2217.2
Private224.1228.5235.8239.4289.4330.4346.5383.1
Change in stocks49.045.752.552.556.431.137.012.0
Resource gap-134.7-126.0-149.9-170.1-183.0-209.3-309.6-323.2
Exports of goods and nonfactor services706.2770.5699.2744.9833.7901.0930.31,027.0
Imports of goods and nonfactor services-840.9-896.5-849.1-915.0-1,016.7-1,110.3-1,239.9-1,350.2
Gross domestic savings238.6247.3289.6233.6298.3357.6267.1289.1
Public43.190.1107.9165.9176.5187.0182.6112.6
Private195.5157.2181.767.7121.8170.684.5176.5
Gross national savings272.8256.0337.5295.7366.4398.5381.7447.2
(In percent of GDP)
Gross domestic expenditure106.7105.7113.9105.8107.1107.6109.9109.6
Consumption88.288.987.588.987.386.991.491.4
Private75.476.675.477.075.574.379.276.9
Public12.812.412.111.911.812.712.214.5
Investment16.014.716.315.817.719.617.317.8
Public5.04.46.46.47.28.36.26.4
Private11.110.29.99.410.511.311.111.3
Change in stocks2.42.02.22.12.11.11.20.4
Resource gap-6.7-5.6-6.3-6.7-6.7-7.2-9.9-9.6
Exports of goods and nonfactor services34.934.529.529.230.430.829.930.4
Imports of goods and nonfactor services-41.6-40.1-35.8-35.8-37.0-38.0-39.8-39.9
Gross domestic savings11.811.112.29.210.912.28.68.6
Public2.14.04.56.56.46.45.93.3
Private9.77.07.72.74.45.82.75.2
Gross national savings 1/13.511.514.211.613.313.612.313.2
Source: Senegalese authorities.

Excluding official transfers.

Source: Senegalese authorities.

Excluding official transfers.

Table 4.Senegal: Level of Rainfall on the Groundnut Basin, 1960/61–2001/02 1/(In millimeters)
Crop Season 2/CasamanccDiourbelLougaSenegal-OrientalSine SaloumTotalAverage
1960/611,0797395236026013,544709
1961/621,2545664487896643,721744
1962/631,3196213468625923,740748
1963/641,2195794519436443,836767
1964/651317264951,0248773,253651
1965/661,4585634499396554,064813
1966/671,2516053711,2351813,643729
1967/681568536679549073,542708
1968/698303402377924412,640528
1969/701,1985713727456553,541708
1970/711,1363862856904822,979596
1971/729835642961,2557713,869774
1972/737024102056224152,354471
1973/741,1183072727234642,884577
1974/751115383419575642,511502
1975/761,3224532677836943,519704
1976/771,2824432849705403,519704
1977/788133022509324152,712542
1978/791,2585713315759413,676735
1979/809684782476915712,955591
1980/817603493286094362,482496
1981/821,1094383568785993,380676
1982/831,0733883247365843,105621
1983/847231971825153551,972394
1984/851,2324631745916093,069614
1985/861,3683912165546343,163633
1986/879862373497996383,009602
1987/889504632836676893,052610
1988/891,3046234139386463,924785
1989/901,1975544737567713,751750
1990/911,1114022876565112,967593
1991/921,2113542506713942,880576
1992/939231462035514152,238448
1993/941,3202633424014432,769554
1994/951,1204282209046723,344669
1995/961,0065523267555703,209642
1996/971,1294193167824013,047609
1997/981,2354841656604202,964593
1998/991,0513643597655283,067613
1999/001,4445894079528544,245849
2000/011,1285384178397623,684737
2001/021,0705353407046403,289658
2002/037833572217204662,546509
Source: Senegalese authorities.

Crop year (November-October).

The level of rainfall refers to the period May-October of the first year shown.

Source: Senegalese authorities.

Crop year (November-October).

The level of rainfall refers to the period May-October of the first year shown.

Table 5.Senegal: Production and Disposition of Groundnuts (Unshelled), 1993/94–2001/02 1/(In thousands of metric tons)
1993/941994/951995/961996/971997/981998/991999/002000/012001/02
Production (total)631718827625545585820958960
Production for export235272311134211253530608456
Oil mills21223526496172209474550400
Confectionery nuts 2/233747383944565856
Other396446516491334332290350503
Autoconsumption + losses 3/283350413378234232190250402
Seeds11396103113100100100100101
Source: Senegalese authorities.

Crop year (November-October).

Including handpicked select.

Including sales in the parallel market.

Source: Senegalese authorities.

Crop year (November-October).

Including handpicked select.

Including sales in the parallel market.

Table 6.Senegal: Cereals Balance, 1993/94–2001/02 1/(In thousands of metric tons, unless otherwise indicated)
1993/941994/951995/961996/971997/981998/991999/002000/012001/02
Population (thousands)8,2308,3618,5978,7678,9989,2349,4439,73910,029
Supply
Production (net)898789886829645617789846812
Beginning-of-period stocks12010175100146187158122171
Farmers35445604020334035
Other11747304010616712582136
Imports517640498744636873743878820
Commercial481612489735629862729873813
Food aid36289971114611
Total supply/use1,5351,5301,4591,6731,4271,6781,6901,8461,812
Use
End-of-period stocks1068311414677123122171117
Farmers544560404040403540
Other52385410637838213677
Consumption1,4091,4271,3251,5071,3301,7081,7541,8021,855
Other uses202020202020202020
Apparent consumption per person (in kilograms)171171154172148185185185185
Source: Senegalese authorities.

Crop year (November-October); data may not add up because of rounding.

Source: Senegalese authorities.

Crop year (November-October); data may not add up because of rounding.

Table 7.Senegal: Production, Area Under Cultivation, and Yields of Principal Crops, 1993/94-2001/02 1/(Production in metric tons; area in hectares; yield in kilograms per hectare)
1993/941994/951995/961996/971997/981998/991999/002000/012001/02
Export crops
Groundnuts
Production631,299718,040827,135625,837544,825584,927820,434958,130959,859
Area764,286928,015881,369919,815788,120555,454824,348990,425984,157
Yield8267749386806911,053995967975
Cotton (unginned)
Production38,76928,66431,36338,39940,27911,62220,50720,37834,238
Area43,72433,94635,01650,30853,84145,20921,43422,26531,501
Yield8878448967637482579579151,087
Food crops
Millet and sorghum
Production752,615670,843794,133734,368544,778547,418653,172743,971706,304
Area1,100,2711,077,7271,039,2941,120,299975,714968,2511,117,4291,007,518975,798
Yield684622764656558565585738724
Maize
Production138,317108,233106,50988,63460,28144,33966,13278,593108,546
Area108,960106,81497,88984,91362,17853,71470,44070,71588,399
Yield1,2691,0131,0881,0449698259391,1111,228
Rice (paddy)
Production193,374162,228155,152148,780173,702123,519239,786202,293206,751
Area77.94577,73668,96673,81174,69845,40595,88486,25287,060
Yield2,4812,0872,2502,0162,3252,7202,5012,3452,375
Sugarcane
Production839,250901,971826,361750,221810,614836,917889,363850,409840,109
Area7,3757,0546,5427,3557,4137,2447,2527,2727,295
Yield113,797127,867126,316102,001109,350115,532122,637116,943115,162
Manioc
Production43,45076,91555,51536,98546,56465,60842,117132,859137,893
Area15,70130,65917,45714,01119,93713,24716,29427,17927,794
Yield2,7672,5093,1802,6402,3364,9532,5854,8884,961
Vegetables
Production107,621144,385223,675211,045298,726257,213286,740274,189164,113
Area9,4999,54011,42216,93615,73217,19621,80021,81021,452
Yield11,33015,13519,58312,46118,98814,95813,15312,5727,650
Source: Senegalese authorities.

Crop year (November-October).

Source: Senegalese authorities.

Crop year (November-October).

Table 8.Senegal: Producer Prices of Main Agricultural Products, 1993/94-2001/02 1/
Weights (In percent)1993/941994/951995/961996/971997/981998/991999/002000/012001/02
(In CFA francs per kilogram)
Oil groundnuts100120125150160160145145120
Confectionery groundnuts110120125150160160145145120
Cotton110150170170185185185185185
Tomatoes303039394040404040
Millet/sorghum6564106130125125125125125
Maize6283145152145145145145100
Paddy9010011595100100100100125
Cowpeas8468237320345225290225270
(Price index of main agricultral product, 1985/86=100)
Oil groundnuts30111.1133.3138.9166.7177.8177.8161.1161.1133.3
Confectionery groundnuts1100.0109.1113.6136.4145.5145.5131.8131.8109.1
Cotton2110.0150.0170.0170.0185.0185.0185.0185.0185.0
Tomatoes1130.4130.4169.6169.6173.9173.9173.9173.9173.9
Millet/sorghum4892.991.4151.4185.7178.6178.6178.6178.6178.6
Maize888.6118.6207.1217.1207.1207.1207.1207.1142.9
Paddy8105.9117.6135.3111.8117.6117.6117.6117.6147.1
Cowpeas476.461.8215.1290.6313.6204.5263.3204.5245.5
General index10098.9108.3153.5180.3181.3176.8174.1171.7162.3
(Annual percentage change)
Oil groundnuts3025.020.04.220.06.70.0-9.40.0-17.2
Confectionery groundnuts129.49.14.220.06.70.0-9.40.0-17.2
Cotton210.036.413.30.08.80.00.00.00.0
Tomatoes10.00.030.00.02.60.00.00.00.0
Millet/sorghum4818.2-1.565.622.6-3.80.00.00.00.0
Maize88.833.974.74.8-4.60.00.00.0-31.0
Paddy85.911.115.0-17.45.30.00.00.025.0
Cowpeas4-1.2-19.0247.935.17.9-34.828.7-22.320.0
General index10017.59.441.817.50.5-2.5-1.5-1.4-5.5
Source: Direction de la Prevision et de la Statistique (DPS)

Crop year (November-October). By December 1999, the producer prices for all agricultural products had been liberalized; except those for oil groundnuts, and cotton. The producer prices for oil groundnuts and cotton are determined by a committee representing the farmers, the marketing agencies, and the government, taking into account developments in world market prices.

Source: Direction de la Prevision et de la Statistique (DPS)

Crop year (November-October). By December 1999, the producer prices for all agricultural products had been liberalized; except those for oil groundnuts, and cotton. The producer prices for oil groundnuts and cotton are determined by a committee representing the farmers, the marketing agencies, and the government, taking into account developments in world market prices.

Table 9.Senegal: Fish Catch by Domestic and Foreign Vessels, 1994–2001(In thousands of metric tons)
19941995199619971998199920002001
Small-scale fishing282.3266.3327.9352.9325.1313.6338.2332.4
Industrial fishing82.092.388.8100.383.781.352.163.7
Sardine 1/3.55.47.89.57.44.41.31.7
Trawler fishing40.651.352.663.247.456.337.943.7
Tuna37.935.628.427.628.920.612.818.3
Total364.3358.6416.7453.2408.8394.9390.3396.0
Source: Direction de l’Océanographie et des Pêches Maritimes

Domestic catch only for 1994–96.

Source: Direction de l’Océanographie et des Pêches Maritimes

Domestic catch only for 1994–96.

Table 10.Senegal: Foreign Fish Catch by Vessel Nationality, 1994–2001(In thousands of metric tons)
1994199519961997199819992000 1/2001
France5.92.50.20.16.40.73.10.0
Greece3.31.42.11.31.81.31.61.2
Italy0.50.00.00.00.00.20.00.7
Spain31.126.512.35.912.69.28.39.6
Former Soviet Union23.228.931.530.224.344.50.0
Others0.60.93.20.20.211.42.30.6
Total64.660.249.337.745.367.315.312.1
Source: Direction de l’Océanographie et des Pêches Maritimes

The important decrease in 2000 is due to the departure of Russian fishing vessels.

Source: Direction de l’Océanographie et des Pêches Maritimes

The important decrease in 2000 is due to the departure of Russian fishing vessels.

