FX.co ★ Senegal Economy Continues to Expand Solidly

Senegal's economy experienced a strong expansion of 11.6% year-on-year in the fourth quarter of 2024, following an 11.5% rise in the preceding quarter. This impressive growth was largely attributable to a robust 38.7% increase in the secondary sector, driven by oil extraction, along with a 4.5% rise in the tertiary sector. The figures were further bolstered by a 7.5% rise in taxes on products, net of subsidies. However, the overall growth was somewhat offset by a 1.1% contraction in the primary sector. When excluding oil, the real GDP growth rate was 3.3%. On the demand side, economic activity in the fourth quarter of 2024, when compared to the same timeframe the previous year, showed considerable increases in exports of goods and services (up by 107.0%), gross fixed capital formation (up by 6.4%), and final consumption (up by 3.4%). For the entire year of 2024, GDP grew by a notable 6.9%.