Burkina Faso Economy
Burkina Faso Economy: A summary of information about Burkina Faso Economy, from government research data as well as independent research and other sources.
Burkina Faso: Economy
Economy - overview
One of the poorest countries in the world, landlocked Burkina Faso has a high population density, few natural resources, and a fragile soil. About 90% of the population is engaged in (mainly subsistence) agriculture which is highly vulnerable to variations in rainfall. Industry remains dominated by unprofitable government-controlled corporations. Following the African franc currency devaluation in January 1994 the government updated its development program in conjunction with international agencies, and exports and economic growth have increased. Maintenance of its macroeconomic progress in 2000-2001 depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment.
GDP
purchasing power parity - $12.4 billion (1999 est.)
GDP - real growth rate
5.5% (1999 est.)
GDP - per capita
purchasing power parity - $1,100 (1999 est.)
GDP - composition by sector
agriculture: 36% industry: 20% services: 44% (1997)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)
2.5% (1999 est.)
Labor force
4.679 million (persons 10 years old and over, according to a sample survey taken in 1991) note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment
Labor force - by occupation
agriculture NA%, industry NA%, services NA%
Unemployment rate
NA%
Budget
revenues: $277 million expenditures: $492 million, including capital expenditures of $233 million (1995 est.)
Industries
cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold
Industrial production growth rate
4.2% (1995)
Electricity - production
225 million kWh (1998)
Electricity - production by source
fossil fuel: 64.44% hydro: 35.56% nuclear: 0% other: 0% (1998)
Electricity - consumption
209 million kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
peanuts, shea nuts, sesame, cotton, sorghum, millet, corn, rice; livestock
Exports
$311 million (f.o.b., 1998 est.)
Exports - commodities
cotton, animal products, gold
Exports - partners
Cote d'Ivoire, Taiwan, France, Colombia, Italy, Mali
Imports
$572 million (f.o.b., 1998 est.)
Imports - commodities
machinery, food products, petroleum
Imports - partners
Cote d'Ivoire, France, Senegal, Togo, Nigeria, US
Debt - external
$1.3 billion (1997)
Economic aid - recipient
$484.1 million (1995)
Currency
1 Communaute Financiere Africaine franc (CFAF) = 100 centimes
Exchange rates
Communaute Financiere Africaine francs (CFAF) per US$1 - 647.25 (January 2000), 615.70 (1999), 589.95 (1998), 583.67 (1997), 511.55 (1996), 499.15 (1995) note: since 1 January 1999, the CFAF franc is pegged to the euro at a rate of 655.957 CFA francs per euro
Fiscal year
calendar year
