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. 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 - $13.6 billion (2002 est.)
GDP - real growth rate:
4.5% (2002 est.)
GDP - per capita:
purchasing power parity - $1,080 (2002 est.)
GDP - composition by sector:
agriculture: 35%
industry: 17%
services: 48% (2001)
Population below poverty line:
45% (2001 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):
3.5% (2001 est.)
Labor force:
5 million
note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment (2002)
Labor force - by occupation:
agriculture 90% (2000 est.)
Unemployment rate:
NA%
Budget:
revenues: $316 million
expenditures: $NA, including capital expenditures of $NA (2001)
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)
Agriculture - products:
cotton, peanuts, shea nuts, sesame, sorghum, millet, corn, rice; livestock
Exports:
$250 million f.o.b. (2002 est.)
Exports - commodities:
cotton, livestock, gold
Exports - partners:
Singapore 14.9%, Italy 13.8%, France 7.3% (2001)
Imports:
$525 million f.o.b. (2002 est.)
Imports - commodities:
capital goods, foodstuffs, petroleum
Imports - partners:
Cote d'Ivoire 29.6%, France 24.3%, Nigeria 3.7%, Italy 3.4% (2001)
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 - 696.988 (2002), 733.039 (2001), 711.976 (2000), 615.699 (1999), 589.952 (1998)
Fiscal year:
calendar year
NOTE: The information regarding Burkina Faso on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Burkina Faso Economy 2003 should be addressed to the CIA.
