Senegal Economy Continues to Expand Solidly

Senegal’s economy grew by a robust 11.6% year-on-year in Q4 2024, building on an 11.5% increase in the previous quarter.

The increase was primarily driven by strong growth in the secondary sector (+38.7%), fueled by oil extraction, and the tertiary sector (+4.5%).

Additionally, taxes, net of subsidies on products, rose by 7.5%.

However, this overall growth was tempered by a decline in the primary sector (-1.1%).

Excluding oil, real GDP growth stood at 3.3%.

On the demand side, the upturn in economic activity during Q4 2024, compared to the same period in the previous year, was reflected in a significant increase in exports of goods and services (+107.0%), gross fixed capital formation (+6.4%), and final consumption (+3.4%).

Considering the 2024 year as a whole, the GDP grew by 6.9%.