Mali: Economy#
Among the 25 poorest countries in the world, Mali is a landlocked country that depends on gold mining and agricultural exports for revenue. The country's fiscal status fluctuates with gold and agricultural commodity prices and the harvest; cotton and gold exports make up around 80% of export earnings. Mali remains dependent on foreign aid.Economic activity is largely confined to the riverine area irrigated by the Niger River and about 65% of its land area is desert or semidesert. About 10% of the population is nomadic and about 80% of the labor force is engaged in farming and fishing. Industrial activity is concentrated on processing farm commodities. The government subsidizes the production of cereals to decrease the country’s dependence on imported foodstuffs and to reduce its vulnerability to food price shocks.
Mali is developing its iron ore extraction industry to diversify foreign exchange earnings away from gold, but the pace will largely depend on global price trends. Mali’s economic performance has improved since 2013 although physical insecurity, high population growth, corruption, weak infrastructure, and low levels of human capital remain hindrances to sustained growth.
Economic Facts#
| GDP (purchasing power parity) | $38.09 billion (2016 est.) $36.16 billion (2015 est.) $34.13 billion (2014 est.) note: data are in 2016 dollars |
|---|---|
| GDP (official exchange rate) | $14.1 billion (2015 est.) |
| GDP - real growth rate | 5.3% (2016 est.) 6% (2015 est.) 7% (2014 est.) |
| GDP - per capita (PPP) | $2,300 (2016 est.) $2,200 (2015 est.) $2,200 (2014 est.) note: data are in 2016 dollars |
| Gross national saving | 13.4% of GDP (2016 est.) 20.8% of GDP (2015 est.) 19.7% of GDP (2014 est.) |
| GDP - composition, by end use | household consumption: 71.1% government consumption: 17.6% investment in fixed capital: 17.3% investment in inventories: 0.1% exports of goods and services: 23.5% imports of goods and services: -29.6% (2016 est.) |
| GDP - composition, by sector of origin | agriculture: 41% industry: 18.6% services: 40.4% (2016 est.) |
| Agriculture - products | cotton, millet, rice, corn, vegetables, peanuts; cattle, sheep, goats |
| Industries | food processing; construction; phosphate and gold mining |
| Industrial production growth rate | 1.5% (2016 est.) |
| Labor force | 6.283 million (2016 est.) |
| Labor force - by occupation | agriculture: 80% industry and services: 20% (2005 est.) |
| Unemployment rate | 30% (2015 est.) 8.1% (2014 est.) |
| Population below poverty line | 36.1% (2005 est.) |
| Household income or consumption by percentage share | lowest 10%: 3.5% highest 10%: 25.8% (2010 est.) |
| Distribution of family income - Gini index | 40.1 (2001) 50.5 (1994) |
| Budget | revenues: $2.571 billion expenditures: $3.112 billion (2016 est.) |
| Taxes and other revenues | 18.2% of GDP (2016 est.) |
| Budget surplus (+) or deficit (-) | -3.8% of GDP (2016 est.) |
| Public debt | 27.3% of GDP (2016 est.) 25.9% of GDP (2015 est.) |
| Fiscal year | calendar year |
| Inflation rate (consumer prices) | -0.3% (2016 est.) 1.4% (2015 est.) |
| Central bank discount rate | 16% (31 December 2010) 4.25% (31 December 2009) |
| Commercial bank prime lending rate | 9.3% (31 December 2016 est.) 9.3% (31 December 2015 est.) |
| Stock of narrow money | $2.755 billion (31 December 2016 est.) $2.573 billion (31 December 2015 est.) |
| Stock of broad money | $4.132 billion (31 December 2016 est.) $3.715 billion (31 December 2015 est.) |
| Stock of domestic credit | $3.267 billion (31 December 2016 est.) $2.822 billion (31 December 2015 est.) |
| Market value of publicly traded shares | $NA |
| Current account balance | -$848 million (2016 est.) -$668 million (2015 est.) |
| Exports | $2.79 billion (2016 est.) $2.513 billion (2015 est.) |
| Exports - commodities | cotton, gold, livestock |
| Exports - partners | Switzerland 48.5%, China 9.4%, India 9.1%, Bangladesh 8%, Thailand 4.5%, Indonesia 4.4% (2015) |
| Imports | $2.904 billion (2016 est.) $2.744 billion (2015 est.) |
| Imports - commodities | petroleum, machinery and equipment, construction materials, foodstuffs, textiles |
| Imports - partners | Cote dIvoire 9.9%, France 9.5%, Senegal 7.7%, China 7% (2015) |
| Debt - external | $3.626 billion (31 December 2016 est.) $3.334 billion (31 December 2015 est.) |
| Stock of direct foreign investment - at home | $2.645 billion (31 December 2016 est.) $2.48 billion (31 December 2015 est.) |
| Stock of direct foreign investment - abroad | $57.48 million (31 December 2016 est.) $49.48 million (31 December 2015 est.) |
| Exchange rates | Communaute Financiere Africaine francs (XOF) per US dollar - 605.7 (2016 est.) 591.16 (2015 est.) 591.16 (2014 est.) 494.42 (2013 est.) 510.53 (2012 est.) |