Burkina Faso Economy - 2021


SOURCE: 2021 CIA WORLD FACTBOOK

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Economic 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.

Real GDP growth rate

6.4% (2017 est.)

5.9% (2016 est.)

3.9% (2015 est.)

country comparison to the world: 24

Inflation rate (consumer prices)

-3.2% (2019 est.)

1.9% (2018 est.)

1.4% (2017 est.)

country comparison to the world: 1

Credit ratings

Standard & Poors rating: B (2017)

Real GDP (purchasing power parity)

$44.266 billion (2019 est.)

$41.879 billion (2018 est.)

$39.238 billion (2017 est.)

note: data are in 2010 dollars

country comparison to the world: 119

GDP (official exchange rate)

$14.271 billion (2018 est.)

Real GDP per capita

$2,178 (2019 est.)

$2,120 (2018 est.)

$2,044 (2017 est.)

note: data are in 2010 dollars

country comparison to the world: 212

Gross national saving

17.4% of GDP (2018 est.)

14.8% of GDP (2017 est.)

8.5% of GDP (2016 est.)

country comparison to the world: 126

GDP - composition, by sector of origin

agriculture: 31% (2017 est.)

industry: 23.9% (2017 est.)

services: 44.9% (2017 est.)

GDP - composition, by end use

household consumption: 56.5% (2017 est.)

government consumption: 23.9% (2017 est.)

investment in fixed capital: 24.6% (2017 est.)

investment in inventories: 1% (2017 est.)

exports of goods and services: 28.4% (2017 est.)

imports of goods and services: -34.4% (2017 est.)

Ease of Doing Business Index scores

Overall score: 51.4 (2020)

Starting a Business score: 88.2 (2020)

Trading score: 66.6 (2020)

Enforcement score: 41.1 (2020)

Agricultural products

sorghum, maize, millet, cotton, cow peas, sugar cane, groundnuts, rice, sesame seed, vegetables

Industries

cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold

Industrial production growth rate

10.4% (2017 est.)

country comparison to the world: 14

Labor force

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: 57

Labor force - by occupation

agriculture: 90%

industry and services: 10% (2000 est.)

Unemployment rate

77% (2004)

country comparison to the world: 219

Population below poverty line

41.4% (2018 est.)

Gini Index coefficient - distribution of family income

35.3 (2014 est.)

48.2 (1994)

country comparison to the world: 103

Household income or consumption by percentage share

lowest 10%: 2.9%

highest 10%: 32.2% (2009 est.)

Budget

revenues: 2.666 billion (2017 est.)

expenditures: 3.655 billion (2017 est.)

Taxes and other revenues

21.2% (of GDP) (2017 est.)

country comparison to the world: 143

Budget surplus (+) or deficit (-)

-7.9% (of GDP) (2017 est.)

country comparison to the world: 198

Public debt

38.1% of GDP (2017 est.)

38.3% of GDP (2016 est.)

country comparison to the world: 136

Fiscal year

calendar year

Current account balance

-$1.019 billion (2017 est.)

-$820 million (2016 est.)

country comparison to the world: 146

Exports

$3.902 billion (2018 est.)

$3.954 billion (2017 est.)

country comparison to the world: 125

Exports - partners

Switzerland 59%, India 21% (2019)

Exports - commodities

gold, cotton, zinc, cashews, sesame seeds, (2019)

Imports

$5.294 billion (2019 est.)

$5.381 billion (2018 est.)

$5.3 billion (2017 est.)

country comparison to the world: 135

Imports - partners

Cote d'Ivoire 15%, China 9%, Ghana 8%, France 8%, India 6%, United States 5% (2019)

Imports - commodities

refined petroleum, delivery trucks, packaged medicines, electricity, aircraft (2019)

Reserves of foreign exchange and gold

$49 million (31 December 2017 est.)

$50.9 million (31 December 2016 est.)

country comparison to the world: 186

Debt - external

$3.056 billion (31 December 2017 est.)

$2.88 billion (31 December 2016 est.)

country comparison to the world: 143

Exchange rates

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.)

NOTE: The information regarding Burkina Faso on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Burkina Faso 2021 information contained here. All suggestions for corrections of any errors about Burkina Faso 2021 should be addressed to the CIA or the source cited on each page.

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