Senegal’s Economic Growth Seen Above 6% This Year, IMF Says

DAKAR (Capital Markets in Africa) – Senegal’s economy is projected to expand more than 6 percent in 2018, driven by both public and private investment, the International Monetary Fund said.

“Growth is supported by strong performances in the construction and services sectors,” the Washington-based lender said Wednesday in an emailed statement.

The West African nation’s economy grew 7.2 percent in 2017, according to the IMF. Senegal needs to attract more private investment, improve credit access and tackle energy and taxation issues to boost output, the lender said in July.

The state met its fiscal deficit goal partly by slowing execution of public spending to compensate for a large shortfall in domestic revenue, which is projected to be below the December target by 0.9 percent of GDP, according to the statement. The 2019 draft budget financing gap is consistent with the West African Economic and Monetary Union target of 3 percent of GDP, it said.

Source: Bloomberg Business News