Sunday, April 1, 2012

Senegal has many natural resources, including fish, peanuts, phosphate, iron ore, gold, titanium, oil and gas, and cotton. Located on the ocean, Senegal's largest export is fish. Fishery exports account for approximately 15% of the employment in Senegal, and contributed 22% to Senegal's export earnings. In 2010, Senegal's labor force was documented to be 5.532 million strong, but at the moment, the country is experiencing nearly 50% unemployment rate. As for capital, Senegal is reforming capital expenditure in a long term program. Capital expenditure in 2009 was equivalent to 922.6m euro, to 1.04b in 2010. Important trading partners for Senegal are France, Italy, Mali, the Gambia, and India. Major exports from 2008 total $2.05 billion and include fish products, peanuts, phosphates, cotton. The fish sector is the largest sector of trade for Senegal. Major imports (2010) total $4.474 billion and include food, consumer goods, petroleum, machinery, transport equipment, petroleum products, computer equipment. Senegal receives these imports from France, United Kingdom, China, the Netherlands, Thailand, and the United States. International trade with Senegal is monitored through ECOWAS, the Economic Community of West African States. Nevertheless, trade with Europe and parts of Asia dominate trade with Senegal. Senegal uses African Financial Community franc (CFA), which is fixed to the euro. 656 CFA = 1 euro. 495.28 CFA = U.S. $1. The household final consumption expenditure (current LCU) is Senegal was, in 2010, 5127249103720.06 in 2010. The percent of investment of total GDP is 29.813 %. Government spending has increased to a level equivalent to 26.8 percent of total domestic product, and the number representing that is 78.5. Due to chronic debt, the amount of foreign aid in 2007 totaled to be 20% of government spending.

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