More than eight per cent growth

Following the successful democratic transition in 2024, there are some positive signs and promising reform plans: The new government wants to invest in the education and training of young Senegalese, combat corruption and increase local value creation as well as the number of jobs – also and especially in connection with foreign investment.

In addition, the new leadership is increasingly seeking cooperation with non-French companies, which offers opportunities for German investors – for example in the areas of renewable energies, infrastructure and agriculture.

The country’s shortcomings include inefficient bureaucracy and instability in the neighbouring Sahel region. Dependence on the oil and gas sector and high government debt also pose risks.

Economy. According to Germany Trade & Invest, Senegal’s economy is expected to grow by 8.4 per cent this year. For 2026 and 2027, economists predict growth rates of 4.1 and 4.8 per cent. The gross domestic product per capita rose in the last 20 years from the equivalent of 918 to 1744 US-Dollars. Inflation recently stood at 2.0 per cent. National debt has reached around 111 per cent of GDP.

Population. Senegal has around 19 million inhabitants; the population recently grew at an annual rate of 2.3 per cent. In the last 20 years, the fertilty rate has fallen from 5.2 to 3.8 children per woman. Life expectancy was at 69 years recently (twenty years ago: 60). Around 75 per cent of the population has access to electricity (twenty years ago: 47.1 per cent).

Governance. On Transparency International’s latest Corruption Perceptions Index, Senegal ranks 69th out of 180 countries. With a score of 45 points (two points more than the year before), Senegal is on a par with Cote d’ Ivoire and just one point behind Romania and Malta.

Sources and further information:

World Bank: https://data.worldbank.org/country/senegal

Germany Trade & Invest: https://www.gtai.de/de/trade/senegal-wirtschaft/wirtschaftsdaten-kompakt#/ETH/overview

Transparency International: https://www.transparency.org/en/cpi/2024/index/nga