Senegal has just published its growth figures for the 3rd quarter of 2024… And they are very good. Its GDP increased by +8.9% compared to the previous quarter, +11.5% even if we refer to the same period last year. The agriculture and services sectors saw their results improve slightly. But it is the secondary sector which explains this growth.
2 mins
Growth of +32% for the secondary sector in which the Statistical Institute of Senegal includes extractive activities. And, these have exploded +247%! The reason: the start of exploitation of the Sangomar depositlast June, which made enter Senegal into the circle of oil-producing countries.
During this first quarter: more than 8 million barrels were extracted. The majority was exported, marketed on the international market…
At the beginning of December, other good news for the state’s finances: the deposit exploited by the Canadian Woodside turns out to be richer than expected. The Ministry of Energy communicated: production has exceeded “the initial target”. Growth should also benefit in the medium term from the future large refinery.
Also readSenegal: the Sangomar oil field turns out to be richer than expected
The GTA mega offshore gas field soon to be operational
2025 is also expected to become a historic year for the country thanks to GTA. The floating production unitstorage and offloading (called FPSO) has been on site for six months, after many delays and a long journey. The first gas exports from the field Large Turtle Ahmeyim should take place during the first semester. Production from the site, operated jointly with Mauritania, is estimated at 2.5 million tonnes of gas.
Also readManagement of oil and gas revenues in Senegal
These announcements fuel many expectations. Ousmane Sonko declared a few days ago before the National Assembly in his general policy declaration: “ Our ambition is to maximize the local impact of hydrocarbons and make it a driving force for diversification. “.
Also readIn Senegal, Prime Minister Ousmane Sonko wants ambitious tax reform