Table 11.Senegal: Evolution of Livestock, 1994–2001(In thousands of heads)
19941995199619971998199920002001
Cattle2,7602,8002,8702,8982,9122,9272,9863,061
Sheep3,8213,8904,0454,2394,3444,4974,5424,678
Goats3,2133,2933,4403,5723,7033,8333,8793,995
Pigs161163171191213240269280
Camels55544444
Horses434434436465445446471492
Donkeys366366367393376377399408
Source: Ministry of Rural Development
Source: Ministry of Rural Development
Table 12.Senegal: Indices of Industrial Production, 1994–2001(1976 = 100)
Weight (In percent)19941995199619971998199920002001
Mining18.587.187.986.094.393.6109.4110.395.4
Of which: phosphates16.299.398.490.499.397.5115.0117.3108.8
Food production43.194.6104.195.389.599.5100.996.7104.0
Of which: fish canning2.8132.6212.4151.8140.9152.0152.9131.1143.4
oil mills12.266.079.978.261.973.165.477.071.9
sugar and confectionery13.2140.1131.2109.7116.3124.1138.5107.0127.7
Textiles, clothing, and leather12.367.958.360.961.958.447.146.344.7
Textiles10.077.864.369.471.066.953.851.550.6
Other2.325.032.224.122.521.518.223.418.6
Wood products0.585.897.699.9105.296.297.0103.373.5
Paper1.8110.2100.2100.3104.5111.5120.6130.1110.0
Chemical industries11.478.4103.898.7115.4111.6104.8104.3109.1
Of which: refined petroleum1.678.489.188.0107.4108.8105.6109.3111.6
fertilizers and pesticides3.7114.1157.0144.8185.7185.0151.6130.0169.2
plastic and rubber materials2.829.535.437.337.233.537.135.922.8
Construction materials3.3151.2152.9173.2181.2186.5213.2280.0312.8
Machinery and equipment4.091.7108.1103.395.9102.3100.2102.672.6
Electricity and water5.1200.2211.5217.3230.3239.9246.7257.0290.5
Electricity2.7223.1236.2242.5265.4285.0294.6298.3360.8
Water2.4174.6183.8189.0191.1189.5193.1210.8211.9
General index without oil processing87.899.5102.499.5102.3105.9108.7110.7111.7
General index100.095.599.999.0100.8105.1107.7109.0110.8
Source: Senegalese authorities.
Source: Senegalese authorities.
Table 13.Senegal: Principal Mineral and Industrial Products, 1994–2001
Unit19941995199619971998199920002001
Lime phosphatesThousands of tons1,587.41,563.71,376.81,598.11,481.61,878.51,838.31,708.0
Aluminum phosphatesThousands of tons19.240.139.837.321.20.00.033.7
AttapulgiteThousands of tons95.081.579.283.6121.6118.2148.7121.2
SaltThousands of tons105.594.298.1122.0138.0145.0124.0109.8
Sugar (cubes)Thousands of tons49.548.068.439.242.246.636.327.2
Tobacco productsTons1,216.01,272.01,425.01,556.01,816.01,846.02,195.02,132.0
Groundnut oil (unrefined)Thousands of tons80.299.091.238.149.871.7132.6125.3
Refined vegetable oilThousands of tons79.295.884.289.2103.481.476.270.6
Tuna (canned)Thousands of tons20.624.119.814.218.714.411.912.1
ShoesMillions of pairs0.40.60.70.70.70.60.60.6
Cotton yarnTons1,201.01,237.01,452.01,272.01,107.0814.0635.0411.0
SoapThousands of tons22.744.438.240.538.640.943.338.6
Paints and varnishesThousands of tons2.72.93.12.62.93.94.64.6
CementThousands of tons697.8694.2811.1853.9846.5898.41,340.51,539.0
Metal cansMillions158.0141.8128.9132.8147.9105.0127.4113.2
ElectricityMillions of kilowatt-hours1,020.41,080.91,109.91,214.51,304.11,348.01,365.31,651.2
Source: Senegalese authorities.
Source: Senegalese authorities.
Table 14.Senegal: Production, Sales, and Prices of Lime Phosphates, 1994–2001
19941995199619971998199920002001
CSPTSSPTTotalCSPTSSPTTotalCSPTSSPTTotalCSPTSSPTTotalCSPTSSPTTotalCSPTSSPTTotalCSPTSSPTTotalCSPTSSPTTotal
Production (thousands of tons)1,559281,5871,533111,5441,37681,3841,59081,5981,5022221,7241,800141,8141,738371,7751,70801,708
Exports
Volume 1/ (thousands of tons)5791577368541189728306836599112711437164601534.4172706356161517354158512
Value (billions of CFA francs)11.13.514.614.02.416.414.30.114.415.32.417.7122.214193.722.711.23.514.7103.613.6
Price (CFA francs per ton) 1/19,13122,89319,93216,36320,89416,91317,25014,29017,22925,47721,56724,86232,00032,50021,30031,70021,60031,70022,742
Sources: Compagnie Sénégalaise des Phosphates de Taiba (CSPT), and Société Sénégalaise des Phosphates de Thiès (SSPT).

Includes lime, clinker, and attapulgite.

Sources: Compagnie Sénégalaise des Phosphates de Taiba (CSPT), and Société Sénégalaise des Phosphates de Thiès (SSPT).

Includes lime, clinker, and attapulgite.

Table 15.Senegal: Imports and Exports of Petroleum Products by the Société Africaine de Raffinage (SAR), 1994–2001(Volume in tons; value in millions of CFA francs)
ImportsExports
CrudeRefinedTotalMaliOthersTotal
VolumeValueVolumeValueValueVolumeValueVolumeValueVolumeValue
1994302,78219,949782,34460,11680,06571,2416,69015,3221,44586,5638,135
1995649,50043,648324,02625,92869,57663,2475,59641,9713,412105,2189,008
1996645,03452,142403,38738,05990,20162,5036,53934,7663,69497,26910,233
1997771,27473,654386,22837,706111,36058,6976,75051,3035,950110,00012,700
1998890,46760,804414,43931,04891,85261,3685,39452,8894,440114,2579,834
1999890,53976,536540,79251,877128,41362,9646,34065,8227,308128,78613,648
2000890,688138,719570,467104,143242,86269,12114,13786,07614,896155,19729,033
2001967,528144,682560,89687,438232,12081,61314,72727,3295,765108,95220,492
Source: Société Africaine de Raffinage (SAR)
Source: Société Africaine de Raffinage (SAR)
Table 16.Senegal: Retail Prices of Liquid Petroleum Products, January 1994–December 2001
GasolineGas OilDieselFuel Oil
PremiumRegularFishing boatKeroseneVehiclesBoatsFishing180 octane 1/380 octane 1/Electricity generation
(CFA francs per liter)(CFA francs per ton)
Jan. 94455415235225300199,160119,150111,94562,402
Mar. 95455415260225300199,160120,314115,20762,403
Dec. 95455415260225300199,160119,150111,94562,402
Dec. 96455415260225300199,160119,992113,09562,402
Dec. 97455415260225300199,160132,865125,30262,402
Mar. 98455415260225300202,852142,336135,26562,402
Jun. 98425390240125265121,51088,23784,41061,542
Sep. 98421383233120256115,25881,92378,09161,542
17-Oct-98416379229128266104,94475,16071,71550,373
12-Nov-9841037322312325595,61169,15566,10550,373
12-Dec-9839936221211425191,87467,60066,10550,373
9-Jan-9938635020010724586,95863,53460,84546,345
6-Feb-9939335720711325191,83768,26465,56250,373
6-Mar-9939335720711324688,12967,36465,00750,373
3-Apr-99409372222124263101,65371,09767,57550,373
3-May-99435396246143277113,70880,69776,87950,373
29-May-99440401251143277113,70880,69776,87950,373
26-Jun-99440401251136277113,70880,69776,87962,379
31-Jul-99458418268155296129,69991,46887,02550,373
28-Aug-99481441291160307139,114101,88797,57059,146
25-Sep-99481448298174325154,637113,135108,30169,877
23-Oct-99481449299175326156,637119,255114,57474,560
20-Nov-99482449299175326156,637119,255114,57474,560
4-Jan-00490451301215344175,562119,330107,28567,271
5-Feb-00483443293215344175,562119,330107,28527,271
16-Sep-00555509337240396201,896134,525123,37877,362
29-Jun-01571527377248394217,740136,643127,097111,007
21-Jul-01528485335240394217,740136,643127,097111,007
22-Aug-01514472322229377203,478136,643127,097111,007
15-Sep-01522480330229377203,478136,643127,097111,007
13-Oct-01503462314229371203,478136,643127,097111,007
10-Nov-01462423275213350184,742117,858109,99693,906
12-Dec-01449410262199332169,464109,946102,96786,877
Source: Senegalese authorities.

Prices to large consumers.

Source: Senegalese authorities.

Prices to large consumers.

Table 17.Senegal: Trends in the Tourism Sector, 1994–2001 1/
19941995199619971998199920002001
(In thousands)
Number of arrivals281.6321.3322.1358.7392.5420.0443.0454.0
Number of beds15.215.616.117.017.117.618.319.2
Number of nights1,117.41,224.31,205.61,429.11,526.21,560.01,507.01,616.0
(In percent)
Annual rate of occupancy 2/34.035.034.438.040.042.835.437.7
(In billions of CFA francs)
Gross receipts53.078.777.891.8100.1101.496.8103.4
Source: Ministry of Tourism

Figures may differ from those in the services and transfers accounts because of differents methods used for recording data.

Annual occupancy rates = (number of tourists X number of nights per tourist)/(number of available night-rooms)

Source: Ministry of Tourism

Figures may differ from those in the services and transfers accounts because of differents methods used for recording data.

Annual occupancy rates = (number of tourists X number of nights per tourist)/(number of available night-rooms)

Table 18.Senegal: Public Investment, 1995–2001 1/(In billions of CFA francs, unless otherwise indicated)
199519961997199920002001
PlannedRealized investmentPlannedRealized investmentPlannedRealized investmentPlannedRealized investmentPlannedRealized investmentPlannedRealized investment
TotalPercentage distributionTotalPercentage distributionTotalPercentage distributionTotalPercentage distributionTotalPercentage distributionTotalPercentage distribution
Primary sector88.656.731.987.859.533.394.751.726.996.359.423.8107.853.324.296.547.419.0
Agriculture46.021.412.042.425.914.537.726.313.736.925.210.548.321.89.938.117.26.9
Livestock2.21.71.03.02.41.33.21.70.93.53.41.42.61.10.56.21.60.6
Forestry8.75.73.29.58.64.811.77.64.09.16.72.816.25.72.612.14.21.7
Fisheries3.31.20.71.81.00.62.01.00.512.64.72.011.69.04.19.83.91.6
Rural water supply17.715.78.814.78.84.918.48.94.616.85.52.312.25.92.711.56.32.5
Other (including research)10.711.16.216.212.67.121.76.23.217.413.95.816.99.84.418.814.25.7
Secondary sector25.424.213.624.113.77.726.416.98.856.425.010.451.936.816.743.914.75.9
Industry5.52.21.26.12.01.14.53.61.91.40.60.25.51.40.63.11.00.4
Mining1.01.00.60.90.90.51.10.90.50.61.20.50.50.50.20.60.60.2
Energy11.615.98.911.56.43.610.99.65.044.017.37.234.932.414.730.05.42.2
Other7.3512.95.74.52.59.92.81.510.45.92.511.02.51.110.27.73.1
Tertiary sector57.027.215.353.223.913.457.945.323.561.941.017.162.943.419.752.144.617.8
Tourism0.60.50.30.60.20.10.00.0-1.00.40.21.30.00.01.10.50.2
Commerce0.00.00.00.00.10.10.50.50.31.11.80.70.40.40.20.10.30.1
Transport51.422.712.849.421.812.255.743.622.759.538.616.156.040.418.346.842.517.0
Telecommunications2.82.51.40.00.00.00.40.40.20.00.00.00.00.00.00.00.00.0
Other (including research)2.21.50.83.21.81.01.30.80.40.30.20.15.22.61.24.11.30.5
Other sectors96.969.939.3108.681.745.7138.778.540.8145.8114.747.8144.586.839.4194.0143.057.2
Urban water supply/sewage14.29.75.447.35.22.947.512.96.745.619.58.132.39.44.335.38.83.5
Housing7.17.14.04.78.04.58.0331.713.24.31.817.88.03.622.116.66.6
Health16.512.36.913.69.65.416.18.84.631.319.28.025.331.814.442.525.510.2
Education20.99.65.417.820.011.235.324.112.517.318.47.723.812.95.934.624.39.7
Other38.231.217.525.138.921.831.829.415.338.453.322.245.324.711.259.567.827.2
Total267.9178.0100.0273.7178.7100.0317.7192.4100.0360.4240.199.13671220.3100.0386.5249.799.9
Financing267.9178.0100.0273.7178.7100.0317.7192.4100.0360.4240.199.1367.1220.3100.0386.5249.799.9
Domestic44.245.625.649.844.224.790.657.930.1129.9100.441.8121.988.340.1145.6116.546.7
Public and parapublic33.039.522.239.638.621.675.057.830.0120.3100.041.6121.988.340.1145.6116.546.7
Private11.26.13.410.25.63.115.60.10.19.60.40.20.00.00.00.00.00.0
Foreign191.5132.474.4223.7134.575.3227.2134.569.9230.5139.758.2245.6134.060.8240.9133.253.3
Grants94.969.238.984.647.026.395.663.232.895.458.524.499.848.422.089.478.731.5
Concessional96.663.235.5139.187.549.0131.671.337.1135.181.233.8145.885.638.9151.554.521.8
Semicommercial borrowing0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Commercial borrowing0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Source: Direction de la Cooperation Economique et Financière

Includes investments of public agencies outside the central government.

Source: Direction de la Cooperation Economique et Financière

Includes investments of public agencies outside the central government.

Table 19.Senegal: Consumer Price Index, 1994-2001 1/
IndexPercentage Change 2/FoodstuffClothingHousingHousehold GoodsTransport and Leisure
Weight100.056.011.916.24.011.9
1994
I577.921.5601.0539.2455.3794.3601.6
II616.730.4637.1546.4535.8864.8619.1
III667.935.9719.8546.4535.8920.0640.4
IV683.140.4733.3598.1539.9930.6642.9
1995
I661.514.5698.6577.3542.2929.1643.5
II669.68.6704.2584.8537.0968.3672.0
III705.95.7766.9586.1535.0980.6678.3
IV712.64.3773.7615.0540.9992.7662.6
1996
I688.84.1720.5647.0550.51,001.7664.1
II693.43.6724.9652.3560.01,002.1664.1
III722.22.3777.0647.0564.11,002.5660.5
IV721.01.2773.0654.4564.11,002.5661.7
1997
I712.13.4749.1696.2559.21,003.4662.3
II706.41.9732.8707.1584.01,003.8648.4
III722.40.3759.9705.6571.51,003.8673.7
IV733.91.8773.2731.1565.41,006.5689.7
Weight100.041.510.816.97.211.1
1998 1/102.81.1104.398.6101.098.3100.6
1999103.60.8104.697.1104.697.5101.0
2000104.40.7103.796.9109.998.6103.0
1998
I102.10.7103.299.7100.698.3101.7
II100.90.799.998.9100.698.8101.6
III104.32.0107.698.1101.398.599.8
IV103.81.3106.497.5101.597.799.5
1999
I102.90.8104.098.2102.197.799.6
II102.21.3101.997.2103.797.6100.6
III104.80.4107.196.5105.597.7101.4
IV104.5-0.3105.396.4107.197.2102.3
2000
I103.70.8102.997.5107.497.8102.2
II103.31.1101.197.2109.998.8102.3
III104.80.0106.096.1110.399.9102.8
IV105.61.1104.897.0111.998.8104.8
2001
I105.51.7104.095.1112.2100.3106.5
II105.42.0103.994.4112.4100.5106.5
III108.93.9112.094.4112.5100.5105.6
IV110.04.2114.193.6113.7103.0103.8
Source: Senegalese authorities.

From 1998 onward, the harmonized West African Economic and Monetary Union index is used, rebased as 1996 = 100. From 1991 to 1997, an index of consumer prices for the average family in Dakar is used (1967 = 100).

Annual change for annual data; change over four quarters for quarterly data.

Source: Senegalese authorities.

From 1998 onward, the harmonized West African Economic and Monetary Union index is used, rebased as 1996 = 100. From 1991 to 1997, an index of consumer prices for the average family in Dakar is used (1967 = 100).

