Economy - overview:
Burkina Faso is a poor, landlocked country that depends on adequate rainfall. Irregular patterns of rainfall, poor soil, and the lack of adequate communications and other infrastructure contribute to the economy’s vulnerability to external shocks. About 80% of the population is engaged in subsistence farming and cotton is the main cash crop. The country has few natural resources and a weak industrial base.
Cotton and gold are Burkina Faso’s key exports - gold has accounted for about three-quarters of the country’s total export revenues. Burkina Faso’s economic growth and revenue depends largely on production levels and global prices for the two commodities. The country has seen an upswing in gold exploration, production, and exports.
In 2016, the government adopted a new development strategy, set forth in the 2016-2020 National Plan for Economic and Social Development, that aims to reduce poverty, build human capital, and to satisfy basic needs. A new three-year IMF program (2018-2020), approved in 2018, will allow the government to reduce the budget deficit and preserve critical spending on social services and priority public investments.
While the end of the political crisis has allowed Burkina Faso’s economy to resume positive growth, the country’s fragile security situation could put these gains at risk. Political insecurity in neighboring Mali, unreliable energy supplies, and poor transportation links pose long-term challenges.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita: Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - partners: Exports - commodities: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Exchange rates:
$35.85 billion
(2017 est.)
$33.69 billion
(2016 est.)
$31.81 billion
(2015 est.)
note: data are in 2017 dollars
country comparison to the world:
126
[see also: GDP country ranks ]
$12.57 billion
(2017 est.)
[see also: GDP (official exchange rate) country ranks ]
6.4%
(2017 est.)
5.9%
(2016 est.)
3.9%
(2015 est.)
country comparison to the world:
31
[see also: GDP - real growth rate country ranks ]
$1,900
(2017 est.)
$1,800
(2016 est.)
$1,800
(2015 est.)
note: data are in 2017 dollars
country comparison to the world:
211
[see also: GDP - per capita country ranks ]
9.3% of GDP
(2017 est.)
8.5% of GDP
(2016 est.)
5.3% of GDP
(2015 est.)
country comparison to the world:
164
[see also: Gross national saving country ranks ]
household consumption: 56.5%
(2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 23.9%
(2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 24.6%
(2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1%
(2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 28.4%
(2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -34.4%
(2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 31%
(2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 23.9%
(2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 44.9%
(2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
cotton, peanuts, shea nuts, sesame, sorghum, millet, corn, rice; livestock
cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold
10.4%
(2017 est.)
country comparison to the world:
14
[see also: Industrial production growth rate country ranks ]
8.501 million
(2016 est.)
note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment
country comparison to the world:
60
[see also: Labor force country ranks ]
agriculture: 90%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 10%
(2000 est.)
77%
(2004)
country comparison to the world:
218
[see also: Unemployment rate country ranks ]
40.1%
(2009 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 2.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 32.2%
(2009 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
39.5
(2007)
48.2
(1994)
country comparison to the world:
70
[see also: Distribution of family income - Gini index country ranks ]
revenues: 2.666 billion
(2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 3.655 billion
(2017 est.)
[see also: Budget - expenditures country ranks ]
21.2% (of GDP)
(2017 est.)
country comparison to the world:
143
[see also: Taxes and other revenues country ranks ]
-7.9% (of GDP)
(2017 est.)
country comparison to the world:
198
[see also: Budget surplus (+) or deficit (-) country ranks ]
38.1% of GDP
(2017 est.)
38.3% of GDP
(2016 est.)
country comparison to the world:
136
[see also: Public debt country ranks ]
calendar year
0.4%
(2017 est.)
-0.2%
(2016 est.)
country comparison to the world:
22
[see also: Inflation rate (consumer prices) country ranks ]
4.25%
(31 December 2010)
4.25%
(31 December 2009)
country comparison to the world:
88
[see also: Central bank discount rate country ranks ]
5.3%
(31 December 2017 est.)
5.3%
(31 December 2016 est.)
country comparison to the world:
141
[see also: Commercial bank prime lending rate country ranks ]
$3.357 billion
(31 December 2017 est.)
$2.602 billion
(31 December 2016 est.)
country comparison to the world:
119
[see also: Stock of narrow money country ranks ]
$3.357 billion
(31 December 2017 est.)
$2.602 billion
(31 December 2016 est.)
country comparison to the world:
124
[see also: Stock of broad money country ranks ]
$4.409 billion
(31 December 2017 est.)
$3.301 billion
(31 December 2016 est.)
country comparison to the world:
130
[see also: Stock of domestic credit country ranks ]
NA
[see also: Market value of publicly traded shares country ranks ]
-$1.019 billion
(2017 est.)
-$820 million
(2016 est.)
country comparison to the world:
143
[see also: Current account balance country ranks ]
$3.14 billion
(2017 est.)
$2.641 billion
(2016 est.)
country comparison to the world:
129
[see also: Exports country ranks ]
Switzerland 44.9%, India 15.6%, South Africa 11.3%, Cote dIvoire 4.9%
(2017)
gold, cotton, livestock
$3.305 billion
(2017 est.)
$2.827 billion
(2016 est.)
country comparison to the world:
145
[see also: Imports country ranks ]
capital goods, foodstuffs, petroleum
China 13.2%, Cote dIvoire 9.5%, US 8.2%, Thailand 8.1%, France 6.5%, Ghana 4.4%, Togo 4.4%, India 4.3%
(2017)
$49 million
(31 December 2017 est.)
$50.9 million
(31 December 2016 est.)
country comparison to the world:
186
[see also: Reserves of foreign exchange and gold country ranks ]
$3.056 billion
(31 December 2017 est.)
$2.88 billion
(31 December 2016 est.)
country comparison to the world:
142
[see also: Debt - external country ranks ]
Communaute Financiere Africaine francs (XOF) per US dollar -
605.3
(2017 est.)
593.01
(2016 est.)
593.01
(2015 est.)
591.45
(2014 est.)
494.42
(2013 est.)