Burkina Faso Economy - 2022

GEOGRAPHICAL NAMES 

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 (purchasing power parity)

$45.16 billion (2020 est.)

$44.27 billion (2019 est.)

$41.88 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

6.4% (2017 est.)

5.9% (2016 est.)

3.9% (2015 est.)

Real GDP per capita

$2,200 (2020 est.)

$2,200 (2019 est.)

$2,100 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$14.271 billion (2018 est.)

Inflation rate (consumer prices)

-3.2% (2019 est.)

1.9% (2018 est.)

1.4% (2017 est.)

Credit ratings

Standard & Poors rating: B (2017)

note: The year refers to the year in which the current credit rating was first obtained.

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.)

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.)

Labor force

8.501 million (2016 est.)

note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment

Labor force - by occupation

agriculture: 90%

industry and services: 10% (2000 est.)

Unemployment rate

77% (2004)

Youth unemployment rate (ages 15-24)

total: 8.6%

male: 8.9%

female: 8.4% (2018)

Population below poverty line

41.4% (2018 est.)

Gini Index coefficient - distribution of family income

35.3 (2014 est.)

48.2 (1994)

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.)

Budget surplus (+) or deficit (-)

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

Public debt

38.1% of GDP (2017 est.)

38.3% of GDP (2016 est.)

Taxes and other revenues

21.2% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$1.019 billion (2017 est.)

-$820 million (2016 est.)

Exports

$4.47 billion (2019 est.)

$4.51 billion (2018 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

Switzerland 59%, India 21% (2019)

Exports - commodities

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

Imports

$5.02 billion (2019 est.) note: data are in current year dollars

$5.17 billion (2018 est.) note: data are in current year dollars

$5.3 billion (2017 est.)

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.)

Debt - external

$3.056 billion (31 December 2017 est.)

$2.88 billion (31 December 2016 est.)

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 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Burkina Faso 2022 information contained here. All suggestions for corrections of any errors about Burkina Faso 2022 should be addressed to the CIA or the source cited on each page.