Annual change for annual data; change over four quarters for quarterly data.

Table 20.Senegal: Price Control System(As of March 2002)
CategoryGoodsServices
Category I (goods and services subject to fixed pricing)Charcoal (retail prices: CFAF 95)Water, retail prices:
  • First tranche; CFAF 172,30 per cubic meter

  • Second tranche; CFAF 599,42 per cubic meter

  • Third tranche; CFAF 706,38 per kilowatt

Electricity, retail prices:
  • First tranche; CFAF 126,32 per kilowatt

  • Second tranche; CFAF 91,44 per kilowatt

  • Third tranche; CFAF 65,11 per kilowatt

Gas (butane)
  • CFAF 15.776 per bottle of 38 kg

  • CFAF 5.190 per bottle of 12.5 kg

  • CFAF 1.495 per bottle of 6 kg

  • CFAF 665 per bottle of 2.7 kg

Category II (goods and services subject to strict certification requirements)Pharmaceutical productsTransportation tariffs (SEMPOS and SETTAS)
Source: Senegalese authorities.
Source: Senegalese authorities.
Table 21.Senegal: Nominal and Real Minimum Wages, December 1994-December 2001
19941995199619971998199920002001
Dec.Dec.Dec.Dec.Dec.Dec.Dec.Dec.
Nominal
(CFA francs per hour)201.1201.1209.1209.1209.1209.1209.1209.1
Real 1/
(1980=100)60.657.458.357.257.556.556.454.8
Sources: Senegalese authorities; and staff estimates

Calculated using the consumer price index for the average Senegalese family in Dakar.

Sources: Senegalese authorities; and staff estimates

Calculated using the consumer price index for the average Senegalese family in Dakar.

Table 22.Senegal: Government Financial Operations, 1994-2001(In billions of CFA francs)
19941995199619971998199920002001

Prel.
Total revenue and grants385.6439.7496.1497.8541.9568.4626.3664.4
Revenue301.5366.2394.3432.2460.1506.8562.3602.7
Tax revenue267.8330.3369.3401.1438.9491.2537.3576.8
Of which
Oil revenue (excl. refinery)33.033.332.739.450.483.994.484.1
Nontax revenue33.735.92531.121.215.62525.9
Grants84.173.5101.865.681.861.664.061.7
Of which: capital 1/15.030.084.153.763.157.549.961.7
Total expenditure and net lending424.8438.7497.9484.3550.6609.9623.1733.0
Current expenditure318.7316.6312.6317.6310.1351.1411.0516.6
Of which: Wages and salaries148.9157.5160.6155.9159.7166.6175.8177.3
Interest due71.564.555.958.634.842.545.330.3
Of which: external 2/58.355.845.947.527.832.339.623.7
Other current expenditure 3/98.394.694.198.6112.7142.0189.9309.0
Capital expenditure100.2117.7183.0163.8196.9242.3193.2217.2
Domestically financed26.235.741.657.578.5111.3106.6118.5
Externally financed74.082.0141.4106.3118.4131.086.698.7
Treasury special accounts (net) 4/5.04.2-1.3-0.25.14.63.210.1
Treasury correspondents (net)0.96.29.27.53.26.610.8-6.3
Net lending0.0-6.0-5.6-4.435.35.34.9-4.6
Overall fiscal surplus or deficit (-)
(commitment basis)-39.21.0-1.813.5-8.7-11.53.2-68.6
Adjustment to cash casis-160.8-60.40.02.7-2.70.00.00.0
Payments arrears of the government and public agencies (reduction -)-160.8-60.40.02.7-2.70.00.00.0
Crop credit (repayment -)0.00.00.00.00.00.00.00.0
Overall fiscal surplus or deficit (-)
(cash basis)-200.0-59.4-1.816.2-11.4-11.53.2-68.6
Financing200.059.41.8-16.211.441.5-3.268.6
External186.775.539.646.650.322.917.154.9
Drawings80.981.683.1101.4108.780.278.1103.3
Treasury18.929.623.52.419.10.037.160.6
Project loans44.052.059.653.689.680.241.042.7
Other18.00.00.045.40.00.00.00.0
Amortization due 2/-83.1-73.1-72.7-72.0-58.4-57.3-65.2-64.2
Debt relief 5/188.967.029.217.20.00.04.215.8
Domestic13.1-17.3-48.5-60.4-28.613.6-21.117.4
Banking system-46.9-2.9-21.5-148.3-6.27.4-28.321.8
Repayment of consolidated debt0.00.00.00.00.00.00.00.0
Nonbank borrowing60.0-14.4-2787.9-22.411.27.2-4.4
Other 6/0.21.210.7-2.4-10.30.00.8-3.7
Sources: Senegalese authorities; and staff estimates.

Foreign financial assistance for capital outlays of the central government.

The external debt-service figures include all debt directly contracted by the government and the part of the government- guaranteed debt serviced by the government.

Consisting of outlays for materials, supplies, maintenance, subsidies, other current transfers, and unclassified expenditure.

The treasury’s special accounts exclude net repayments in the Debt Amortization Fund and National Energy Fund, and investment expenditures relating to the Fifth and Sixth Plans, which are shown separately.

Includes debt rescheduling from the London and Paris Clubs and other official bilateral creditors, and commercial bank rescheduling.

Includes errors and omissions and privatization receipts.

Sources: Senegalese authorities; and staff estimates.

Foreign financial assistance for capital outlays of the central government.

The external debt-service figures include all debt directly contracted by the government and the part of the government- guaranteed debt serviced by the government.

Consisting of outlays for materials, supplies, maintenance, subsidies, other current transfers, and unclassified expenditure.

The treasury’s special accounts exclude net repayments in the Debt Amortization Fund and National Energy Fund, and investment expenditures relating to the Fifth and Sixth Plans, which are shown separately.

Includes debt rescheduling from the London and Paris Clubs and other official bilateral creditors, and commercial bank rescheduling.

Includes errors and omissions and privatization receipts.

Table 23.Senegal: Fiscal Performance, 1994-2001
19941995199619971998199920002001

Prel.
(In percent of GDP)
Total revenue and grants19.119.720.919.519.719.420.119.7
Revenue14.916.416.616.916.817.318.117.8
Tax revenue13.214.815.615.716.016.817.317.1
Of which
Oil revenue (excl. refinery)1.61.51.41.51.82.93.00.0
Nontax revenue1.71.61.11.20.80.50.80.8
Grants4.23.34.32.63.02.12.11.8
Total expenditure and net lending21.019.621.019.020.120.920.021.7
Current budgetary expenditure15.814.213.212.411.312.013.215.3
Of which: wages and salaries7.47.16.86.15.85.75.65.2
Capital expenditure5.05.37.76.47.28.36.26.4
Other 1/0.30.50.30.30.30.40.40.1
Overall fiscal balance (deficit -)
(commitment basis)
Including grants-1.90.0-0.10.5-0.3-1.40.1-2.0
Excluding grants-6.1-3.2-4A-2.0-3.3-3.5-2.0-3.9
Overall fiscal balance (deficit -)
(cash basis)-9.9-2.7-0.10.6-0.4-1.40.1-2.0
(Annual percentage change; unless indicated otherwise)
Total revenue and grants41.514.012.80.38.94.910.26.1
Of which: revenue17.821.57.79.66.510.210.97.2
tax revenue21.723.311.88.69.411.99.47.4
Total expenditure and net lending32.83.313.5-2.713.710.82.217.6
Of which
Current expenditure27.7-0.7-1.31.6-2.413.217.125.7
Capital expenditure54.417.555.5-10.520.223.1-20.312.4
Nominal GDP31.510.56.27.67.66.56.58.5
Memorandum item:
Nominal GDP2,022.32,234.02,371.82,553.22,746.02,925.03,114.03,379.7
Sources: Senegalese authorities; and staff estimates.

Includes the treasury’s special and correspondent accounts, and outlays for the banking system reform and voluntary departure programs.

Sources: Senegalese authorities; and staff estimates.

Includes the treasury’s special and correspondent accounts, and outlays for the banking system reform and voluntary departure programs.

Table 24.Senegal: Outstanding Payments Arrears of the Central Government, 1994-2001(In billions of CFA francs; end of period)
19941995199619971998199920002001
External debt-service arrears45.50.00.02.70.00.00.00.0
Domestic payments arrears14.90.00.00.00.00.00.00.0
Central government14.90.00.00.00.00.00.00.0
Commitment not disbursed14.90.00.00.00.00.00.00.0
Commitment for which payment orders have not been issued0.00.00.00.00.00.00.00.0
Public agencies0.00.00.00.00.00.00.00.0
Commitment not disbursed0.00.00.00.00.00.00.00.0
Commitment for which payment orders have not been issued0.00.00.00.00.00.00.00.0
Total60.40.00.02.70.00.00.00.0
Source: Senegalese authorities.
Source: Senegalese authorities.
Table 25.Senegal: Budgetary Revenue, 1994-2001
19941995199619971998199920002001

Prel.
(In billions of CFA francs)
Total revenue301.5366.2394.3432.2460.1506.8562.3602.7
Tax revenue267.8330.3369.3401.1438.9491.2537.3576.8
Taxes on income and property63.580.185.094.3107.2107.5128.7130.6
Individual34.544.545.853.756.654.261.958.8
Corporate17.824.426.329.037.138.749.148.9
Real estate capital gains0.50.20.50.50.30.50.41.0
Capital income6.36.16.44.96.36.910.012.2
Social security (ONFP)0.20.20.30.30.30.30.30.3
Payroll (CFCE)3.94.45.35.35.96.06.36.6
Property0.30.30.40.60.70.80.72.8
Taxes on goods and services
(excluding petroleum)91.9119.9135.8158.7170.6193.2241.4254.8
Valued-added tax (VAT) on domestic goods41.856.068.282.877.491.7112.490.5
VAT on imported goods27.138.642.148.165.067.391.0112.7
Presumptive taxes on domestic goods1.11.21.31.5
Presumptive taxes on imported goods1.83.33.23.43.75.25.89.7
Excises6.56.76.54.24.66.08.09.6
Taxes on insurance contracts0.81.41.41.61.71.82.33.5
Motor vehicles taxes1.51.91.71.91.82.22.43.7
Registration duties6.05.65.69.37.910.710.513.5
Others5.35.25.85.98.58.28.811.6
Stamp duties4.94.85.55.97.47.28.110.3
Miscellaneous0.40.40.30.01.11.00.71.3
Taxes on imports (excluding petroleum) 1/79.497.0115.8108.7110.7106.672.8107.3
Taxes on petroleum products33.033.332.739.450.483.994.484.1
Custom duties15.716.817.220.811.411.211.30.8
VAT17.316.515.518.621.623.228.338.6
Specific tax0.00.00.00.017.449.554.844.7
Nontax revenue33.735.925.031.121.215.625.025.9
Entrepreneurial and property income2.21.52.67.16.55.811.313.8
Refinery (SAR)27.021.920.17.51.90.00.00.0
Fishing rights0.010.30.08.37.97.97.95.2
Others4.52.22.38.24.91.95.86.9
(Percentage share of total revenue)
Tax revenue88.890.293.792.895.496.995.695.7
Taxes on income and property21.121.921.621.823.321.222.921.7
Taxes on goods and services 2/30.532.734.436.737.138.142.942.3
Taxes on imports26.326.529.425.224.121.012.917.8
Taxes on petroleum products10.99.18.39.111.016.616.814.0
Nontax revenue11.29.86.37.24.63.14.44.3
Of which: SAR9.06.05.11.70.40.00.00.0
Total100.0100.0100.0100.0100.0100.0100.0100.0
Of which: total revenue from petroleum19.915.113.410.911.416.616.814.0
Source: Senegalese authorities.

Includes the customs duty, the fiscal duty, and surtaxes. Surtaxes generate no more than CFAF 1 billion a year.

Excluding petroleum products.

Source: Senegalese authorities.

Includes the customs duty, the fiscal duty, and surtaxes. Surtaxes generate no more than CFAF 1 billion a year.

Excluding petroleum products.

Table 26.Senegal: Current Budgetary Expenditure, 1994-2001(In billions of CFA francs)
19941995199619971998199920002001
Economic classification
Wages and salaries148.9157.5162.6160.4162.6166.6175.8177.3
Materials, supplies, and maintenance50.050.561.452.371.579.397.0130.3
Interest on government debt71.564.555.958.634.842.545.330.3
Of which: external58.355.845.947.527.832.339.623.7
Other transfers and subsidies33.730.229.243.036.849.379.4178.5
Of which: scholarships6.66.65.26.35.86.16.9
Unclassified8.013.93.53.37.313.413.50.2
Total318.7316.6312.6317.6310.1351.1411.0516.6
Functional classification
General public services88.481.381.488.490.989.593.784.7
National defense36.536.639.640.241.946.147.148.0
Education64.276.979.582.086.790.487.999.1
Health15.616.717.216.014.416.922.221.5
Social and community services5.14.85.012.65.76.618.12.6
Economic services8.68.07.610.79.413.815.5116.0
Unallocable99.992.382.367.761.187.8126.5144.7
Of which: interest on govt. debt 1/71.564.555.958.634.842.545.330.3
Total318.7316.6312.6317.6310.1351.1411.0516.6
Source: Senegalese authorities.

Including scheduled interest on government debt serviced by the Caisse Autonome d’Amortissement (CAA) through a treasury special account.

Source: Senegalese authorities.

Including scheduled interest on government debt serviced by the Caisse Autonome d’Amortissement (CAA) through a treasury special account.

Table 27.Senegal: Government Wage Bill and Number of Civil Servants, 1994-2001
19941995199619971998199920002001
Wage bill (in billions of CFA francs)148.9157.5160.6155.9159.7166.6175.8177.3
Annual change in wage bill (in percent)12.55.83.2-1.42.44.35.50.9
As percent of current budgetary expenditure46.749.751.449.151.547.542.834.3
As percent of total expenditure and net lending35.135.932.332.229.027.328.224.2
As percent of GDP7.47.16.86.15.85.75.65.2
Number of civil servants (as of end of period)166,69667,04967,02966,75466,28665,53666,10165,259
Annual change in the number of civil servants (in percent)-0.50.50.0-0.4-0.7-1.10.9-1.3
Source: Senegalese authorities.

