| Economy | Burkina Faso |
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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 periodic drought. Cotton is the main cash crop and the government has joined with three other cotton producing countries in the region - Mali, Niger, and Chad - to lobby in the World Trade Organization for fewer subsidies to producers in other competing countries. Since 1998, Burkina Faso has embarked upon a gradual but successful privatization of state-owned enterprises. Having revised its investment code in 2004, Burkina Faso hopes to attract foreign investors. Thanks to this new code and other legislation favoring the mining sector, the country has seen an upswing in gold exploration and production. While the bitter internal crisis in neighboring Cote d'Ivoire is beginning to be resolved, it is still having a negative effect on Burkina Faso's trade and employment. Burkina Faso received a Millennium Challenge Corporation (MCC) threshold grant to improve girls' education at the primary school level, and signed an MCC compact that focuses on the areas of infrastructure, agriculture, and land reform in July, 2008. |
GDP (purchasing power parity):
|
$17.82 billion (2008 est.)
$17.05 billion (2007)
$16.46 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$1,200 (2008 est.)
$1,200 (2007 est.)
$1,100 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$8.242 billion (2008 est.) |
GDP - real growth rate:
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4.5% (2008 est.)
3.6% (2007 est.)
5.5% (2006 est.) |
GDP - composition by sector:
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agriculture: 29.1%
industry: 19.9%
services: 51% (2008 est.) |
Investment (gross fixed):
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24.5% of GDP (2008 est.) |
Population below poverty line:
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46.4% (2004) |
Household income or consumption by percentage share:
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lowest 10%: 2.8%
highest 10%: 32.2% (2004) |
Distribution of family income - Gini index:
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39.5 (2007) |
Inflation rate (consumer prices):
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7.3% (2008 est.) |
Central bank discount rate:
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4.25% (31 December 2007) |
Commercial bank prime lending rate:
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NA |
Stock of money:
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$1.051 billion (31 December 2007) |
Stock of money - per capita:
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67 USD per capita |
Stock of quasi money:
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$663 million (31 December 2007) |
Stock of quasi money - per capita:
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43 USD per capita |
Stock of domestic credit:
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$905.1 million (31 December 2007) |
Stock of domestic credit - per capita:
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58 USD per capita |
Labor force:
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5 million
note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment (2003) |
Labor force participation rate:
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31.75 % of population |
Labor force - by occupation:
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agriculture: 90%
industry and services: 10% (2000 est.) |
Unemployment rate:
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77% (2004) |
Budget:
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revenues: $1.799 billion
expenditures: $2.337 billion (2008 est.) |
Budget revenues per capita:
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115 USD per capita |
Public debt:
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void |
Industries:
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cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold |
Industrial production growth rate:
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4.5% (2008 est.) |
Electricity - production:
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611.6 million kWh (2007 est.) |
Electricity - production per capita:
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39 kWh per capita |
Electricity - consumption:
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509.3 million kWh (2006 est.) |
Electricity - consumption - per capita:
|
33 kWh per capita |
Electricity - exports:
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0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
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0 bbl/day (2007 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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8,470 bbl/day (2006 est.) |
Oil - consumption - per capita:
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0.20 bbl/year per capita |
Oil - exports:
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0 bbl/day (2005) |
Oil - imports:
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8,446 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
|
0 cu m (2007 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2006 est.) |
Agriculture - products:
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cotton, peanuts, shea nuts, sesame, sorghum, millet, corn, rice; livestock |
Current account balance:
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-$908 million (2008 est.) |
Current account balance - per capita:
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-57 USD per capita |
Exports:
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$809 million f.o.b. (2008 est.) |
Exports per capita:
|
52 USD per capita |
Exports - commodities:
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cotton, livestock, gold |
Exports - partners:
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China 29.6%, Singapore 15.7%, Thailand 7.2%, Ghana 6.4%, Niger 4.8% (2007) |
Imports:
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$1.665 billion f.o.b. (2008 est.) |
Imports per capita:
|
106 USD per capita |
Imports - commodities:
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capital goods, foodstuffs, petroleum |
Imports - partners:
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Cote d'Ivoire 25.8%, France 20.6%, Togo 7.1% (2007) |
Reserves of foreign exchange and gold:
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$1.264 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
81 USD per capita |
Debt - external:
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$1.33 billion (2007) |
Debt - external - per capita:
|
85 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
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$659.6 million (2005) |
Economic aid - recipient per capita:
|
42 USD per capita |
Currency (code):
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Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States |
Exchange rates:
|
Communaute Financiere Africaine francs (XOF) per US dollar - 447.81 (2008 est.), 493.51 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004)
note: since 1 January 1999, the West African CFA franc (XOF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; West African CFA franc (XOF) coins and banknotes are not accepted in countries using Central African CFA francs (XAF), and vice versa, even though the two currencies trade at par |
Fiscal year:
|
calendar year |
|
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