FX.co ★ Senegal Posts Record GDP Growth in Q1

Senegal's economy experienced a robust year-on-year growth of 12.1% in the first quarter of 2025, marking the highest increase since records began in 1961. This remarkable expansion was propelled by significant gains in the secondary sector, which grew by 37%, alongside improvements in the primary sector at 6.8%, the tertiary sector at 4.3%, and net taxes at 5.2%. Notably, when hydrocarbons such as oil and gas are excluded, the GDP still displayed a growth of 3.1%. From a demand-side perspective, the economic expansion was largely fueled by substantial rises in exports, which surged by 81.3%, gross fixed capital formation, which increased by 8.0%, and final consumption, which rose by 3.4%. Nevertheless, imports also experienced a rise of 6.6%. On a seasonally adjusted quarterly basis, however, the GDP showed a contraction of 1.2%.