Excluding technical assistants and employees in process of retirement. September.

Source: Senegalese authorities.

Excluding technical assistants and employees in process of retirement. September.

Table 28.Senegal: Minimum and Maximum Salaries for Selected Civil Servants, January 1994-December 2001(CFA francs per month)
1994199420002001
Jan.Apr.Dec. 1/Dec. Prel.
Minimum
Base salary30,21142,21147,66747,667
Special allowance6,0426,0426,0426,042
Residence allowance4,2294,2294,2294,229
Total40,48252,48257,93857,938
Maximum
Base salary180,735197,235204,868204,868
Special allowance36,14736,14736,14736,147
Residence allowance25,30225,30225,30225,302
Total242,184258,684266,317266,317
Source: Senegalese authorities.

Salary levels remained unchanged between April 1994 and December 2000.

Source: Senegalese authorities.

Salary levels remained unchanged between April 1994 and December 2000.

Table 29.Senegal: Social Expenditures, 1994-2001
19941995199619971998199920002001
Prel.
(In billions of CFA francs)
Health16.824.830.429.932.638.340.171.2
Current expenditure16.217.418.719.019.823.326.028.7
Wages and salaries8.68.310.010.610.611.612.512.6
Supplies5.76.67.44.55.37.15.26.6
Transfers2.02.51.31.31.31.55.16.1
Maintenance0.50.60.8
Current expenditure by municipalities0.00.00.02.62.62.62.62.6
Capital expenditure0.67.411.710.912.815.014.142.5
Domestically financed0.60.70.90.62.13.75.69.3
Externally financed6.710.810.310.711.48.533.2
Education75.085.896.796.2109.4118.0120.0143.1
Current expenditure73.879.186.687.890.494.3100.4108.6
Wages and salaries48.052.558.059.461.663.965.365.2
Supplies2.02.95.74.35.26.39.812.6
Transfers22.522.221.621.721.322.023.228.4
Maintenance0.40.40.40.10.10.10.20.5
Current expenditure by municipalities0.00.00.01.51.51.51.51.5
Other1.01.11.00.80.80.50.40.4
Capital expenditure1.16.710.18.419.023.719.634.6
Domestically financed1.10.70.91.74.89.49.29.3
Externally financed6.09.26.714.114.310.425.3
Other 1/0.80.80.81.01.46.89.28.0
Current expenditure0.70.70.70.70.85.56.26.9
Wages and salaries0.60.60.60.60.64.65.05.2
Supplies0.10.10.10.10.21.01.21.7
Capital expenditure0.10.10.10.30.61.33.11.1
Domestically financed0.10.10.10.30.61.30.11.1
Externally financed0.00.00.00.00.03.00.0
(In percent of total current expenditure)
Current expenditure in social sectors28.530.733.933.835.835.132.327.9
Health5.15.56.06.06.46.66.35.6
Education23.225.027.727.629.226.824.421.0
Other0.20.20.20.20.31.61.51.3
(In percent of total capital expenditure)
Capital expenditure in social sectors12.112.012.016.416.519.036.0
Health6.36.46.76.56.27.319.6
Education5.75.55.19.69.810.115.9
Other0.10.10.20.30.61.60.5
(In percent of total current and capital expenditure)
Total current and capital expenditure in social sectors25.725.826.428.327.528.030.3
Health5.76.16.26.46.56.69.7
Education19.819.520.021.619.919.919.5
Other0.20.20.20.31.21.51.1
Memorandum items:(In billions of CFA francs)
Total current expenditure318.6316.6312.6317.6310.1351.1411.0516.6
Capital expenditure, domestically financed26.235.741.657.578.5111.3106.6118.5
Capital expenditure, externally financed74.082.0141.4106.3118.4131.086.698.7
Total current and capital expenditure418.8434.3495.6481.4507593.4604.2733.8
Sources: Senegalese authorities; and staff estimates

Including Justice in 1999 and in 2000.

Sources: Senegalese authorities; and staff estimates

Including Justice in 1999 and in 2000.

Table 30.Senegal: Monetary Survey, 1994-2001 1/
19941995199619971998199920002001
Dec.Dec.Dec.Dec.Dec.Dec.Dec.Mar.JuneSep.Dec.
(In billions of CFA francs)
Net foreign assets-155.3-105.1-70.215.651.4103.988.776.683.986.0169.6
Central Bank of West African States (BCEAO)-168.1-126.1-98.0-21.1-6.513.5-5.62.917.120.766.7
Commercial banks12.821.027.836.757.990.494.373.766.865.3102.9
Net domestic assets602.2593.1611.1564.8578.9610.2701.7778.0757.7780.3735.6
Net domestic credit638.5643.8683.8583.3621.5674.6785.3856.1840.9857.1837.4
Net credit to the government360.0357.1335.6187.3181.1188.5160.2181.7130.9157.2181.9
Central bank340.9330.7269.4152.1158.9174.4201.2247.2212.4221.4221.0
Commercial banks17.524.666.435.020.913.0-42.5-66.8-80.6-64.4-42.0
Other institutions1.61.8-0.20.21.31.11.51.3-0.90.22.9
Credit to the economy278.5286.7348.2396.0440.4486.1625.1674.4710.0699.9655.5
Crop credit12.70.41.12.012.71.70.043.747.646.85.0
Other credit265.8286.3347.1394.0427.7484.4625.1630.7662.4653.1650.5
Other items (net) 2/-36.3-50.7-72.7-18.5-42.6-64.4-83.6-78.1-83.2-76.8-101.8
Broad money (M2)446.9488.0540.9580.4630.3714.1790.4854.6841.6867.3905.2
Currency outside banks145.7152.1142.0142.8158.5179.7172.0204.4185.4177.7217.8
Demand deposits148.9158.9189.4199.9238.6261.2292.9305.0306.7321.0323.5
Time deposits152.3177.0209.5237.7233.2273.2325.5345.2349.5368.6363.9
(Change in percent of beginning-of-period money stock)
Net foreign assets50.511.27.215.96.28.3-2.1-1.5-0.6-0.310.2
BCEAO42.19.45.814.22.53.2-2.71.12.93.39.1
Commercial banks8.41.81.41.63.75.20.5-2.6-3.5-3.71.1
Net domestic assets-8.4-2.03.7-8.62.45.012.89.77.19.94.3
Net credit to the government-14.9-0.6-4.4-27.4-1.11.2-4.02.7-3.7-0.42.7
Credit to the economy7.51.812.68.811.27.33.85.81.42.62.5
Other items (net)-1.0-3.2-4.510.0-4.2-3.5-2.70.70.10.9-2.3
Broad money (M2)42.19.210.87.38.613.310.78.16.59.714.5
Source: Central Bank of West African States (BCEAO).

Excluding the balance sheets of the liquidated banks, and using the data from the new commercial banks’ accounts forms, which resulted in a revision of the classification of foreign and domestic assets, as well as of the classification of government and nongovernment deposits.

Including revaluation account.

Source: Central Bank of West African States (BCEAO).

Excluding the balance sheets of the liquidated banks, and using the data from the new commercial banks’ accounts forms, which resulted in a revision of the classification of foreign and domestic assets, as well as of the classification of government and nongovernment deposits.

Including revaluation account.

Table 31.Senegal: Summary Accounts of Central Bank, 1994-2001 1/(In billions of CFA francs)
19941995199619971998199920002001
Dec.Dec.Dec.Dec.Dec.Dec.Dec.Mar.JuneSep.Dec.
Net foreign assets-168.1-126.1-98.0-21.1-6.513.5-5.62.917.120.766.7
Assets96.1133.4151.0231.4243.5262.9273.3289.5293.2295.5339.3
Liabilities-264.2-259.5-249.0-252.5-250.0-249.4-278.9-286.6-276.1-274.8-272.6
Net domestic assets356.9322.5266.7195.8192.5202.5234.2284.9239.3248.3245.8
Net credit to government340.9330.7269.4152.1158.9174.4201.2247.2212.4221.4221.0
Claims354.7349.9296.2293.7296.3279.0256.6286.2265.0268.1300.9
Statutory advances57.844.360.066.870.460.738.953.239.442.973.5
Use of IMF credit162.2182.1175.6168.0160.8154.0154.1165.9158.5157.2159.4
Consolidated and refinanced loans74.362.71.50.06.05.24.58.08.08.98.9
Other claims60.460.859.158.959.159.159.159.159.159.159.1
Deposit and cash-13.8-19.2-26.8-141.6-137.4-104.6-55.4-39.0-52.6-46.7-79.9
Claims on deposit money banks11.50.02.631.726.912.62.06.70.00.00.0
Advances on the money market11.50.00.00.00.00.00.00.00.00.00.0
Rediscount0.00.02.631.726.912.62.06.70.00.00.0
Consolidated claims0.00.00.00.00.00.00.00.00.00.00.0
Claims on nonbank institutions (net)0.60.70.50.50.40.00.00.00.00.00.0
Other items (net)3.9-8.9-5.811.56.315.531.031.026.926.924.8
Of which: reevaluation account7.27.27.27.27.27.27.27.27.27.27.2
Base money188.8196.4168.7174.7186.0216.0228.6287.8256.4269.0312.5
Currency outside banks145.7152.1142.0142.8158.5179.7172.0204.4185.4177.7217.8
Banks’ reserves42.744.126.431.327.135.755.982.569.469.493.4
Claims on the money market7.07.60.00.00.00.00.00.00.00.00.0
Deposits at the Central Bank of West African States (BCEAO)24.130.015.117.613.718.038.559.849.749.772.6
Currency in vault11.66.511.313.713.417.717.422.719.719.720.8
Reserves of nonbank institutions at the BCEAO0.40.20.30.60.40.60.70.91.61.61.3
Source: Central Bank of West African States (BCEAO)

Excluding the balance sheets of the liquidated banks, and using the data from the new commercial banks’ accounts forms, which resulted in a revision of the classification of foreign and domestic assets, as well as of the classification of government and nongovernment deposits.

Source: Central Bank of West African States (BCEAO)

Excluding the balance sheets of the liquidated banks, and using the data from the new commercial banks’ accounts forms, which resulted in a revision of the classification of foreign and domestic assets, as well as of the classification of government and nongovernment deposits.

Table 32.Senegal: Summary Accounts of Commercial Banks, 1994-2001 1/(In billions of CFA francs)
19941995199619971998199920002001
Dec.Dec.Dec.Dec.Dec.Dec.Dec.Mar.JuneSep.Dec.
Net foreign assets12.821.027.836.757.990.494.373.766.865.3102.9
Assets67.976.574.993.0123.9168.6155.6139.5129.7133.1178.5
Liabilities-55.1-55.5-47.1-56.3-66.0-78.2-61.3-65.8-62.9-67.8-75.6
Of which: medium- and long-term foreign liabilities-8.8-8.6-8.6-6.3-3.5-5.8-4.9-5.5-7.1-7.0-10.4
Net domestic assets284.1310.7370.6429.0436.2451.8521.0577.8582.6618.7576.6
Net credit to the government17.524.666.435.020.913.0-42.5-66.8-80.6-64.4-42.0
Claims of government48.852.9111.4109.090.482.494.086.384.487.981.4
Of which: securitization18.834.593.091.274.865.256.047.747.741.541.5
securitization CNCAS 2/0.08.38.17.57.06.45.85.85.55.55.2
securitization BST 3/1.51.51.42.62.42.22.22.12.1
Consolidated and refinanced loans51.551.550.235.632.028.224.323.322.421.420.4
Deposits-82.8-79.8-95.2-109.6-101.5-97.6-136.5-153.1-165.0-173.7-143.8
Credit to the private sector275.6283.8344.7392.7437.1483.0622.2671.2703.9695.4651.8
Short term159.2147.2184.4217.4260.4290.8390.5425.3449.5429.4381.9
Medium and long term95.7101.2137.1148.2152.6175.5210.4220.2230.2241.5238.0
Nonperforming loans (not)20.735.423.227.124.116.721.325.724.226.131.9
Reserves31.244.126.431.327.135.755.982.569.488.993.4
Currency in vault11.66.511.313.713.417.717.422.719.716.820.8
Deposits to the Central Bank of West African States (BCEAO)24.130.015.117.613.718.038.559.849.772.172.6
Net position in the money market-4.57.60.00.00.00.00.00.00.00.00.0
Deposits7.07.60.00.00.00.00.00.00.00.00.0
Advances-11.50.00.00.00.00.00.00.00.00.00.0
Other items (net)-40.2-41.8-66.9-30.0-48.9-79.9-114.6-109.1-110.1-101.2-126.6
Of which: reevaluation account1.11.11.11.11.11.11.11.11.11.11.1
Claims of the central bank0.00.02.631.726.912.62.06.70.00.00.0
Private sector deposits296.9331.7395.8434.0467.2529.6613.3644.8649.4684.5679.5
Demand deposits144.6154.7186.3196.3234.0256.4287.8299.6299.9315.9315.6
Time deposits152.3177.0209.5237.7233.2273.2325.5345.2349.5368.6363.9
Source: BCEAO

Excluding the balance sheets of the liquidated banks, and using the data from the new commercial banks’ accounts forms, which resulted in a revision of the classification of foreign and domestic assets, as well as of the classification of government and nongovernment deposits.

Caisse Nationale de Crédit Agricole du Sénégal (CNCAS).

Banque Sénégalo - Tunisienne (BST).

Source: BCEAO

Excluding the balance sheets of the liquidated banks, and using the data from the new commercial banks’ accounts forms, which resulted in a revision of the classification of foreign and domestic assets, as well as of the classification of government and nongovernment deposits.

Caisse Nationale de Crédit Agricole du Sénégal (CNCAS).

Banque Sénégalo - Tunisienne (BST).

