| Economy | Niger |
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Economy - overview:
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Niger is a landlocked, Sub-Saharan nation, whose economy centers on subsistence crops, livestock, and some of the world's largest uranium deposits. Agriculture contributes about 40% of GDP and provides livelihood for about 80% of the population. Niger also has sizable reserves of oil, and oil production, refining, and exports are expected to grow significantly between 2011 and 2016. Drought, desertification, and strong population growth have undercut the economy. Niger shares a common currency, the CFA franc, and a common central bank, the Central Bank of West African States (BCEAO), with seven other members of the West African Monetary Union. In December 2000, Niger qualified for enhanced debt relief under the International Monetary Fund program for Highly Indebted Poor Countries (HIPC) and concluded an agreement with the Fund on a Poverty Reduction and Growth Facility (PRGF). Debt relief provided under the enhanced HIPC initiative significantly reduces Niger's annual debt service obligations, freeing funds for expenditures on basic health care, primary education, HIV/AIDS prevention, rural infrastructure, and other programs geared at poverty reduction. In December 2005, Niger received 100% multilateral debt relief from the IMF, which translated into the forgiveness of approximately US $86 million in debts to the IMF, excluding the remaining assistance under HIPC. The economy was hurt when the international community cut off non-humanitarian aid in response to TANDJA's moves to extend his term as president. Nearly half of the government's budget is derived from foreign donor resources. Future growth may be sustained by exploitation of oil, gold, coal, and other mineral resources. The governmant has announced an expansionary budget for 2012 with anticipated revenue increases from uranium, oil production, and donor aid, and it has made efforts to secure a new three-year extended credit facility with the IMF following the one that completed in 2011. Food security remains a problem in the north of the country, exacerbated by the return of Libyan migrants. |
GDP (purchasing power parity):
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$11.93 billion (2011 est.)
$11.32 billion (2010 est.)
$10.51 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$800 (2011 est.)
$800 (2010 est.)
$700 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$6.5 billion (2011 est.) |
GDP - real growth rate:
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5.5% (2011 est.)
8% (2010 est.)
-0.9% (2009 est.) |
GDP - composition by sector:
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agriculture: 40.7%
industry: 16.1%
services: 46.5% (2011 est.) |
Investment (gross fixed):
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36.1% of GDP (2011 est.) |
Population below poverty line:
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63% (1993 est.) |
Household income or consumption by percentage share:
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lowest 10%: 3.7%
highest 10%: 28.5% (2007) |
Distribution of family income - Gini index:
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34 (2007)
50.5 (1995) |
Inflation rate (consumer prices):
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4% (2011 est.)
0.8% (2010 est.) |
Central bank discount rate:
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4.25% (31 December 2009)
4.75% (31 December 2008) |
Commercial bank prime lending rate:
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4.5% (31 December 2011 est.)
4.3% (31 December 2010 est.) |
Stock of money:
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$617.9 million (31 December 2008)
$604.5 million (31 December 2007) |
Stock of money - per capita:
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38 USD per capita |
Stock of quasi money:
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$226.8 million (31 December 2008)
$193.7 million (31 December 2007) |
Stock of quasi money - per capita:
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14 USD per capita |
Stock of domestic credit:
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$814.4 million (31 December 2011 est.)
$715.4 million (31 December 2010 est.) |
Stock of domestic credit - per capita:
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50 USD per capita |
Stock of narrow money:
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$1.063 billion (31 December 2011 est.)
$917.7 million (31 December 2010 est.) |
Stock of broad money:
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$1.329 billion (31 December 2011 est.)
$1.171 billion (31 December 2010 est.) |
Labor force:
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4.688 million (2007) |
Labor force participation rate:
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28.47 % of population |
Labor force - by occupation:
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agriculture: 90%
industry: 6%
services: 4% (1995) |
Unemployment rate:
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NA% |
Unemployment, youth ages 15-24:
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total: 3.2%
male: 4%
female: 1.7% (2001) |
Budget:
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revenues: $864 million (includes $134 million from foreign sources)
expenditures: $1.366 billion (2011 est.) |
Budget revenues per capita:
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53 USD per capita |
Taxes and other revenues:
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13.3% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-7.7% of GDP (2011 est.) |
Public debt:
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void |
Industries:
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uranium mining, cement, brick, soap, textiles, food processing, chemicals, slaughterhouses |
Industrial production growth rate:
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5.1% (2003 est.) |
Electricity - production:
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200 million kWh (2008 est.) |
Electricity - production per capita:
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13 kWh per capita |
Electricity - consumption:
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626 million kWh (2008 est.) |
Electricity - consumption - per capita:
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39 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
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440 million kWh (2008 est.) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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6,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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0.13 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
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5,443 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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0 cu m (2009 est.) |
Natural gas - consumption - per capita:
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void |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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0 cu m (2009 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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cowpeas, cotton, peanuts, millet, sorghum, cassava (tapioca), rice; cattle, sheep, goats, camels, donkeys, horses, poultry |
Current account balance:
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-$1.294 billion (2011 est.)
-$1.315 billion (2010 est.) |
Current account balance - per capita:
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-78 USD per capita |
Exports:
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$1.124 billion (2011 est.)
$1.04 billion |
Exports per capita:
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69 USD per capita |
Exports - commodities:
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uranium ore, livestock, cowpeas, onions |
Exports - partners:
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Nigeria 68.3%, US 12.2%, Ghana 9.8% (2010) |
Imports:
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$1.952 billion (2011 est.)
$1.821 billion (2010 est.) |
Imports per capita:
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119 USD per capita |
Imports - commodities:
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foodstuffs, machinery, vehicles and parts, petroleum, cereals |
Imports - partners:
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China 17.8%, France 16.5%, French Polynesia 7.2%, Nigeria 6.7%, Algeria 5.3%, Cote dIvoire 4.9% (2010) |
Reserves of foreign exchange and gold:
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$706.2 million (31 December 2011 est.)
$760.3 million (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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43 USD per capita |
Debt - external:
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$990.9 million (31 December 2009 est.)
$2.1 billion (2003 est.) |
Debt - external - per capita:
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61 USD per capita |
Stock of direct foreign investment - at home:
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void |
Stock of direct foreign investment - at home - per capita:
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void |
Stock of direct foreign investment - abroad:
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void |
Stock of direct foreign investment - abroad - per capita:
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void |
Market value of publicly traded shares:
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$NA |
Market value of publicly traded shares - per capita:
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void |
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:
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Communaute Financiere Africaine francs (XOF) per US dollar -
473.7 (2011 est.)
495.28 (2010 est.)
472.19 (2009)
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Fiscal year:
|
calendar year |
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