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Niger:
Economy

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Niger Page


Economy - overview
Definition
Niger is one of the poorest countries in the world, ranking near last on the United Nations Development Fund index of human development. It is a landlocked, Sub-Saharan nation, whose economy centers on subsistence crops, livestock, and some of the world's largest uranium deposits. Drought cycles, desertification, and a 2.9% population growth rate, 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 translates into the forgiveness of approximately US $86 million in debts to the IMF, excluding the remaining assistance under HIPC. 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. Uranium prices have increased sharply in the last few years. A drought and locust infestation in 2005 led to food shortages for as many as 2.5 million Nigeriens.
GDP (purchasing power parity)
Definition - World rank and map
$8.902 billion (2007 est.)
GDP (official exchange rate)
Definition
$4.174 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
3.2% (2007 est.)
GDP - per capita
Definition - World rank and map
$700 (2007 est.)
GDP - composition by sector
Definition
agriculture: 39%
industry: 17%
services: 44% (2001)
Labor force
Definition
70,000 salaried workers, 60% of whom are employed in the public sector (1995)
Labor force - by occupation
Definition
agriculture: 90%
industry: 6%
services: 4% (1995)
Unemployment rate
Definition - World rank and map
NA%
Population below poverty line
Definition
63% (1993 est.)
Household income or consumption by percentage share
Definition
lowest 10%: 0.8%
highest 10%: 35.4% (1995)
Distribution of family income - Gini index
Definition - World rank and map
50.5 (1995)
Inflation rate (consumer prices)
Definition - World rank and map
0.1% (2007 est.)
Budget
Definition
revenues: $320 million (includes $134 million from foreign sources)
expenditures: $320 million (2002 est.)
Agriculture - products
Definition
cowpeas, cotton, peanuts, millet, sorghum, cassava (tapioca), rice; cattle, sheep, goats, camels, donkeys, horses, poultry
Industries
Definition
uranium mining, cement, brick, soap, textiles, food processing, chemicals, slaughterhouses
Industrial production growth rate
Definition - World rank and map
5.1% (2003 est.)
Electricity - production
Definition - World rank and map
234.1 million kWh (2005)
Electricity - consumption
Definition - World rank and map
437.7 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
33 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
220 million kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
5,450 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
0.4 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
5,412 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
NA bbl
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$321 million (2007 est.)
Exports
Definition - World rank and map
$428 million f.o.b. (2006)
Exports - commodities
Definition
uranium ore, livestock, cowpeas, onions
Exports - partners
Definition
France 50.3%, Nigeria 23.3%, Russia 13.8% (2006)
Imports
Definition - World rank and map
$800 million f.o.b. (2006)
Imports - commodities
Definition
foodstuffs, machinery, vehicles and parts, petroleum, cereals
Imports - partners
Definition
France 15.4%, French Polynesia 8.5%, Nigeria 8.3%, Belgium 8.3%, US 6.7%, Cote d'Ivoire 5.5% (2006)
Debt - external
Definition - World rank and map
$2.1 billion (2003 est.)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$515.4 million (2005)
Currency (code)
Definition
Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States
Exchange rates
Definition
Communaute Financiere Africaine francs (XOF) per US dollar - 493.51 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)
note: since 1 January 1999, the XOF franc has been pegged to the euro at a rate of 655.957 XOF francs per euro
Fiscal year
Definition
calendar year


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