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Burkina Faso:
Economy

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Burkina Faso Page


Economy - overview
Definition
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. In 2007 higher costs for energy and imported foodstuffs, as well as low cotton prices, dampened a GDP growth rate that had averaged 6% in the last 10 years. Burkina Faso received a Millennium Challenge Account threshold grant to improve girls' education at the primary school level, and appears likely to receive a grant in the areas of infrastructure, agriculture, and land reform.
GDP (purchasing power parity)
Definition - World rank and map
$17.2 billion (2007 est.)
GDP (official exchange rate)
Definition
$6.977 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
4.2% (2007 est.)
GDP - per capita
Definition - World rank and map
$1,300 (2007 est.)
GDP - composition by sector
Definition
agriculture: 29.7%
industry: 19.4%
services: 50.9% (2007 est.)
Labor force
Definition
5 million
note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment (2003)
Labor force - by occupation
Definition
agriculture: 90%
industry and services: 10% (2000 est.)
Unemployment rate
Definition - World rank and map
77% (2004)
Population below poverty line
Definition
46.4% (2004)
Household income or consumption by percentage share
Definition
lowest 10%: 2.8%
highest 10%: 32.2% (2004)
Distribution of family income - Gini index
Definition - World rank and map
39.5 (2007)
Inflation rate (consumer prices)
Definition - World rank and map
-0.2% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
17.6% of GDP (2007 est.)
Budget
Definition
revenues: $1.49 billion
expenditures: $1.95 billion (2007 est.)
Agriculture - products
Definition
cotton, peanuts, shea nuts, sesame, sorghum, millet, corn, rice; livestock
Industries
Definition
cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold
Industrial production growth rate
Definition - World rank and map
5.2% (2007 est.)
Electricity - production
Definition - World rank and map
516.2 million kWh (2005)
Electricity - consumption
Definition - World rank and map
480.1 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
31.5 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005)
Oil - consumption
Definition - World rank and map
8,300 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
0.5 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
8,158 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
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
-$688 million (2007)
Exports
Definition - World rank and map
$676 million f.o.b. (2007 est.)
Exports - commodities
Definition
cotton, livestock, gold
Exports - partners
Definition
China 33.3%, Singapore 15.3%, Thailand 7%, Ghana 6.3%, Niger 4.7% (2006)
Imports
Definition - World rank and map
$1.332 billion f.o.b. (2007 est.)
Imports - commodities
Definition
capital goods, foodstuffs, petroleum
Imports - partners
Definition
Cote d'Ivoire 25.7%, France 20.5%, Togo 7.1%, Belgium 4% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$1.029 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$1.33 billion (2007)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$659.6 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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