Burkina Faso: Economy#
Burkina Faso is a poor, landlocked country that depends on adequate rainfall. 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 on global prices for the two commodities. The Burkinabe economy experienced high levels of growth over the last few years, and the country has seen an upswing in gold exploration, production, and exports.
Burkina Faso experienced a number of public protests over the high cost of living, corruption, and other socioeconomic issues in 2013, while the fall of the COMPAORE government in 2014 and failed coup in September 2015 disrupted economic activity and strained government finances. A new three-year IMF program was approved in 2013 to focus on improving the quality of public investment and ensuring inclusive growth. Political insecurity in neighboring Mali, unreliable energy supplies, and poor transportation links pose long-term challenges.
Economic Facts#
| GDP (purchasing power parity) | $32.99 billion (2016 est.) $31.35 billion (2015 est.) $30.14 billion (2014 est.) note: data are in 2016 dollars |
|---|---|
| GDP (official exchange rate) | $12.01 billion (2015 est.) |
| GDP - real growth rate | 5.2% (2016 est.) 4% (2015 est.) 4% (2014 est.) |
| GDP - per capita (PPP) | $1,800 (2016 est.) $1,800 (2015 est.) $1,700 (2014 est.) note: data are in 2016 dollars |
| Gross national saving | 8.2% of GDP (2016 est.) 7.7% of GDP (2015 est.) 11.7% of GDP (2014 est.) |
| GDP - composition, by end use | household consumption: 45.1% government consumption: 22% investment in fixed capital: 28.7% investment in inventories: 0.7% exports of goods and services: 34.5% imports of goods and services: -31% (2016 est.) |
| GDP - composition, by sector of origin | agriculture: 32.5% industry: 21.8% services: 45.7% (2016 est.) |
| Agriculture - products | cotton, peanuts, shea nuts, sesame, sorghum, millet, corn, rice; livestock |
| Industries | cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold |
| Industrial production growth rate | 4.2% (2016 est.) |
| Labor force | 7.692 million note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment (2013 est.) |
| Labor force - by occupation | agriculture: 90% industry and services: 10% (2000 est.) |
| Unemployment rate | 77% (2004) |
| Population below poverty line | 46.7% (2009 est.) |
| Household income or consumption by percentage share | lowest 10%: 2.9% highest 10%: 32.2% (2009 est.) |
| Distribution of family income - Gini index | 39.5 (2007) 48.2 (1994) |
| Budget | revenues: $2.442 billion expenditures: $2.779 billion (2016 est.) |
| Taxes and other revenues | 20.3% of GDP (2016 est.) |
| Budget surplus (+) or deficit (-) | -2.8% of GDP (2016 est.) |
| Fiscal year | calendar year |
| Inflation rate (consumer prices) | 1.4% (2016 est.) 1% (2015 est.) |
| Central bank discount rate | 4.25% (31 December 2010) 4.25% (31 December 2009) |
| Commercial bank prime lending rate | NA% (31 December 2014 est.) |
| Stock of narrow money | $2.348 billion (31 December 2016 est.) $2.124 billion (31 December 2015 est.) |
| Stock of broad money | $4.387 billion (31 December 2016 est.) $4 billion (31 December 2015 est.) |
| Stock of domestic credit | $3.421 billion (31 December 2016 est.) $3.192 billion (31 December 2015 est.) |
| Market value of publicly traded shares | $NA |
| Current account balance | -$723 million (2016 est.) -$706 million (2015 est.) |
| Exports | $2.771 billion (2016 est.) $2.515 billion (2015 est.) |
| Exports - commodities | gold, cotton, livestock |
| Exports - partners | Switzerland 53.3%, India 14.5% (2015) |
| Imports | $2.872 billion (2016 est.) $2.863 billion (2015 est.) |
| Imports - commodities | capital goods, foodstuffs, petroleum |
| Imports - partners | Cote dIvoire 23.1%, France 11.1%, Togo 7.5%, China 4.8%, Ghana 4.6% (2015) |
| Reserves of foreign exchange and gold | $333.4 million (31 December 2016 est.) $259.6 million (31 December 2015 est.) |
| Debt - external | $3.092 billion (31 December 2016 est.) $2.669 billion (31 December 2015 est.) |
| Exchange rates | Communaute Financiere Africaine francs (XOF) per US dollar - 605.7 (2016 est.) 591.45 (2015 est.) 591.45 (2014 est.) 494.42 (2013 est.) 510.53 (2012 est.) |