Oil Output Spurs Report Quarterly Financial Progress in Senegal

Last updated: 2024/12/30 at 7:43 PM

Editorial Team 5 months ago

Senegal’s financial development price surged to a document within the third quarter because the West African nation started exporting oil, with the Worldwide Financial Fund predicting a 9.3% enlargement subsequent yr.

Gross home product jumped 8.9% within the three months via September from the earlier quarter, the Nationwide Company of Statistics and Demography mentioned. The economic system expanded 11.5% within the interval from the earlier yr.

Financial development is poised to speed up additional as Senegal begins exporting gasoline from BP Plc’s Better Tortue Ahmeyim liquefied pure gasoline undertaking. That’s anticipated from the start of subsequent yr, in line with Vitality, Petroleum and Mines Ministry Secretary-Basic Cheikh Niane.

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“First gasoline from the GTA undertaking ought to give one other development spurt in first quarter 2025 however financial development is prone to settle at a decrease price after this,” mentioned Mark Bohlund, senior credit score analysis analyst at REDD Intelligence.

The financial enlargement offers a chance to repair public funds in a nation that’s prone to see a funds shortfall of greater than 11% of GDP this yr.

The nation’s greenback bonds have been little modified on Monday, with notes maturing in 2033 rising 0.2 cent to 80.12 cents on the greenback at 10:33 a.m. in London. Securities due 2031 gained 0.2 cent to 89.8 cents on the greenback.

Senegal plans to scale back its funds deficit to three% of gross home product by 2027 by chopping authorities expenditure and boosting tax collections from subsequent yr, Prime Minister Ousmane Sonko mentioned final week.

Woodside Vitality Group Ltd., Australia’s largest oil and gasoline producer, began its first oil manufacturing on the Sangomar undertaking offshore Senegal in June.

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