Table 33.Senegal: Banking System Claims on Central Government, 1994-2001 1/(In billions of CFA francs)
19941995199619971998199920002001
Dec.Dec.Dec.Dec.Dec.Dec.Dec.Mar.JuneSep.Dec.
Net credit to government360.0357.1335.6187.3181.1188.5160.2181.7130.9157.2181.9
Central bank: net claims340.9330.7269.4152.1158.9174.4201.2247.2212.4221.4221.0
Claims354.7349.9296.2293.7296.3279.0256.6286.2265.0268.1300.9
Statutory advances57.844.360.066.870.460.738.953.239.442.973.5
Use of IMF credit162.2182.1175.6168.0160.8154.0154.1165.9158.5157.2159.4
Consolidated loans74.362.71.50.06.05.24.58.08.08.98.9
Other60.460.859.158.959.159.159.159.159.159.159.1
Deposit and cash-13.8-19.2-26.8-141.6-137.4-104.6-55.4-39.0-52.6-46.7-79.9
Commercial banks17.524.666.435.020.913.0-42.5-66.8-80.6-64.4-42.0
Claims on government48.852.9111.4109.090.482.469.786.384.487.981.4
Of which: securitization18.834.593.091.274.865.25647.747.741.541.5
securitization CNCAS 2/0.08.38.17.57.06.45.85.85.55.55.2
securitization BST 3/1.51.51.42.62.42.22.22.12.1
Other claims - ONCAD51.551.550.235.63228.224.323.322.421.420.4
Government deposits-82.8-79.8-95.2-109.6-101.5-97.6-136.5-153.1-165.0-173.7-143.8
Other institutions1.61.8-0.20.21.31.11.51.3-0.90.22.9
Deposits at CCP (Post office accounts)3.94.02.83.04.24.24.44.55.24.76.6
Obligations cautionées-2.3-2.2-3.0-2.8-2.9-3.1-2.9-3.2-6.1-4.5-3.7
Source: Central Bank of West African States (BCEAO)

Excluding the balance sheets of the liquidated banks, and using the data from the new commercial banks’ accounts forms, which resulted in a revision of the classification of foreign and domestic assets, as well as of the classification of government and nongovernment deposits.

Caisse nationale de Crédit agricole du Sénégal (CNCAS).

Banque Sénégalo - Tunisienne (BST).

Source: Central Bank of West African States (BCEAO)

Excluding the balance sheets of the liquidated banks, and using the data from the new commercial banks’ accounts forms, which resulted in a revision of the classification of foreign and domestic assets, as well as of the classification of government and nongovernment deposits.

Caisse nationale de Crédit agricole du Sénégal (CNCAS).

Banque Sénégalo - Tunisienne (BST).

Table 34.Senegal: Counterparts of the Money Supply, 1994-2001 1/
19941995199619971998199920002001
(Annual change in billions of CFA francs)
Net foreign assets158.850.234.985.835.852.5-15.280.9
Net domestic assets 1/-26.4-9.118.0-46.314.131.391.533.9
Of which
Credit to the government (net) 2/-46.9-2.9-21.5-148.3-6.27.4-28.321.7
Credit to the economy23.58.261.547.844.445.7139.030.4
Money and quasi money132.441.152.939.549.983.876.3114.8
(Annual change in percent of beginning-of-period money stock, unless otherwise indicated)
Net foreign assets50.511.27.215.96.28.3-2.110.2
Net domestic assets 1/-8.4-2.03.7-8.62.45.012.84.3
Of which
Credit to the government (net) 2/-14.9-0.6-4.4-27.4-1.11.2-4.02.7
Credit to the economy7.51.812.68.87.67.319.53.8
Money and quasi money42.19.210.87.38.613.310.714.5
Memorandum item:
Velocity of broad money (GDP/broad money)4.54.64.44.44.44.13.93.7
Source: Table 30.

Excluding the balance sheets of the liquidated banks, and using the data from the new commercial banks’ accounts forms, which has allowed a revision of the classification of foreign and domestic assets, as well as of the classification of government and nongovernment deposits.

Not including securities held by local nonbank investors and by investors from other West African Economic and Monetary Union (WAEMU) countries for 1994 and 1995.

Source: Table 30.

Excluding the balance sheets of the liquidated banks, and using the data from the new commercial banks’ accounts forms, which has allowed a revision of the classification of foreign and domestic assets, as well as of the classification of government and nongovernment deposits.

Not including securities held by local nonbank investors and by investors from other West African Economic and Monetary Union (WAEMU) countries for 1994 and 1995.

Table 35.Senegal: Indicators of Financial Savings, 1994-2001 1/(In percent of GDP, unless otherwise indicated)
19941995199619971998199920002001
M222.121.822.722.722.824.425.426.4
Currency in circulation7.26.86.05.65.76.15.56.2
Deposits14.915.016.817.117.118.219.820.2
Demand deposits7.47.18.07.88.68.99.49.5
Time and savings deposits7.57.98.89.38.49.310.410.7
M114.613.913.913.414.415.114.915.7
Cross-border deposits 2/15.814.6
Cross-border deposits (in percent of deposits in Senegal)106.6103.4
Sources: Senegalese authorities; IMF, International Financial Statistics; and staff estimates.

Excluding the balance sheets of the liquidated banks, and using the data from the new commercial banks’ account forms, which has allowed a revision of the classification of foreign and domestic assets, as well as of the classification of government and nongovernment deposits.

Cross-border nonbank deposits of private Senegalese residents, as reported in International Financial Statistics.

Sources: Senegalese authorities; IMF, International Financial Statistics; and staff estimates.

Excluding the balance sheets of the liquidated banks, and using the data from the new commercial banks’ account forms, which has allowed a revision of the classification of foreign and domestic assets, as well as of the classification of government and nongovernment deposits.

Cross-border nonbank deposits of private Senegalese residents, as reported in International Financial Statistics.

Table 36.Senegal: Net Foreign Assets of the Central Bank of West African States (BCEAO), December 1994-December 2001 1/(In billions of CFA francs)
19941995199619971998199920002001
Dec.Dec.Dec.Dec.Dec.Dec.Mar.JuneSep.Dec.Mar.JuneSep.Dec.
Net foreign assets-168.1-126.1-98.0-21.1-6.513.441.4-7.7-25.9-5.62.917.120.766.7
Assets96.1133.4151.0231.4243.5262.9290261.8261.7273.3289.5293.2295.5339.3
CFA franc zone currency2.81.62.02.22.81.23.81.43.42.52.13.33.213.3
Other currencies1.52.91.91.41.42.75.71.522.45.72.65.17.7
Operations account91.8128.9147.1227.8239.3259280.5258.9256.3268.4281.7287.3280.6311.9
Liabilities-264.2-259.5-249.0-252.5-250.0-249.5-248.6-269.5-287.6-278.9-286.6-276.1-274.8-272.6
Liabilities in CFA francs-4.5-0.9-1.8-0.8-2.0-4.2-4.2-4.6-4.5-2.9-5.1-4.61.1-5.2
Liabilities in other currencies-259.7-258.6-247.2-251.7-248.0-245.3-244.4-264.9-283.1-276.0-281.5-271.5-270.0-267.4
Of which: IMF-186.0-199.2-187.8-191.6-188.3-186.2-184.8-204.8-216.4-209.4-221.4-208.3-206.8-207.7
SDR allocations-19.8-18.9-18.3-19.4-19.8-20.5-20.5-23.3-23.3-23.3-23.3-22.9-22.9-22.9
Source: Central Bank of West African States (BCEAO).

Excluding the balance sheets of the liquidated banks, and using the data from the new commercial banks’ account forms, which has allowed a revision of the classification of foreign and domestic assets, as well as of the classification of government and nongovernment deposits.

Source: Central Bank of West African States (BCEAO).

Excluding the balance sheets of the liquidated banks, and using the data from the new commercial banks’ account forms, which has allowed a revision of the classification of foreign and domestic assets, as well as of the classification of government and nongovernment deposits.

Table 37.Senegal: Statutory Ceilings on Central Bank Advances to the Government and Actual Advances, 1994-2001(In billions of CFA francs, unless otherwise indicated; end of period)
19941995199619971998199920002001
Dec.Dec.Dec.Dec.Dec.Dec.Mar.JuneSep.Dec.Mar.JuneSep.Dec.
Ceiling51.751.960.573.478.978.978.978.978.978.978.978.978.978.9
Actual advances57.844.360.066.870.460.762.233.944.938.953.239.442.973.5
Actual advances (in percent of ceiling)111.885.499.291.089.276.978.843.056.949.367.449.954.493.2
Source: Central Bank of West African States (BCEAO)
Source: Central Bank of West African States (BCEAO)
Table 38.Senegal: Distribution of Credit to the Economy, 1994-2001 1/
19941995199619971998199920002001
(In billions of CFA francs)
Short term337.6332.5331.5367.0400.3411.1516.2525.1
Medium term93.4105.8127.5140.0149.6189.1210.3207.5
Long term75.377.277.577.713.410.715.615.6
Total506.3515.5536.5584.7563.3610.9742.1748.2
Of which: public and semipublic enterprises167.6151.6144.7160.8119.0116.7165.7109.4
Agriculture and related activities10.010.58.58.07.67.87.37.4
Fishing13.812.313.715.116.214.415.319.1
Industry85.596.9117.9124.2131.1181.5235.4240.4
Of which: food26.728.533.428.729.226.127.431.4
chemicals23.927.735.232.228.055.579.488.2
textiles11.214.813.916.515.921.521.214.4
Construction and public works28.430.231.938.637.140.446.846.3
Transportation and communications27.533.324.926.024.529.932.634.4
Tourism12.813.914.014.314.114.816.216.0
Commerce218.7208.8222.2244.5213.3184.1236.6222.2
Wholesale181.7170.9184.3202.8169.6138.8184.8166.7
Retail37.038.037.741.743.745.551.855.5
Other109.6109.5103.4114.0119.2138.0151.9168.3
(In percent of the total)
Short term66.764.561.862.671.167.369.670.2
Medium term18.420.523.824.026.631.028.327.7
Long term14.915.014.413.42.41.82.12.1
Total100.0100.0100.0100.0100.0100.0100.0100.0
Of which: public and semipublic enterprises33.129.427.027.521.119.122.314.6
Agriculture and related activities2.02.01.61.41.31.31.01.0
Fishing2.72.42.52.62.92.42.12.6
Industry16.918.622.021.323.329.731.732.1
Of which: food5.35.56.24.95.24.33.74.2
chemicals4.75.46.65.55.09.110.711.8
textiles2.22.92.62.82.83.52.91.9
Construction and public works5.65.96.06.66.66.66.36.2
Transportation and communications5.56.54.64.44.34.94.44.6
Tourism2.52.72.62.42.52.42.22.1
Commerce43.240.541.441.837.930.131.929.7
Wholesale35.933.134.334.730.122.724.922.3
Retail7.37.47.07.17.87.47.07.4
Other21.621.219.319.521.222.620.522.5
Source: Central Bank of West African States (BCEAO).

Based on information provided by the Centrale des Risques. Data in this table differ from those in Table 41 because of differences in definition and coverage.

Source: Central Bank of West African States (BCEAO).

Based on information provided by the Centrale des Risques. Data in this table differ from those in Table 41 because of differences in definition and coverage.

Table 39.Senegal: Commercial Banks and Financial Institutions(As of December 2001)
Shareholders (In percent)Date of EstablishmentCapital (In millions of CFA francs)Total Deposits and Borrowing (In millions of of CFA francs)Number of Permanent Branches
Public 1/PrivateOther
Commercial banks
Compagnie Bancaire pour l’Afrique Occidentale-Senegal (CBAO)94150July-659,000134,07523
Banque Internationale pour le Commerce et l’Industrie du Senegal (BICIS)252154March-655,000144,48219
Société Générale de Banques au Sénégal (SGBS)03565March-654,528221,83122
Citibank00100November-751,62651,3441
Banque de l’Habitat du Sénégal (BHS)41509December-791,65090,3282
Banque Islamique du Sénégal (BIS)22078July-822,7068,5051
Caisse Nationale de Crédit Agricole du Sénégal (CNCAS)582220June-842,30052,31413
Banque Sénégalo-Tunisienne (BST)67915July-862,10039,0356
Crédit Lyonnais-Sénégal (CL-S)5095June-892,00074,5202
Ecobank2080February-992,41325,2931
BOA01090September-011,5008051
Financial institutions
Société Générale de Crédit Automobile (SOGECA)07624July-656751,4101
Compagnie Ouest-Africaine de Crédit-Bail (LOCAFRIQUE)00100May-775792741
Société de Crédit et d’Equipement du Sénégal (SOCRES)0892August-773007397
Société d’Investissement (SENINVEST)07327October-935501
Source: Central Bank of West African States (BCEAO) from data furnished by commercial banks.

Includes the Senegalese government, other Senegalese public institutions, and the BCEAO.

Source: Central Bank of West African States (BCEAO) from data furnished by commercial banks.

Includes the Senegalese government, other Senegalese public institutions, and the BCEAO.

Table 40.Senegal: Net Income of the Banking System, 1994-20011(In billions of CFA francs)
19941995199619971998199920002001
Net interest income24.834.032.633.839.444.753.862.0
Interest income40.150.045.548.253.760.373.485.7
Cash operations3.64.7
Financial institutions0.10.3
Government1.83.9
Nongovernment34.641.1
Short term23.825.7
Medium and long term10.615.3
Other0.20.1
Interest expenses-15.4-16.0-12.9-14.4-14.2-15.6-19.6-23.8
Cash operations-1.3-1.5-1.5
Financial institutions-0.9-1.3
Government-2.7-3.7
Nongovernment-10.4-9.5-11.4
Checking accounts-0.9-0.5
Term deposits-5.3-3.7
Other-4.3-5.2
Other income on financial services12.319.418.325.025.627.628.127.6
Expenses on financial services-0.4-0.9-3.3-5.6-7.1-9.0-10.5-8.4
Net result on banking activities36.752.647.653.357.963.371.581.2
Other income0.72.32.02.21.51.42.23.0
Operating expenses and taxes-21.6-29.6-25.7-26.2-29.0-29.0-33.1-36.2
Gross operating result15.825.323.929.230.535.640.648.0
Amortization-2.6-3.2-1.8-3.9-4.8-5.7-6.4-7.5
Allocation to provisions-23.6-19.6-18.6-16.8-25.7-18.6-18.7-22.3
Recovery from provisions4.27.19.48.214.110.58.511.2
Operating result-6.29.613.016.714.121.924.029.4
Other income (net)7.43.50.4-0.7-1.1-1.1-0.7-2.0
Pretax income1.213.213.516.013.020.823.327.4
Profits tax-1.9-2.2-2.7-2.8-3.3-4.6-6.7-6.4
Net income-0.611.010.813.29.716.116.620.9
Source: Banking Commission of the West African Monetary Union.

