Burkina Faso:
Economy

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Other pages in this profile of Burkina Faso:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


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 for improved access to Western markets. GDP growth has largely been driven by increases in world cotton prices. Industry remains dominated by unprofitable government-controlled corporations. Following the CFA franc currency devaluation in January 1994, the government updated its development program in conjunction with international agencies; exports and economic growth have increased. The government devolved macroeconomic policy and inflation targeting to the West African regional central bank (BCEAO), but maintains control over fiscal and microeconomic policies, including implementing reforms to encourage private investment. The bitter internal crisis in neighboring Cote d'Ivoire continues to hurt trade and industrial prospects and deepens the need for international assistance. Burkina Faso is eligible for a Millennium Challenge Account grant, which would increase investment in the country's human capital.
GDP (purchasing power parity)	$18.94 billion (2006 est.)
GDP (official exchange rate)	$5.886 billion (2006 est.)
GDP - real growth rate	6.4% (2006 est.)
GDP - per capita	$1,400 (2006 est.)
GDP - composition by sector	agriculture: 30% industry: 19% services: 51% (2006 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% industry and services: 10% (2000 est.)
Unemployment rate	NA%
Population below poverty line	46.4% (2003)
Household income or consumption by percentage share	lowest 10%: 2.8% highest 10%: 32.2% (2003)
Distribution of family income - Gini index	39.5 (2003)
Inflation rate (consumer prices)	2.3% (2006 est.)
Investment (gross fixed)	21.5% of GDP (2006 est.)
Budget	revenues: $1.088 billion expenditures: $1.36 billion (2006 est.)
Agriculture - products	cotton, peanuts, shea nuts, sesame, sorghum, millet, corn, rice; livestock
Industries	cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold
Electricity - production	516.2 million kWh (2005)
Electricity - consumption	480.1 million kWh (2005)
Electricity - exports	0 kWh (2005)
Electricity - imports	0 kWh (2005)
Oil - production	0 bbl/day (2004)
Oil - consumption	8,200 bbl/day (2004 est.)
Oil - exports	NA bbl/day
Oil - imports	NA bbl/day
Oil - proved reserves	0 bbl (1 January 2006)
Natural Gas - production	0 cu m (2005 est.)
Natural Gas - consumption	0 cu m (2005 est.)
Current account balance	$-629 million (2006 est.)
Exports	$606 million f.o.b. (2006 est.)
Exports - commodities	cotton, livestock, gold
Exports - partners	China 41.9%, Singapore 14.4%, Ghana 5.9%, Thailand 4.9%, Niger 4.4% (2006)
Imports	$1.188 billion f.o.b. (2006 est.)
Imports - commodities	capital goods, foodstuffs, petroleum
Imports - partners	Cote d'Ivoire 22.9%, France 20.1%, Zimbabwe 11.4%, Togo 6.3% (2006)
Reserves of foreign exchange and gold	$554.9 million (2006 est.)
Debt - external	$1.85 billion (2003)
Economic aid - recipient	$659.6 million (2005)
Currency (code)	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 - 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003), 696.99 (2002)
Fiscal year	calendar year

Burkina Faso: Economy

Burkina Faso:
Economy