Senegal's economy is now reported to be 13.5% larger and its debt-to-GDP ratio has improved after updating the base year for GDP calculation to 2021. This move, aimed at reflecting new industries, has raised questions despite improving economic data optics.
Senegal's economy has expanded by 13.5% following the government's decision to update the base year for calculating the nation's economic output, as confirmed by the National Agency for Statistics and Demography. The reset, taking the base year from 2014 to 2021, brings Senegal's GDP figure to 17,316 billion CFA francs ($30.59 billion).
International credit agencies have previously downgraded the country's ratings over concerns of debt misreporting. The International Monetary Fund halted a $1.8 billion programme after a concealed debt was discovered, dating back to the former administration of President Macky Sall. The IMF has expressed support for the GDP rebasing, asserting its positive impact on data quality and policy-making.
Senegal's public debt has been recorded at 80% of GDP, a reduction from earlier ratios. While the IMF continues to review updated indicators, economists caution that nominal debt figures, interest costs, and short-term financing needs are unchanged. The recalibration acknowledges the growth in nascent industries such as digital financial services and the oil and gas sector.