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Burkina Economy 1996

Overview:

One of the poorest countries in the world, Burkina has a high population density and a high population growth rate, few natural resources, and a fragile soil. Economic development is hindered by a poor communications network within a landlocked country. Agriculture provides about 40% of GDP and is mainly of a subsistence nature. Industry, dominated by unprofitable government-controlled corporations, accounts for about 15% of GDP. Following the 50% currency devaluation in January 1994, the government updated its development program in conjunction with international agencies. Even with the best of plans, however, the government faces formidable problems on all sides.

National product:

GDP - purchasing power parity - $6.5 billion (1993 est.)

National product real growth rate:

0.4% (1993 est.)

National product per capita:

$660 (1993 est.)

Inflation rate (consumer prices):

-0.6% (1993 est.)

Unemployment rate:

NA%

Budget:

revenues:

$483 million

expenditures:

$548 million, including capital expenditures of $189 million (1992)

Exports:

$273 million (f.o.b., 1993)

commodities:

cotton, gold, animal products

partners:

EC 42%, Cote d'Ivoire 11%, Taiwan 15% (1992)

Imports:

$636 million (f.o.b., 1993)

commodities:

machinery, food products, petroleum

partners:

EC 49%, Africa 24%, Japan 6% (1992)

External debt:

$865 million (December 1991 est.)

Industrial production:

growth rate 6.7% (1992); accounts for about 15% of GDP

Electricity:

capacity:

60,000 kW

production:

190 million kWh

consumption per capita:

17 kWh (1993)

Industries:

cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold mining and extraction

Agriculture:

accounts for about 40% of GDP; cash crops - peanuts, shea nuts, sesame, cotton; food crops - sorghum, millet, corn, rice; livestock; not self-sufficient in food grains

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-89), $294 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $2.9 billion; Communist countries (1970-89), $113 million

Currency:

1 CFA franc (CFAF) = 100 centimes

Exchange rates:

CFA francs (CFAF) per US$1 - 529.43 (January 1995), 555.20 (1995), 283.16 (1993), 264.69 (1992), 282.11 (1991), 272.26 (1990)

note:

beginning 12 January 1994 the CFA franc was devalued to CFAF 100 per French franc from CFAF 50 at which it had been fixed since 1948

Fiscal year:

calendar year

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