Economy of Burkina Faso
| 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): | $18.76 billion (2006 est.) |
| GDP (official exchange rate): | $5.832 billion (2006 est.) |
| GDP - real growth rate: | 6.5% (2006 est.) |
| GDP - per capita (PPP): | $1,300 (2006 est.) |
| GDP - composition by sector: | agriculture: 32.6% industry: 19.7% services: 47.7% (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: | 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 (1998) |
| Inflation rate (consumer prices): | 4% (2006 est.) |
| Investment (gross fixed): | 20.5% of GDP (2006 est.) |
| Budget: | revenues: $1.158 billion expenditures: $1.714 billion; including capital expenditures of $NA (2006 est.) |
| 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: | 400 million kWh (2004) |
| Electricity - production by source: | fossil fuel: 69.9% hydro: 30.1% nuclear: 0% other: 0% (2001) |
| Electricity - consumption: | 372 million kWh (2004) |
| Electricity - exports: | 0 kWh (2004) |
| Electricity - imports: | 0 kWh (2004) |
| 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 |
| Natural gas - production: | 0 cu m (2004 est.) |
| Natural gas - consumption: | 0 cu m (2004 est.) |
| Current account balance: | -$604.6 million (2006 est.) |
| Exports: | $543.5 million f.o.b. (2006 est.) |
| Exports - commodities: | cotton, livestock, gold |
| Exports - partners: | China 40.4%, Singapore 13.9%, Ghana 5.7%, Taiwan 4.9%, Thailand 4.7%, Niger 4.2% (2006) |
| Imports: | $1.016 billion f.o.b. (2006 est.) |
| Imports - commodities: | capital goods, foodstuffs, petroleum |
| Imports - partners: | Cote d'Ivoire 25.4%, France 22.3%, Togo 7% (2006) |
| Reserves of foreign exchange and gold: | $1.328 billion (2006 est.) |
| Debt - external: | $1.85 billion (2003) |
| Economic aid - recipient: | $468.4 million (2003) |
| Currency (code): | 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 - 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003), 696.99 (2002) |
| Fiscal year: | calendar year |