Analysis by Region - Emerging Markets - Senegal
The Senegalese economy's slow start to the year prompted us to cut our 2024 real GDP growth forecast to 6.5% from our previous estimate of 7.9%. The delayed extraction of benefits from the nascent hydrocarbon industry means that the twin fiscal and current account deficits will narrow more slowly than previously anticipated. That said, we have lifted our 2025 economic growth forecast by 0.6 ppt to 7.8%. Senegal became an oil producer in June and we expect the positive impact of the hydrocarbon sector to become more apparent over the 2025-2026 period. Ultimately, we project an average economic growth rate of 6.9% p.a. over the next three years.
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