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.
6.4% (2017 est.)
5.9% (2016 est.)
3.9% (2015 est.)
-3.2% (2019 est.)
1.9% (2018 est.)
1.4% (2017 est.)
Standard & Poors rating: B (2017)
$44.266 billion (2019 est.)
$41.879 billion (2018 est.)
$39.238 billion (2017 est.)
note: data are in 2010 dollars
$14.271 billion (2018 est.)
$2,178 (2019 est.)
$2,120 (2018 est.)
$2,044 (2017 est.)
note: data are in 2010 dollars
17.4% of GDP (2018 est.)
14.8% of GDP (2017 est.)
8.5% of GDP (2016 est.)
agriculture: 31% (2017 est.)
industry: 23.9% (2017 est.)
services: 44.9% (2017 est.)
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.)
Overall score: 51.4 (2020)
Starting a Business score: 88.2 (2020)
Trading score: 66.6 (2020)
Enforcement score: 41.1 (2020)
sorghum, maize, millet, cotton, cow peas, sugar cane, groundnuts, rice, sesame seed, vegetables
cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold
10.4% (2017 est.)
8.501 million (2016 est.)
note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment
agriculture: 90%
industry and services: 10% (2000 est.)
77% (2004)
41.4% (2018 est.)
35.3 (2014 est.)
48.2 (1994)
lowest 10%: 2.9%
highest 10%: 32.2% (2009 est.)
revenues: 2.666 billion (2017 est.)
expenditures: 3.655 billion (2017 est.)
21.2% (of GDP) (2017 est.)
-7.9% (of GDP) (2017 est.)
38.1% of GDP (2017 est.)
38.3% of GDP (2016 est.)
calendar year
-$1.019 billion (2017 est.)
-$820 million (2016 est.)
$3.902 billion (2018 est.)
$3.954 billion (2017 est.)
Switzerland 59%, India 21% (2019)
gold, cotton, zinc, cashews, sesame seeds, (2019)
$5.294 billion (2019 est.)
$5.381 billion (2018 est.)
$5.3 billion (2017 est.)
Cote d'Ivoire 15%, China 9%, Ghana 8%, France 8%, India 6%, United States 5% (2019)
refined petroleum, delivery trucks, packaged medicines, electricity, aircraft (2019)
$49 million (31 December 2017 est.)
$50.9 million (31 December 2016 est.)
$3.056 billion (31 December 2017 est.)
$2.88 billion (31 December 2016 est.)
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.
This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.