Economy Of Burkina Faso - Burkina Faso Information

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Economy Of Burkina Faso
Burkina Faso Information - Country Guides

Economy overview	One of the poorest countries in the world, landlocked Burkina Faso has few natural resources, a fragile soil, and a highly unequal distribution of income. About 90% of the population is engaged in (mainly subsistence) agriculture, which is vulnerable to variations in rainfall. Cotton is the key crop. Industry remains dominated by unprofitable government-controlled corporations. Following the African franc currency devaluation in January 1994 the government updated its development program in conjunction with international agencies, and exports and economic growth have increased. Maintenance of macroeconomic progress depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment. The internal crisis in neighboring Cote d'Ivoire continues to hurt trade and industrial prospects and deepens the need for international assistance.
GDP	purchasing power parity - $14.55 billion (2004 est.)
GDP - real growth rate	5.2% (2004 est.)
GDP - per capita	purchasing power parity - $1,100 (2004 est.)
GDP - composition by sector	agriculture: 39.8% industry: 19.6% services: 40.5% (2004 est.)
Investment gross fixed	29% of GDP (2004 est.)
Population below poverty line	45% (2003 est.)
Household income or consumption by percentage share	lowest 10%: 2% highest 10%: 46.8% (1994)
Distribution of family income - Gini index	48.2 (1994)
Inflation rate consumer prices	1.9% (2004 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% (2000 est.)
Unemployment rate	NA
Budget	revenues: $599.8 million expenditures: $748.8 million na, including capital expenditures of na (2004 est.)
Public debt
Agriculture products	cotton, peanuts, shea nuts, sesame, sorghum, millet, corn, rice; livestock
Industries	cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold
Industrial production growth rate	14% (2001 est.)
Electricity production	279.2 million kWh (2001)
Electricity production by source	fossil fuel: 69.9% hydro: 30.1% other: 0% (2001) nuclear: 0%
Electricity consumption	259.6 million kWh (2001)
Electricity exports	0 kWh (2001)
Electricity imports	0 kWh (2001)
Oil production	0 bbl/day (2001 est.)
Oil consumption	8,000 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves
Natural gas production
Natural gas consumption
Natural gas exports
Natural gas imports
Natural gas proved reserves
Current account balance	$-341 million (2004 est.)
Exports	$293 million f.o.b. (2004 est.)
Exports commodities	cotton, livestock, gold
Exports partners	Singapore 12.8%, China 11.6%, Thailand 8%, Italy 6.4%, India 6%, Colombia 5.2%, Ghana 5.2%, France 4.8%, Niger 4% (2003)
Imports	$633.6 million f.o.b. (2003 est.)
Imports commodities	capital goods, foodstuffs, petroleum
Imports partners	France 31.2%, Cote d'Ivoire 14.6%, Togo 9%, Belgium 5% (2003)
Reserves of foreign exchange gold	$379 million (2004 est.)
Debt external	$1.3 billion (2000)
Economic aid recipient	$484.1 million (1995)
Currency	Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States
Currency code	XOF
Exchange rates	Communaute Financiere Africaine francs (XOF) per US dollar - 581.2 (2003), 696.988 (2002), 733.039 (2001), 711.976 (2000), 615.699 (1999)
Fiscal year	calendar year

Burkinabe Flag Map Of Burkina Faso

Economy Of Burkina FasoBurkina Faso Information - Country Guides

Economy Of Burkina Faso
Burkina Faso Information - Country Guides