Burkina Faso Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

highly agrarian, low-income economy; limited natural resources; widespread poverty; terrorism disrupting potential economic activity; improving trade balance via increases in gold exports; economy inflating after prior deflation; growing public debt but still manageable

Real GDP (purchasing power parity)

$48.175 billion (2021 est.)

$45.063 billion (2020 est.)

$44.209 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

6.91% (2021 est.)

1.93% (2020 est.)

5.69% (2019 est.)

Real GDP per capita

$2,200 (2021 est.)

$2,100 (2020 est.)

$2,100 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$14.271 billion (2018 est.)

Inflation rate (consumer prices)

3.65% (2021 est.)

1.88% (2020 est.)

-3.23% (2019 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

8.73% (2021 est.)

Labor force

8.016 million (2021 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

4.76% (2021 est.)

4.89% (2020 est.)

4.69% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 7.7%

male: 7.5%

female: 8% (2021 est.)

Population below poverty line

41.4% (2018 est.)

Gini Index coefficient - distribution of family income

47.3 (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.9%

highest 10%: 32.2% (2009 est.)

Budget

revenues: $3.212 billion (2019 est.)

expenditures: $3.757 billion (2019 est.)

Budget surplus (+) or deficit (-)

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

Public debt

72.53% of GDP (2020 est.)

46.64% of GDP (2019 est.)

45.57% of GDP (2018 est.)

Taxes and other revenues

13.28% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$743.232 million (2020 est.)

-$523.837 million (2019 est.)

-$664.797 million (2018 est.)

Exports

$5.356 billion (2020 est.)

$4.468 billion (2019 est.)

$4.511 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 (2021)

Imports

$4.779 billion (2020 est.) note: data are in current year dollars

$5.023 billion (2019 est.) note: data are in current year dollars

$5.167 billion (2018 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 -

554.531 (2021 est.)

575.586 (2020 est.)

585.911 (2019 est.)

555.446 (2018 est.)

580.657 (2017 est.)

NOTE: The information regarding Burkina Faso on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Burkina Faso 2023 information contained here. All suggestions for corrections of any errors about Burkina Faso 2023 should be addressed to the CIA or the source cited on each page.