Senegal's economy seen growing 6.4% between 2025-2027
TLDR
- Senegal's economy forecasted to grow by 6.4% from 2025-2027 with emphasis on oil and gas sector.
- Ministry of Finance anticipates consolidation and stronger growth due to resilient global environment and key projects.
- Economic growth in Senegal set to reach 9.7% in 2025, driven by oil and gas production.
Senegal's economy is projected to grow by 6.4% between 2025 and 2027, according to the Multi-year Budgetary and Economic Programming Document (DPBEP), published at the end of June.
The Ministry of Finance and Budget anticipates that the francophone West African economy will consolidate in the medium term, benefiting from a more resilient international environment and the ongoing implementation of key projects.
In 2024, economic growth is expected to be primarily driven by the production of oil and gas and their positive effects on other sectors. The growth rate is forecasted to peak at 9.7% in 2025, the second year of oil and gas exploitation.
Key Takeaways
The document further highlights that this robust economic trajectory will be supported by strong performances in the secondary sector (+10.3%), the tertiary sector (+5.1%), and the primary sector (+5.2%). Francophone Africa is home to some of the fastest-growing economies on the continent. Economies in the West African Economic and Monetary Union (WAEMU) averaged 6% GDP growth between 2013-2018 and above 5% each year since - except in 2020 (COVID-19). These economies are Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. In 2024, four feature among the world’s ten fastest-growing economies projected by the IMF. The region also has a more conducive policy environment offering companies a relatively easy regional expansion route due to shared culture, language, regulations, and currency. With this, francophone West Africa offers some of the best investment prospects on the continent.
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