Burkina Faso's Economy | Burkinabe Economy

Economy - overview: One of the poorest countries in the world, landlocked Burkina Faso has few natural resources and a weak industrial base. About 90% of the population is engaged in subsistence agriculture, which is vulnerable to harsh climatic conditions. Cotton is the key crop and the government has joined with other cotton producing countries in the region to lobby for improved access to Western markets. GDP growth has largely been driven by increases in world cotton prices. 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; exports and economic growth have increased. The government devolved macroeconomic policy and inflation targeting to the West African regional central bank (BCEAO), but maintains control over microeconomic policies, including reducing the trade deficit and implementing reforms to encourage private investment. The bitter internal crisis in neighboring Cote d'Ivoire continues to hurt trade and industrial prospects and deepens the need for international assistance.

GDP: 1.3% (2004)

GDP - real growth rate: 4.8% (2004 est.)

GDP - per capita: purchasing power parity - $1,200 (2004 est.)

GDP - composition by sector: agriculture: 39.5% industry: 19.3% services: 41.3% (2004 est.)

Population below poverty line: 45% (2003 est.)

Household income or consumption by percentage share: lowest 10%: 2% highest 10%: 46.8% (1994)

Distribution of family income - Gini index: 48.2 (1994)

Inflation rate (consumer prices):

Labor force: 5 million note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment (2003)

Labor force - by occupation: agriculture 90% (2000 est.)

Unemployment rate: NA%

Budget: revenues: $695.2 million expenditures: $876.3 million, including capital expenditures of NA (2004 est.)

Industries: cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold

Industrial production growth rate: 14% (2001 est.)

Electricity - production: 361 million kWh (2002)

Electricity - production by source:

Electricity - consumption: 335.7 million kWh (2002)

Electricity - exports: 0 kWh (2002)

Electricity - imports: 0 kWh (2002)

Oil - production: 0 bbl/day (2001 est.)

Oil - consumption: 8,000 bbl/day (2001 est.)

Oil - exports: NA

Oil - imports: NA

Oil - proved reserves:

Natural gas - production:

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Natural gas - proved reserves:

Agriculture - products: cotton, peanuts, shea nuts, sesame, sorghum, millet, corn, rice; livestock

Exports: $418.6 million f.o.b. (2004 est.)

Exports - commodities: cotton, livestock, gold

Exports - partners: China 32.1%, Singapore 11.5%, Ghana 4.7%, Bangladesh 4.3% (2004)

Imports: $866.3 million f.o.b. (2004 est.)

Imports - commodities: capital goods, foodstuffs, petroleum

Imports - partners: France 29.3%, Cote d'Ivoire 16%, Togo 9.8% (2004)

Debt - external: $1.3 billion (2000)

Economic aid - recipient: $484.1 million (1995)

Currency:

Currency code:

Exchange rates: Communaute Financiere Africaine francs (XOF) per US dollar - 528.29 (2004), 581.2 (2003), 696.99 (2002), 733.04 (2001), 711.98 (2000)

Fiscal year: calendar year



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