• Senegal revises 2021 GDP up 13.5% by changing base year
  
  
• Informal, previously uncounted sectors now included in national accounts
  
  
• Public debt-to-GDP ratio drops from 90.8% to 80% after rebasing
  

Senegal's national statistics agency has revised its gross domestic product (GDP) upwards by 13.5% by switching the base year for national accounts to 2021 from 2014, it said on Tuesday.

The National Agency of Statistics and Demography (ANSD) said the value of GDP for 2021 has been adjusted from 15,261 billion CFA francs ($25.6 billion) to 17,316 billion CFA francs ($30.5 billion). The agency stated this change is due to the integration of new data, updated nomenclatures, and economic sectors that were previously poorly measured or unaccounted for.

The revised figures now include informal transport, artisanal gold mining, the cashew sector, rural hydraulics, and certain illegal activities such as prostitution and drug trafficking. The ANSD said this aligns with the 2008 System of National Accounts recommendations and aims to better reflect the true structure of Senegal's economy.

The revision significantly alters the composition of GDP. The tertiary sector now accounts for 53.4% of the economy, up from 50.5%. The secondary sector's share has dropped to 22.6% from 23.9%, and the primary sector now accounts for 15.4%, down from 15.6%. Net taxes have decreased from 10% to 8.7% of GDP.

The rebasing also improves several key fiscal indicators. The public debt-to-GDP ratio for 2021 is now 80%, down from 90.8% previously. The tax-to-GDP ratio has been revised to 15.9% from 18%, and the budget deficit has been lowered from 13.3% of GDP to 11.8%. The current account deficit has been adjusted from -12.1% to -10.7%.

While the rebasing does not address the country's financing needs, it lessens the perceived burden of public debt. This debt was recently reassessed at more than 130% of GDP when including the debt of state-owned companies. Senegal also faces a significant debt repayment wall in 2026, largely related to its external debt service.

According to the ANSD, this update brings Senegal in line with international statistical standards and provides public authorities with "a more reliable basis" for economic planning, budget preparation, and comparison with other countries in the region.

Fiacre E. Kakpo