Economy of Burkina Faso

Mother Earth Travel > Country Index > Burkina Faso Map Economy History

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 2001-02 depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment.

GDP: purchasing power parity - $12 billion (2000 est.)
GDP - real growth rate: 5.5% (1999 est.), 5% (2000 est.)
GDP - per capita: purchasing power parity - $1,000 (2000 est.)
GDP - composition by sector:
agriculture:  26%
industry:  27%
services:  47% (1998)
Household income or consumption by percentage share:
lowest 10%: 2.2%
highest 10%: 39.5% (1994)
Inflation rate (consumer prices): 2.5% (1999 est.), 1.5% (2000 est.)
Labor force: 5 million (1999)
note:  a large part of the male labor force migrates annually to neighboring countries for seasonal employment.
Labor force - by occupation: agriculture 90% (2000 est.)
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: 285 million kWh (1999)
Electricity - production by source:
fossil fuel:  71.93%
hydro:  28.07%
nuclear:  0%
other:  0% (1999)
Electricity - consumption: 265.1 million kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 0 kWh (1999)
Agriculture - products: peanuts, shea nuts, sesame, cotton, sorghum, millet, corn, rice; livestock
Exports: $220 million (f.o.b., 2000 est.)
Exports - commodities: cotton, animal products, gold
Exports - partners: Italy 13%, France 10%, Indonesia 8%, Thailand 7% (1999)
Imports: $610 million (f.o.b., 2000 est.)
Imports - commodities: machinery, food products, petroleum
Imports - partners: Cote d'Ivoire 30%, France 28%, Spain 3%, Benelux 3% (1999)
Debt - external: $1.3 billion (1997)
Economic aid - recipient: $484.1 million (1995)
Currency: Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Burkina Faso Map Economy History