May not sum owing to rounding. Data are for fiscal years (October.-September) before 1995, and calendar years from 1996 on. The data for 1995 are for the 15 months October 1994 - December 1995.

Source: Banking Commission of the West African Monetary Union.

May not sum owing to rounding. Data are for fiscal years (October.-September) before 1995, and calendar years from 1996 on. The data for 1995 are for the 15 months October 1994 - December 1995.

Table 41.Senegal: Observance of Prudential Ratios by Banking System, 1994-2001
19941995199619971998199920002001
Commercial banks’ prudential ratios(Number of banks not meeting the minimum 1/; unless otherwise indicated)
Capital (minimum = CFAF 1,000 million)11111100
Capital asset ratio (minimum = 4 percent)11101012
Liquidity ratio (ratio of liquid asset to short-term liabilities; minimum = 60 percent)13332242
Liquidity ratio: overall ratio 2/75.476.880.583.29388.786.989.7
Liquidity ratio: overall adjusted ratio 3/71.072.667.865.366.367.286.5108.7
Coverage of medium- and long-term liabilities by assets (solvency ratio: minimum = 75 percent)455535
Lending to directors or management (maximum = 20 percent of all lending)121201
Division of risk: exposure ratio (loans to one borrower should not exceed 100 percent of capital)444475
Portfolio risk structure 4/ (at least 60 percent of all loans should be admissible for central bank refinancing)9910
Ratio of fixed assets and equity investments to capital (maximum = 100 percent of capital)100021
Ratio of off-balance-sheet fixed assets to capital (maximum = 15 percent)110002
Nonperforming loans of commercial banks
Gross nonperforming loans (millions of CFA francs)100,147117,316104,771126,930127,967
Nonperforming loans, net of provisioning (millions of CFA francs)35,08434,89428,38838,31540,202
Nonperforming loans, net of provisioning (as a percentage of total credit)8.97.75.766.2
Banks’ reserves
Required reserves (millions of CFA francs)5,4296,1236,5948,46770,29775,871
Total reserves (millions of CFA francs)116,852113,309113,490115,42488,422103,531
NBFI 5/ prudential ratios(Number of NBFIs not meeting the minimum)
Capital (minimum = CFAF 300 million)10000111
Capital adequacy ratio (minimum = 4 percent)00000111
Source: Central Bank of West African States (BCEAO).

There were eight commercial banks between 1992 and 1995. A ninth, Banque Islamique du Sénégal (BIS), resumed operation in October 1996 and a tenth, Ecobank, was set up in February 1999. BOA is the eleventh bank, set up in September 2001.

The overall liquidity ratio is defined as the ratio of the commercial banks’ total short-term assets to total short-term liabilities.

The overall adjusted liquidity ratio is defined as the mean of all the individual commercial banks’ liquidity ratios.

Data on this ratio are not available for all banks owing to the ongoing classification of risks by the banking commission.

NBFI = nonbank financial institutions.

Source: Central Bank of West African States (BCEAO).

There were eight commercial banks between 1992 and 1995. A ninth, Banque Islamique du Sénégal (BIS), resumed operation in October 1996 and a tenth, Ecobank, was set up in February 1999. BOA is the eleventh bank, set up in September 2001.

The overall liquidity ratio is defined as the ratio of the commercial banks’ total short-term assets to total short-term liabilities.

The overall adjusted liquidity ratio is defined as the mean of all the individual commercial banks’ liquidity ratios.

Data on this ratio are not available for all banks owing to the ongoing classification of risks by the banking commission.

NBFI = nonbank financial institutions.

Table 42.Senegal: Interest Rate Indicators, 1994-2001 1/(In percent per year)
19941995199619971998199920002001
Interest rates
Deposits 2/5.505.755.004.504.954.954.954.95
Rediscount rate (TES)10.007.506.506.006.255.756.506.50
Money market (BCEAO)5.505.755.004.504.954.954.954.95
Money market (Paris) 3/5.304.753.323.363.372.515.163.91
GDP deflator27.805.803.502.402.401.701.502.60
Memorandum items:
Deposits - GDP deflator-22.30-0.051.502.102.553.253.452.35
Deposits - TES-4.50-1.75-1.50-1.50-1.30-0.80-1.55-1.55
Money market (BCEAO) - TES-4.50-1.75-1.50-1.50-1.30-0.80-1.55-1.55
Money market (BCEAO) - money market (Paris)0.201.001.751.581.582.44-0.211.04
Sources: Senegalese authorities; IMF, International Financial Statistics; and staff estimates.

End of period

Minimum rate on accounts above CFAF 2,000,000 for more than one year through 1992; thereafter, rate applied to deposits on money market.

Day-to-day loans against commercial paper.

Sources: Senegalese authorities; IMF, International Financial Statistics; and staff estimates.

End of period

Minimum rate on accounts above CFAF 2,000,000 for more than one year through 1992; thereafter, rate applied to deposits on money market.

Day-to-day loans against commercial paper.

Table 43.Senegal: Discount Rates Applied by the Central Bank, 1975-2001 1/(In percent per year)
Normal Discount Rate 2/Preferential Discount Rate 3/Discount Rate 4/
(In percent per annum)
Prior to July 1, 19755.505.50
July l, 19758.005.50
April 14, 198010.508.00
April 7, 198212.5010.00
April 5, 198310.508.00
March 24, 19869.507.00
September 22, 19868.506.00
December 23, 19889.507.50
March 30, 198910.009.00
October 2, 1989AbolishedAbolished10.50
November 27, 198911.00
August 20, 199213.00
November 9, 199212.50
December 20, 199310.50
January 18, 199414.50
June 27, 199412.00
August 1, 199411.00
August 29, 199410.00
January 23, 19959.00
June 5, 19958.50
December 26, 19957.50
August 5, 19967.25
August 19, 19967.00
October 21, 19966.50
February 17, 19976.25
September 8, 19976.00
August 31, 19986.25
January 4, 19995.75
June 19, 20006.50
Source: Central Bank of West African States (BCEAO).

Rates applied to short-term credit of one year or less and to medium-term credit of up to ten years. The BCEAO will also rediscount long-term credit that, at the time of rediscounting, has no more than fifteen years to maturity.

Rates applied also to advances against government and private paper, to rediscounts of customs duty bills, and to prise en pension (a rediscount operation with a promise to transfer the credit title back to the original lender).

Rates applied to crop credit, credit to the government and local authorities, credit to small national enterprises with total credit outstanding not exceeding CFAF 30 million, and credit to nationals for the construction of the borrower’s first primary residence (maximum CFAF 15 million, with maturities shorter than ten years). Also applied to overdrafts by the treasury.

Rates applied to all credits.

Source: Central Bank of West African States (BCEAO).

Rates applied to short-term credit of one year or less and to medium-term credit of up to ten years. The BCEAO will also rediscount long-term credit that, at the time of rediscounting, has no more than fifteen years to maturity.

Rates applied also to advances against government and private paper, to rediscounts of customs duty bills, and to prise en pension (a rediscount operation with a promise to transfer the credit title back to the original lender).

Rates applied to crop credit, credit to the government and local authorities, credit to small national enterprises with total credit outstanding not exceeding CFAF 30 million, and credit to nationals for the construction of the borrower’s first primary residence (maximum CFAF 15 million, with maturities shorter than ten years). Also applied to overdrafts by the treasury.

Rates applied to all credits.

Table 44.Senegal: Supply and Demand in Overnight Money Market, 1994-2001(Monthly averages in billions of CFA francs)
SupplyDemandDemands Granted
19941,260125125
1995490242242
1996 2/Jan.-Jul.1822727
Jul.-Dec.17844
1997Jan.-Jun.03027
Jul-Dec.18200
Jan.-Dec.912019
1998Jan.-Jun.0334305
Jul-Dec.000
Jan.-Dec.000
1999Jan.-Jun.000
Jul-Dec.000
Jan.-Dec.000
2000Jan.-Jun.000
Jul-Dec.000
Jan.-Dec.000
2001Jan.-Jun.000
Jul-Dec.064
Jan.-Dec.032
Source: Central Bank of West African States (BCEAO).

From October 1993 on, averages are from the weekly West African Economic and Monetary Union (WAEMU) market.

Beginning in August 1996, the two-way auctions of the money market were replaced by a system of withdrawing liquidity through the auction of central bank bills and injecting liquidity from the BCEAO.

Source: Central Bank of West African States (BCEAO).

From October 1993 on, averages are from the weekly West African Economic and Monetary Union (WAEMU) market.

Beginning in August 1996, the two-way auctions of the money market were replaced by a system of withdrawing liquidity through the auction of central bank bills and injecting liquidity from the BCEAO.

Table 45.Senegal: Money Market Interest Rates, 1995-2001 1/(In percent per year)
DateRate
1995
March5.50
June5.50
September5.50
December5.78
1996
March5.50
June5.37
September5.25
December5.05
1997
March5.00
June5.02
September5.02
December4.96
1998
March4.53
June4.95
September4.95
December4.95
1999
March4.95
June4.95
September4.95
December4.95
2000
March4.95
June4.95
September4.95
December4.95
2001
March4.95
June4.95
September4.95
December4.95
Source: Central Bank of West African States (BCEAO).

In October 1993, the money market was transformed into an auction of weekly advances. Figures shown are monthly averages. Rates paid on auctions of central bank bills, introduced in August 1996, are not included.

Source: Central Bank of West African States (BCEAO).

In October 1993, the money market was transformed into an auction of weekly advances. Figures shown are monthly averages. Rates paid on auctions of central bank bills, introduced in August 1996, are not included.

Table 46.Senegal: Commercial Bank Deposit Rates, 1994-2001 1/(In percent per year)
Jan. 19Jul. 8Sep. 26Apr. 1Aug. 31Dec.Sep.Dec.Sep.Dec.Dec.
19941994199419961998199819991999200020002001
Public deposits 2/
Other deposits
Time deposits
Less than six months 3/TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2
Six months—less than one year 3/TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2
One year and more 4/
Certificates of deposit
Six months—less than one year 3/TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2
One year and more 4/
Savings deposits 5/854.53.53.53.53.53.53.53.53.5
Source: Central Bank of West African States (BCEAO).

Fixed rates, unless marked with an asterisk (*), in which case minimum rates.

Includes deposits of the treasury, post office, savings bank, and others governement agencies, public and mixed enterprises, and special private sector deposits resulting from legal requirements, such as reserves of insurance companies.

Average monthly money market rate (TMM) published by the BCEAO minus 2 percent.

Deposit rates no longer fixed by the BCEAO.

Applicable to savings deposits of less than CFAF 5 million.

Source: Central Bank of West African States (BCEAO).

Fixed rates, unless marked with an asterisk (*), in which case minimum rates.

Includes deposits of the treasury, post office, savings bank, and others governement agencies, public and mixed enterprises, and special private sector deposits resulting from legal requirements, such as reserves of insurance companies.

Average monthly money market rate (TMM) published by the BCEAO minus 2 percent.

Deposit rates no longer fixed by the BCEAO.

Applicable to savings deposits of less than CFAF 5 million.

Table 47.Senegal: Maximum Lending Rates Applied by Commercial Banks, 1994-2001(In percent per year)
From Jan. 18, 1994From June 27, 1994From Aug. 1, 1994From Aug. 29, 1994From Jan. 23, 1995From June 5, 1995From Dec. 26, 1995From Aug. 5, 1996From Aug. 19, 1996From Oct 21, 1996From Feb. 17, 1997From Sep. 8, 1997From Sep. 5, 1998 1/From Sep. 20, 1999From Dec. 2000As of Dec 31, 2001
Short- and medium-term credit
Crop financing and export credit29.024.022.020.018.017.015.014.514.013.012.512.018.018.018.018.0
Financing of storage of agricultural products29.024.022.020.018.017.015.014.514.013.012.512.018.018.018.018.0
Credit to small and medium sized national enterprises29.024.022.020.018.017.015.014.514.013.012.512.018.018.018.018.0
Credit to nationals for construction of first primary residence 2/29.024.022.020.018.017.015.014.514.013.012.512.018.018.018.018.0
Other credits29.024.022.020.018.017.015.014.514.013.012.512.018.018.018.018.0
Long-term credit 3/
Credit to small and medium sized national enterprises29.024.022.020.018.017.015.014.514.013.012.512.018.018.018.018.0
Credit to nationals for construction of first primary residence 2/29.024.022.020.018.017.015.014.514.013.012.512.018.018.018.018.0
Other credits29.024.022.020.018.017.015.014.514.013.012.512.018.018.018.018.0
Source: Central Bank of West African States (BCEAO).

Until early September 1998, maximum lending rates were based on the Central Bank of West African Slates’ (BCEAO) discount rate. Since September 5, 1998, maximum lending rates throughout the West African Economic and Monetary Union (WAEMU) have been fixed by WAEMU’s Council of Ministers.

Of any member state of the West African Monetary Union (WAMU).

With maturity of more than 2 years and less than 15 years.

Source: Central Bank of West African States (BCEAO).

Until early September 1998, maximum lending rates were based on the Central Bank of West African Slates’ (BCEAO) discount rate. Since September 5, 1998, maximum lending rates throughout the West African Economic and Monetary Union (WAEMU) have been fixed by WAEMU’s Council of Ministers.

Of any member state of the West African Monetary Union (WAMU).

With maturity of more than 2 years and less than 15 years.

