Senegal is experiencing unprecedented economic growth driven by the launch of its first oil project and exports in mid-2024. The country's GDP surged by 8.9% in the third quarter compared to the second quarter and soared by 11.5% compared to the same quarter of 2023. This growth is attributed to the start-up of the Sangomar oil field, developed by Australia-based Woodside, which achieved first oil in June. Further economic boost is anticipated in early 2025 with the first LNG shipment from BP's Greater Tortue Ahmeyim LNG project.
Senegal is seeing a record jump in economic growth after its first oil project and oil exports were launched in the middle of 2024. Senegal ’s gross domestic product surged by 8.9% in the third quarter compared to the second quarter and soared by 11.5% compared to the same quarter of 2023, data from the National Agency of Statistics and Demography, ANSD, showed on Monday. Non-oil GDP rose by 2.1% in Q3 compared to the second quarter, according to the official data.
“First oil from the Sangomar field marks a new era not only for our country's industry and economy, but most importantly for our people,” Thierno Ly, general manager of Senegal's national oil company Petrosen said in June, commenting on the milestone. Senegal’s economy is set to receive another shot in the arm in early 2025 when the first LNG shipment from a major gas and LNG project operated by BP is expected to take place.
ECONOMY OIL EXPORTS SENEGAL LNG
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