Burkina Faso Economy
Economy - overviewOne of the poorest countries in the world, landlocked Burkina Faso has few natural resources, a fragile soil, and a highly unequal distribution of income. About 90% of the population is engaged in (mainly subsistence) agriculture, which is vulnerable to variations in rainfall. Cotton is the key crop. 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 macroeconomic progress depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment. The internal crisis in neighboring Cote d'Ivoire continues to hurt trade and industrial prospects and deepens the need for international assistance.
GDP
purchasing power parity - $14.55 billion (2003 est.)
GDP - real growth rate
5.2% (2003 est.)
GDP - per capita
purchasing power parity - $1,100 (2003 est.)
GDP - composition by sector
agriculture: 39.8%
industry: 19.6%
services: 40.5% (2003)
Investment
29% of GDP (2003)
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
1.9% (2003 est.)
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: $599.8 million
expenditures: $748.8 million NA, including capital expenditures of NA (2003)
Agriculture - products
cotton, peanuts, shea nuts, sesame, sorghum, millet, corn, rice; livestock
Industries
cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold
Industrial production growth rate
14% (2001 est.)
Electricity - production
279.2 million kWh (2001)
Electricity - consumption
259.6 million kWh (2001)
Electricity - exports
0 kWh (2001)
Electricity - imports
0 kWh (2001)
Oil - production
0 bbl/day (2001 est.)
Oil - consumption
8,000 bbl/day (2001 est.)
Oil - exports
NA (2001)
Oil - imports
NA (2001)
Current account balance
$-341 million (2003)
Exports
$293 million f.o.b. (2003 est.)
Exports - commodities
cotton, livestock, gold
Exports - partners
Singapore 12.8%, China 11.6%, Thailand 8%, Italy 6.4%, India 6%, Colombia 5.2%, Ghana 5.2%, France 4.8%, Niger 4% (2003)
Imports
$633.6 million f.o.b. (2003 est.)
Imports - commodities
capital goods, foodstuffs, petroleum
Imports - partners
France 31.2%, Cote d'Ivoire 14.6%, Togo 9%, Belgium 5% (2003)
Reserves of foreign exchange & gold
$379 million (2003)
Debt - external
$1.3 billion (2000)
Currency
Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States
Currency code
XOF
Exchange rates
Communaute Financiere Africaine francs (XOF) per US dollar - 581.2 (2003), 696.988 (2002), 733.039 (2001), 711.976 (2000), 615.699 (1999)