Table 48.Senegal: Balance of Payments, 1994-2001(In billions of CFA francs, unless otherwise indicated)
19941995199619971998199920002001
Balance on goods-128.3-123.8-141.2-158.4-172.5-200.5-296.7-311.8
Exports, f.o.b.439.1483.4505.4528.0582.9644.7654.8735.2
Imports, f.o.b.567.4607.2646.6686.4755.5845.3951.51047.0
Services (net)-6.4-2.2-8.7-11.7-10.4-8.7-12.9-11.4
Of which: freight and insurance-77.4-84.6-88.2-93.6-103.0-117.4-129.8-134.1
Income (net)-78.9-77.3-37.3-42.0-33.0-57.1-64.5-64.4
Of which: interest on public debt-69.7-69.4-58.6-59.0-36.7-37.1-43.1-33.0
Current transfers113.186.085.1104.1101.097.9179.1222.5
Private21.419.920.420.421.450.7115.1172.8
Public91.766.164.783.779.647.264.049.7
Current account-100.5-117.3-102.1-108.0-114.9-168.4-195.0-165.1
Capital and financial accounts173.8126.0107.9171.3153.4207.3176.6226.9
Capital account102.3104.986.656.165.261.055.285.5
Capital transfer102.3104.986.656.165.261.055.285.5
Private0.00.02.52.42.12.52.52.1
Public102.3104.984.153.763.158.552.783.5
Purchase/sales financial assets nonproduced0.00.0-0.1-0.2-0.2-0.3-0.20.0
Financial account (incl. errors and omissions)71.521.121.3115.288.2146.3121.5141.4
Public investment (govt. bonds 5 percent - 2006 included)35.033.236.040.138.624.131.962.5
Portfolio investment0.00.0-10.2-8.1-1.4-4.46.08.2
Other investment35.033.246.248.240.028.525.954.3
Drawings120.5109.6115.8121.899.182.088.0120.4
Public amortization 1/-85.5-76.4-69.6-73.6-59.1-53.5-62.1-66.1
Private investment58.26.0-4.680.150.1129.6128.472.8
Direct investment27.517.52.867.344.587.644.328.6
Portfolio investment0.32.17.43.5-12.3-5.83.82.0
Other investment30.5-13.5-14.89.317.947.880.342.2
Overall balance73.38.75.863.238.538.9-18.461.8
Variation of net foreign assets-188.4-49.2-34.9-85.8-35.8-38.915.3-80.9
Central bank-133.5-41.1-28.1-76.9-14.6-20.119.2-72.3
Deposit money bank-54.9-8.1-6.8-8.9-21.2-18.8-3.9-8.6
Exceptional financing 2/115.140.529.122.6-2.70.03.119.1
Memorandum items:
GDP2,022.32,234.02,371.82,553.22,746.02,925.03,114.03,379.7
Current account 5th ed./GDP (percent)-5.0-5.3-4.3-4.2-4.2-5.8-6.3-4.9
Current account excl. public transfers-199.4-191.9-173.4-197.7-202.4-219.3-263.8-218.9
Current account excl. public transfers/GDP (percent)-9.6-8.2-7.3-7.7-7.4-7.5-8.5-6.5
Source: Senegalese authorities.

Interests and amortization of public debt can be slightly different from those presented in the fiscal table, owing to a different treatment of the operations account debt at the Central Bank of West African States (BCEAO).

Includes interim HIPC Initiative and net changes in payments arrears.

Source: Senegalese authorities.

Interests and amortization of public debt can be slightly different from those presented in the fiscal table, owing to a different treatment of the operations account debt at the Central Bank of West African States (BCEAO).

Includes interim HIPC Initiative and net changes in payments arrears.

Table 49.Senegal: Balance of Payments, 1994-2001(In millions of SDRs, unless otherwise indicated)
19941995199619971998199920002001
Trade balance (deficit -)-161.4-163.5-190.2-197.3-216.9-238.5-316.8-334.4
Exports, f.o.b.552.5638.4680.5657.3732.7766.8699.2788.6
Of which: fish products159.9177.8196.9202.8212.4213.7173.5188.5
Imports, f.o.b.713.9802.0870.7854.6949.71005.41016.01123.0
Of which: petroleum99.391.0121.5138.7115.5152.7258.9249.3
Services (net)-107.3-105.1-61.9-66.9-54.6-78.3-82.7-81.3
Credits351.8398.2317.1319.4372.1365.9359.1365.8
Debits-459.0-503.3-378.9-386.3-426.6-444.1-441.8-447.2
Of which: interest on public debt 1/-87.7-91.7-78.9-73.5-46.1-44.1-46.0-35.4
Unrequited current transfers (net)142.3113.6114.6129.6127.0116.4191.2238.6
Private (net)26.926.327.525.426.960.3122.9185.3
Public (net)115.487.387.1104.2100.156.168.353.3
Of which: gross official transfers124.498.496.0111.7110.060.573.557.7
Current account (deficit -)-126.4-155.0-137.4-134.5-144.5-200.3-208.3-177.1
Capital and financial accounts (net)218.6166.4145.2213.2192.8246.6188.6243.3
Overall balance (deficit -)92.211.47.878.748.346.3-19.766.3
Financing-92.2-11.4-7.8-78.7-48.3-46.319.7-66.3
Net foreign assets (Central Bank of West African States)-167.9-54.3-37.8-95.7-18.4-23.920.5-77.5
Operations account and other-195.9-82.0-31.0-85.8-9.6-14.323.3-75.8
Net use of Fund resources27.927.7-6.9-10.0-8.7-9.6-2.8-1.8
Payments arrears (reduction -)-161.9-60.10.03.4-3.40.00.00.0
Exchange rate (CFA francs per SDR)794.9757.1742.7803.2795.6840.8936.5932.3
Sources: Senegalese authorities; and staff estimates

Includes Paris Club deferral (1995–97) and debt cancellation (1997). Beginning in 1998, debt service is net of debt relief obtained from the Paris Club stock-of-debt operation of June 1998.

Sources: Senegalese authorities; and staff estimates

Includes Paris Club deferral (1995–97) and debt cancellation (1997). Beginning in 1998, debt service is net of debt relief obtained from the Paris Club stock-of-debt operation of June 1998.

Table 50.Senegal: Export and Import Price, Volume, and Terms of Trade Indices, 1994-2001 1/
19941995199619971998199920002001
(Index, 1995 = 100)
Terms of trade105.0100.099.9102.2106.9103.099.0103.6
Price indices (CFA franc terms)
Exports102.8100.0103.3111.1110.1108.1114.4115.8
Imports97.9100.0103.4108.7103.0105.0115.5111.8
2.813.11.2-2.99.212.7-4.511.6
Volume indices-9.44.73.00.916.310.02.113.7
Exports88.4100.0101.298.3107.3121.0115.6129.0
Imports95.5100.0103.0104.0120.9132.9135.7154.3
(Annual percentage changes)
Terms of trade4.8-4.8-0.12.34.6-3.6-3.94.6
Prices (CFA franc terms)
Exports113.3-2.73.37.6-1.0-1.85.81.2
Imports103.52.23.45.2-5.32.010.0-3.2
Volumes
Exports2.813.11.2-2.99.212.7-4.511.6
Imports-9.44.73.00.916.310.02.113.7
Sources: Senegalese authorities; and staff estimates

Using the Paasche method.

Sources: Senegalese authorities; and staff estimates

Using the Paasche method.

Table 51.Senegal: Merchandise Exports, 1994-2001(Values in billions of CFA francs; volumes in thousands of metric tons; prices in CFA francs per kilogram)
19941995199619971998199920002001
Groundnut products49.551.040.929.331.038.759.673.1
Groundnut oil41.844.633.024.825.333.047.757.4
Volume73.588.471.345.349.967.1100.5123.1
Price568.9504.2463.1547.4507.3491.5474.3466.1
Groundnut cake6.85.87.63.94.64.711.014.4
Volume83.893.891.236.648.076.4132.7155.8
Price81.761.483.6106.696.361.182.692.2
Seeds0.90.70.30.61.01.00.91.4
Volume2.52.61.02.12.92.92.53.7
Price351.9270.2277.8295.4354.0354.0373.6373.8
Phosphates14.616.419.218.713.921.014.713.7
Volume736.0971.6944.3720.5515.8770.4513.9510.4
Price19.916.920.425.926.927.228.626.8
Fish127.1134.6146.2162.9169.0179.6162.4175.7
Fresh fish20.822.025.227.629.929.936.926.2
Volume11.012.012.112.111.510.612.49.9
Price1,892.81,841.22,075.32,272.42,589.92,816.32,972.32,648.4
Frozen fish85.590.598.3111.4108.2132.6112.7136.4
Volume61.667.067.871.672.496.863.360.9
Price1,388.61,350.71,449.01,555.71,495.01,369.11,780.02,240.1
Canned fish20.822.022.723.930.917.212.913.1
Volume17.619.219.419.317.911.88.810.6
Price1,181.61,149.41,170.21,239.41,724.01,453.01,467.51,233.2
Cotton11.18.79.611.013.03.74.45.9
Volume14.610.010.913.614.24.56.77.3
Price761.1874.7879.3807.4912.3832.7650.6812.8
Salt5.74.73.45.75.74.65.06.5
Volume105.488.781.9131.5126.0107.5119.9146.3
Price54.252.541.243.145.442.841.644.4
Fertilizer12.820.517.024.723.014.39.515.9
Volume119.6165.8140.9185.6183.2115.584.7116.8
Price106.7123.8121.0132.9125.6123.4112.5136.4
Phosphoric acid37.738.941.441.847.745.547.556.2
Volume223.6259.7258.4219.9244.3225.0232.7284.8
Price168.7149.8160.0189.9195.4202.3204.0197.4
Petroleum products8.18.710.212.79.813.628.516.5
Volume86.6102.197.3110.0114.3128.8153.187.0
Price94.085.5105.2115.586.0106.0186.0189.6
Other128.9146.4174.3189.2197.0243.4239.0289.7
Reexports43.553.443.232.161.067.968.568.5
Total exports, f.o.b.439.1483.4505.4528.0582.9644.7654.8735.2
Sources: Senegalese authorities; and staff estimates
Sources: Senegalese authorities; and staff estimates
Table 52.Senegal: Merchandise Imports, 1994-2001(Values in billions of CFA francs; volumes in thousands of metric tons; prices in CFA francs per kilogram)
19941995199619971998199920002001
Food products162.9181.6180.7168.4206.7221.0216.3263.4
Rice44.458.989.669.983.1101.494.9103.8
Volume327.8387.5607.8445.6535.3646.4632.1696.9
Price135.5152.0147.4156.8155.2156.8150.2149.0
Wheat17.024.425.026.628.421.726.429.1
Volume177.4203.7184.6206.4225.2199.1237.3234.0
Price95.9119.8135.6129.0125.9109.1111.2124.3
Other101.598.366.171.995.397.995.0130.5
Beverages and tobacco9.48.17.68.77.97.820.023.2
Petroleum78.968.990.2111.491.9128.4242.5232.4
Crude oil19.843.452.173.760.876.5138.3144.9
Volume302.8649.5645.0771.3890.5890.5890.7960.1
Price65.566.880.895.568.385.9155.3150.9
Refined oil59.125.538.137.731.051.9104.287.6
Volume782.3324.0405.4386.2414.4540.8570.5557.7
Price75.578.893.997.774.995.9182.6157.0
Other consumer goods94.199.096.1109.0108.0116.0112.5132.4
Capital goods85.389.898.5112.2126.5149.7166.8177.6
Intermediate goods180.6195.7212.8217.5267.2291.9281.2306.9
Change in warehouse stocks33.640.130.135.037.337.837.838.1
Total imports, c.i.f.644.8690.0734.8780.0858.6962.71,081.31,189.7
Freight and insurance77.482.888.293.6103.0117.4129.8142.8
Total imports, f.o.b.567.4607.2646.6686.4755.5845.3951.51,047.0
Sources: Senegalese authorities; and staff estimates
Sources: Senegalese authorities; and staff estimates
Table 53.Senegal: Direction of Foreign Trade, 1994-2001
19941995199619971998199920002001
(In percent of total exports)
Industrial countries35.5634.8142.0345.0443.0348.6349.8955.77
France16.4715.6919.0023.7818.7117.9319.0919.49
Germany2.001.130.891.650.611.050.831.61
Italy4.619.578.324.076.3213.0411.818.65
Japan0.730.691.471.220.932.861.240.36
Netherlands4.611.872.042.284.400.582.361.96
Spain2.440.814.684.284.965.546.313.83
United Kingdom2.011.100.881.000.301.290.891.67
United States1.040.530.190.220.450.220.5511.19
Other countries1.643.414.566.546.356.136.817.00
Developing countries44.8556.6148.9145.2348.8444.7443.1837.98
Africa24.0125.7725.6326.0127.4225.8327.0824.34
Cameroun0.921.512.461.831.831.701.341.11
Côte d’Ivoire1.601.632.554.213.873.592.422.47
Mali8.377.476.585.475.275.246.425.79
Mauritania1.322.142.122.132.593.492.191.98
Nigeria1.542.921.020.390.670.220.400.33
Other countries10.2710.1010.9011.9813.1911.5914.3112.66
Asia18.4828.3019.3118.2720.2017.9915.0112.96
Europe0.330.060.040.010.040.440.070.11
Middle East1.832.062.310.560.520.450.470.32
Western Hemisphere0.190.421.620.370.660.030.550.23
Other countries19.598.589.069.748.126.636.936.25
Total exports100.00100.00100.00100.00100.00100.00100.00100.00
Memorandum item:
European Union33.6133.3040.0743.3441.5144.8146.7843.63
(In percent of total imports)
Industrial countries74.0063.3264.5163.0966.8864.0656.3556.62
France33.9330.7929.6130.7032.4830.1727.3824.30
Germany3.204.776.453.714.394.293.532.72
Italy6.273.453.513.353.655.943.124.35
Japan3.993.653.073.013.343.352.570.91
Netherlands3.872.673.192.712.752.523.013.11
Spain5.293.334.314.433.704.013.383.62
United Kingdom2.231.761.961.822.052.051.993.12
United States4.935.575.264.825.614.063.644.47
Other countries10.277.337.158.538.917.667.7410.01
Developing countries25.9536.6435.4736.8733.0735.8943.6143.35
Africa9.9013.9611.0413.5612.1513.8025.3522.52
Cameroon0.263.240.520.720.510.490.420.35
Côte d’Ivoire3.842.572.752.602.583.120.003.73
Gabon0.231.091.160.100.870.110.270.22
Nigeria4.446.205.287.245.997.0618.8915.14
Other countries1.140.871.342.912.203.035.763.08
Asia9.4414.2616.5914.4213.7516.0013.6215.20
Europe2.942.041.673.233.143.182.362.98
Middle East1.250.321.652.390.610.730.680.67
Western Hemisphere2.416.064.523.283.422.191.601.99
Other countries0.060.030.020.040.040.050.040.03
Total imports100.00100.00100.00100.00100.00100.00100.00100.00
Memorandum item:
European Union62.8062.8062.8062.8062.8062.8062.8062.80
Sources: IMF, International Financial Statistics, and Direction of Trade Statistics
Sources: IMF, International Financial Statistics, and Direction of Trade Statistics
Table 54.Senegal: Services and Transfers Accounts, 1994-2001(In billions of CFA francs)
19941995199619971998199920002001
Nonfactor services, net-6.4-2.2-8.7-11.7-10.4-8.7-12.9-11.4
Exports of nonfactor services267.1287.1193.8216.9250.8256.3275.5291.8
Freight9.510.50.80.90.91.04.43.9
Other transportation services30.234.736.130.028.421.018.317.5
Travel72.078.779.994.8101.3106.9102.5127.8
Admnistrative services71.975.532.425.034.639.940.839.2
Other services83.587.744.666.385.687.5109.5103.4
Imports of nonfactor services-273.5-289.3-202.5-228.6-261.2-265.0-288.4-303.2
Freight-77.4-82.8-73.5-78.0-85.8-98.2-108.1-119.0
Other transportation services-36.0-39.0-43.8-49.6-53.9-57.7-62.7-54.3
Travel-26.5-29.9-27.3-30.8-31.8-33.2-33.5-31.4
Administrative services-88.7-91.4-5.3-1.4-6.2-6.8-6.2-8.0
Other services-44.9-46.2-52.6-68.8-83.5-69.1-77.9-90.5
Income (factor services), net-78.9-77.3-37.3-42.0-33.0-57.1-64.5-64.4
Credit12.514.441.639.645.251.360.849.3
Labor incomes34.833.833.334.738.733.1
Investment incomes6.85.811.916.622.116.2
Debt-91.4-91.7-78.9-81.6-78.2-108.4-125.3-113.7
Labor incomes0.00.0-4.0-3.1-3.4-4.2-5.2-6.3
Investment incomes-91.4-91.7-74.9-78.5-74.8-104.2-120.1-107.4
Interest-72.2-72.5-63.9-64.2-42.5-50.8-51.0-43.5
Public sector-69.7-69.4-58.6-59.0-36.7-37.1-43.1-33.0
Private sector-2.5-3.1-5.3-5.2-5.8-13.7-7.9-10.5
Other-19.2-19.2-11.0-14.3-32.3-53.4-69.1-63.9
Services and incomes balance-85.3-79.6-45.9-53.7-43.4-65.8-77.4-75.8
Unrequited transfers (net)113.186.085.1104.1101.097.9179.1222.5
Private (net)21.419.920.420.421.450.7115.1172.8
Receipts58.458.053.661.362.887.8153.8207.9
Payments-37.0-38.1-33.2-40.9-41.4-37.1-38.7-35.1
Public (net)91.766.164.783.779.647.264.049.7
Credit98.974.571.389.787.550.968.853.8
Budgetary (incl. Stabilization60.143.517.711.918.74.114.10.0
System for Export Earnings
IMF HIPC interim assistance0.00.00.00.00.00.01.12.5
Other38.831.053.677.868.846.853.651.3
Debit-7.2-8.4-6.6-6.0-7.9-3.7-4.8-4.1
Services, incomes and transfers (net)27.86.539.250.457.632.1101.7146.7
Source: Senegalese authorities.
Source: Senegalese authorities.
Table 55.Senegal: External Public Debt Outstanding, 1994-2001 1/(In billions of CFA francs; end of period)
1994 2/1995199619971998199920002001
Total1,743.51,718.61,900.71,984.82,113.52,227.22,219.82,248.8
Medium- and long-term debt1,555.31,524.91,712.31,793.91,948.22,073.22,065.72,095.7
Multilateral 3/906.9863.81,003.31,043.31,153.01,229.41,230.51,289.0
IBRD/IDA571.6562.3705.0720.2738.1896.7913.5965.5
EDF/EIB67.961.958.461.469.262.860.955.5
AfDB/AfDF209.5191.8199.9204.5230.2214.1201.8210.5
OPEC/IDB/BADEA37.929.326.343.366.247.548.755.0
Other19.618.513.714.449.38.35.62.5
Bilateral 4/355.9311.0363.8354.7453.1439.7437.0406.6
OECD countries143.4130.8132.8146.4141.2135.8125.0120.6
Of which: France0.00.00.00.00.00.00.00.0
Arab countries 5/179.2162.5173.7192.9210.4238.4230.5213.5
Other countries33.317.757.315.4101.565.581.572.5
Commercial debt 4/6/3.32.00.045.80.057.754.356.9
Guaranteed debt3.32.00.045.40.057.754.356.9
Nonguaranteed debt0.00.00.00.40.00.00.00.0
Rescheduled debt289.2348.1345.2350.1342.1346.4343.9343.2
Paris Club254.3280.8283.6290.8290.7291.6287.7288.1
London terms13.29.77.55.90.00.00.00.0
Other21.757.654.153.451.454.856.255.0
IMF credit157.6167.0163.8170.9166.3154.0154.1153.1
Use of Fund resources24.122.522.915.53.10.00.00.0
Structure Adjustment Facility and Enhanced Structural Adjustment Facility133.5144.5140.9155.4163.2154.0154.1153.1
Short-term debt 7/30.726.724.619.50.00.00.00.0
Source: Senegalese authorities.

