unbekannter Gast

Burkina Faso: Economy#

Burkina Faso is a poor, landlocked country that depends on adequate rainfall. About 90% of the population is engaged in subsistence agriculture and cotton is the main cash crop. The country has few natural resources and a weak industrial base. Cotton and gold are key exports. Since 1998, Burkina Faso has begun to privatize state-owned enterprises and in 2004 revised its investment code to attract foreign investment. As a result, the country has seen an upswing in gold exploration, production, and export. The Burkinabe economy experienced high levels of growth over the last few years but growth is highly dependent on swings in gold and cotton prices. In 2013 Burkina Faso experienced a number of public protests over the cost of living, corruption, and other socioeconomic issues. To defuse tensions the government has offered higher housing bonuses, reduced income taxes, and price controls. Turmoil in neighboring Mali, unreliable energy supplies, and poor transportation links pose longer-term challenges.

Economic Facts#

GDP (purchasing power parity)$26.51 billion (2013 est.)
$24.9 billion (2012 est.)
$22.85 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate6.5% (2013 est.)
9% (2012 est.)
5% (2011 est.)
GDP - per capita (PPP)$1,500 (2013 est.)
$1,400 (2012 est.)
$1,300 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 33.6%
industry: 23.6%
services: 42.8% (2013 est.)
Population below poverty line46.7% (2009 est.)
Household income or consumption by percentage sharelowest 10%: 2.9%
highest 10%: 32.2% (2009 est.)
Labor force - by occupationagriculture: 90%
industry and services: 10% (2000 est.)
Exports - commoditiesgold, cotton, livestock
Exports - partnersChina 25.9%, Turkey 24.8%, Belgium 5.2% (2012)
Agriculture - productscotton, peanuts, shea nuts, sesame, sorghum, millet, corn, rice; livestock
Budgetrevenues: $2.838 billion
expenditures: $3.228 billion (2013 est.)
Imports - commoditiescapital goods, foodstuffs, petroleum
Imports - partnersCote dIvoire 17.6%, France 15.2%, Ghana 4.8%, Togo 4.4% (2012)
Exchange ratesCommunaute Financiere Africaine francs (XOF) per US dollar -
500.7 (2013 est.)
510.53 (2012 est.)
495.28 (2010 est.)
472.19 (2009)
447.81 (2008)
Exports$2.844 billion (2013 est.)
$2.746 billion (2012 est.)
Debt - external$2.863 billion (31 December 2013 est.)
$2.607 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$2.941 billion (2013 est.)
$2.675 billion (2012 est.)
Industrial production growth rate6.5% (2013 est.)
Industriescotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold
Inflation rate (consumer prices)2.1% (2013 est.)
3.8% (2012 est.)
Labor force6.668 million
note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment (2007)
Unemployment rate77% (2004)
Distribution of family income - Gini index39.5 (2007)
48.2 (1994)
Current account balance-$364.9 million (2013 est.)
-$247.6 million (2012 est.)
Reserves of foreign exchange and gold$1.115 billion (31 December 2013 est.)
$1.025 billion (31 December 2012 est.)
GDP (official exchange rate)$12.13 billion (2013 est.)
Market value of publicly traded shares$NA
Central bank discount rate4.25% (31 December 2010 est.)
4.25% (31 December 2009 est.)
Commercial bank prime lending rateNA%
Stock of domestic credit$2.711 billion (31 December 2013 est.)
$2.123 billion (31 December 2012 est.)
Stock of narrow money$2.22 billion (31 December 2013 est.)
$1.845 billion (31 December 2012 est.)
Stock of broad money$4.211 billion (31 December 2013 est.)
$3.343 billion (31 December 2012 est.)
Taxes and other revenues23.4% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-3.2% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 55.2%
government consumption: 16.9%
investment in fixed capital: 18.3%
investment in inventories: 0.2%
exports of goods and services: 34.4%
imports of goods and services: -25%
(2013 est.)
Gross national saving12.2% of GDP (2013 est.)
14.1% of GDP (2012 est.)
16.6% of GDP (2011 est.)