SENEGAL

Keep growth flowing in

C2

MEDIUM RISK

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

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GDP USD13.61bn (World Ranking 119, World Bank 2015)
Population 15.129mn (World Ranking 71, World Bank 2015)
Form of state Republic
Head of government Macky SALL
Next elections 2019, presidential
  • Relatively good regional and international relations.
  • Membership of the West African Monetary Union (WAMU) and the CFA franc zone provide relative monetary stability, a common currency and access to a regional central bank. Low exchange rate and transfer risk.
  • Considerable debt relief under the HIPC initiative in 2004 and Multilateral Debt Relief Initiative in 2006.
  • Market-friendly reforms helped to improve Doing Business ranking
  • Vulnerability to climatic effects on agricultural output and to changes in internationally-determined commodity prices.
  • Uncertain regional influences include a border with Mali.
  • Large current account deficits.
  • Implementation of structural reforms sometimes slow.
  • Despite improvement, business environment still shows a high level of government intervention, a bureaucratic regulatory environment and an inefficient judiciary.

Trade structure by destination/origin

(% of total)

Exports Rank Imports
Mali 21%
1
20% China
Switzerland 10%
2
12% France
India 9%
3
7% India
China 5%
4
7% Nigeria
Côte d'Ivoire 4%
5
5% Netherlands

Trade structure by product

(% of total)

Exports Rank Imports
Fish, crustaceans, molluscs and preparations thereof 16%
1
18% Petroleum, petroleum products and related materials
Gold, non-monetary (excluding gold ores and concentrates) 13%
2
8% Cereals and cereal preparations
Petroleum, petroleum products and related materials 11%
3
7% Road vehicles
Inorganic chemicals 9%
4
5% Specialised machinery
Non metallic mineral manufactures, n.e.s. 7%
5
4% Telecommunication and sound recording apparatus
The payment behavior in Senegal is poor, with payment terms usually stating 30 days, while payments are typically made within 60 days in practice.

  • Low

  • Medium

  • Sensitive

  • High

  • Payments

  • Court proceedings

  • Insolvency proceedings

Late payments are susceptible to a 1% interest charge, though a judge can impose a different rate following assessment of the damage suffered by the creditor.

The Civil Law in Senegal is inherited from the French Civil Law, which also features case law and customary law adaptations.

Contact Euler Hermes

Economic Research Team

research@eulerhermes.com

Contact Stéphane Colliac

Senior Economist for France and Africa

stephane.colliac@eulerhermes.com

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