Provided by the authorities. Debt figures in tables 55-59 differ slightly from those in the staff report table (No. 10) because a wider concept of public debt is employed and different exchange rates are used.

Includes arrears outstanding at the end of the year.

EDF/EIB = European Development Fund/European Investment Bank; AfDB/AfDF = African Development Bank/Fund; and OPEC/IDB/BADEA = Organization of Petroleum Exporting Countries/Islamic Development Bank/Arab Bank for Economic Development in Africa.

Excludes rescheduled debt; OECD = Organization for Economic Cooperation and Development.

From 1994 onward, includes Dépôt Koweitien.

Not including arrears on commercial debt, which was the object of a debt-buyback operation in December 1996.

Short-term foreign liabilities of the central bank, related to the operations account.

Source: Senegalese authorities.

Provided by the authorities. Debt figures in tables 55-59 differ slightly from those in the staff report table (No. 10) because a wider concept of public debt is employed and different exchange rates are used.

Includes arrears outstanding at the end of the year.

EDF/EIB = European Development Fund/European Investment Bank; AfDB/AfDF = African Development Bank/Fund; and OPEC/IDB/BADEA = Organization of Petroleum Exporting Countries/Islamic Development Bank/Arab Bank for Economic Development in Africa.

Excludes rescheduled debt; OECD = Organization for Economic Cooperation and Development.

From 1994 onward, includes Dépôt Koweitien.

Not including arrears on commercial debt, which was the object of a debt-buyback operation in December 1996.

Short-term foreign liabilities of the central bank, related to the operations account.

Table 56.Senegal: External Public Debt Ratios, 1994-2001(End of period)
19941995199619971998199920002001
(In percent of GDP)
Total86.276.979.977.772.376.271.365.8
Medium- and long-term debt76.968.372.070.270.971.066.361.3
Multilateral44.838.742.240.842.042.139.537.4
Bilateral 1/17.613.915.313.916.515.014.012.0
Commercial debt 1/0.20.10.01.80.02.01.71.7
Guaranteed0.20.10.01.80.02.01.71.7
Nonguaranteed0.00.00.00.00.00.00.00.0
Rescheduled debt14.315.614.513.712.511.911.010.2
IMF credit7.87.56.96.76.15.34.94.5
Short-term debt 2/1.51.21.00.80.00.00.00.0
(In percent of total debt)
Medium- and long-term debt89.288.790.190.492.293.193.193.1
Multilateral52.050.352.852.654.655.255.456.8
Bilateral 1/20.418.119.117.921.419.719.718.3
Commercial debt 1/0.20.10.02.30.02.62.42.6
Guaranteed0.20.10.02.30.02.62.42.6
Nonguaranteed0.00.00.00.00.00.00.00.0
Rescheduled debt16.620.318.217.616.215.615.515.4
IMF credit9.09.78.68.67.96.96.96.9
Short-term debt 2/1.81.61.31.00.00.00.00.0
Source: Senegalese authorities.

Excludes rescheduled debt.

Short-term foreign liabilities of the central bank, related to the operations account.

Source: Senegalese authorities.

Excludes rescheduled debt.

Short-term foreign liabilities of the central bank, related to the operations account.

Table 57.Senegal: Public Sector Loan Disbursements, 1994-2001(In billions of CFA francs)
19941995199619971998199920002001
Total disbursements120.5109.6103.5117.8105.8145.9135.8195.4
Multilateral institutions 1/75.047.746.364.255.2671.545.542.5
Of which: AfDB/AfDF 2/17.43.03.22.43.72.19.43.5
EDF/EIB 2/0.00.00.00.04.012.77.36.3
World Bank27.636.634.423.030.527.628.925.0
Bilateral creditors 1/26.630.033.751.250.574.353.292.3
Of which: France0.00.00.00.00.022.016.79.9
Germany1.40.34.29.211.814.29.711.0
Kuwait0.61.71.00.84.00.61.61.6
Saudi Arabia0.53.23.83.14.10.50.00.7
Budgetary loans18.929.623.52.419.30.037.160.6
Of which: World Bank14.629.623.52.415.10.037.131.2
Commercial creditors0.00.00.00.00.00.00.00.0
Sources: Senegalese authorities; and staff estimates.

Excluding budgetary loans.

AfDB/AfDF African Development Bank/Fund and EDF/EIB European Development Fund/European Investment Bank.

Sources: Senegalese authorities; and staff estimates.

Excluding budgetary loans.

AfDB/AfDF African Development Bank/Fund and EDF/EIB European Development Fund/European Investment Bank.

Table 58.Senegal: Structure and Terms of External Public Debt Commitments, 1994-2001 1/
19941995199619971998199920002001
(In billions of CFA francs)
New commitments73160.466.454.895.3116.0221.2181.0
Multilateral62.2145.551.546.385.6116.0210.9166.7
Bilateral10.814.914.98.59.70.010.314.3
Guaranteed commercial debt
Nonguaranteed commercial debt
(In percent per year)
Average interest rate 2/3.01.02.12.31.90.80.90.8
Multilateral3.30.90.91.61.10.80.70.9
Bilateral1.11.61.30.70.80.03.30.4
Guaranteed commercial debt
Nonguaranteed commercial debt
(In years)
Average maturity period 2/20.729.223.826.937.038.042.046.5
Multilateral16.628.923.030.829.838.039.047.9
Bilateral44.132.322.516.036.00.020.030.0
Guaranteed commercial debt
Nonguaranteed commercial debt
Average grace period 2/7.57.96.06.69.49.010.09.7
Multilateral8.37.97.57.39.39.09.09.6
Bilateral6.07.75.34.610.00.05.010.5
Guaranteed commercial debt
Nonguaranteed commercial debt
Source: Senegalese authorities.

Medium- and long-term government and government-guaranteed debts, excluding IMF credits and rescheduled debt.

Weighted average of new disbursements.

Source: Senegalese authorities.

Medium- and long-term government and government-guaranteed debts, excluding IMF credits and rescheduled debt.

Weighted average of new disbursements.

Table 59.Senegal: External Public Debt Service, 1994-2001 1/
19941995199619971998199920002001
(In billions of CFA francs)
Debt service
before rescheduling 2/160.5151.9145.3158.0142.6136.6169.2160.7
Principal99.093.295.5108.0100.888.5118.2115.0
Medium and long term83.173.172.772.065.568.695.2100.0
IMF repurchases15.920.122.836.035.319.923.015.0
Interest61.558.749.850.041.848.251.045.7
Medium and long term58.355.847.247.539.946.749.344.3
IMF charges3.22.92.62.51.91.51.71.4
Debt rescheduling130.965.643.524.326.632.145.943.0
Debt service after rescheduling29.686.3101.8133.7116.0104.5123.3117.7
(In percent of exports of goods and nonfactor services, unless indicated otherwise)
Debt service
before rescheduling 2/22.719.720.821.217.115.218.215.6
Principal14.012.113.714.512.19.812.711.2
Medium and long term11.89.510.49.77.97.610.29.7
IMF repurchases2.32.63.34.84.22.22.51.5
Interest8.77.67.16.75.05.35.54.4
Medium and long term8.37.26.86.44.85.25.34.3
IMF charges0.50.40.40.30.20.20.20.1
Debt rescheduling18.58.56.23.33.23.64.94.2
Debt service after rescheduling4.211.214.617.913.911.613.311.5
Memorandum item:
Exports of goods and nonfactor services (in billions of CFA francs)706.2770.5699.2744.9833.7901.0930.31,027.0
Sources: Senegalese authorities; and staff estimates.

Provided by the authorities. Medium- and long-term government and government-guaranteed debts, excluding debt-service obligations of the multilateral companies, Air Afrique, and Agence pour la Sécurité de la Navigation Aérienne.

After debt cancellation obtained through 1995. Beginning in 1998, debt service is net of debt relief obtained from the Paris Club stock-of-debt operation of June 1998.

Sources: Senegalese authorities; and staff estimates.

Provided by the authorities. Medium- and long-term government and government-guaranteed debts, excluding debt-service obligations of the multilateral companies, Air Afrique, and Agence pour la Sécurité de la Navigation Aérienne.

After debt cancellation obtained through 1995. Beginning in 1998, debt service is net of debt relief obtained from the Paris Club stock-of-debt operation of June 1998.

Table 60.Senegal: Exchange Rates, 1991-2001
19911992199319941995199619971998199920002001
Period averages
CFA francs/SDR385.97372.79395.39794.89757.18742.65803.14800.29841.86938.95933.19
CFA francs/U.S. dollars282.11264.69283.16555.20499.15511.55583.67589.95615.70711.98733.04
End of period
CFA francs/SDR370.48378.57404.89780.44728.38753.06807.94791.61896.19918.49935.39
CFA francs/U.S. dollar259.00275.32294.77534.60490.00523.70598.81562.21652.95704.95744.31
Source: IMF, International Financial Statistics (IFS)
Source: IMF, International Financial Statistics (IFS)
Table 61.Senegal: Nominal and Real Effective Exchange Rates, 1989-2001(1990 = 100)
RealNominalRelative Price
198987.9798.54112.02
1990100.00100.00111.63
1991103.1293.73110.69
1992112.5793.92109.70
1993119.9490.66108.62
199465.8759.13107.53
199569.0964.05106.56
199669.4864.47105.54
199767.0862.09104.43