Economy - overview One of the poorest countries in the world, landlocked Burkina Faso has a high population density, few natural resources, and a fragile soil. About 90% of the population is engaged in (mainly subsistence) agriculture which is highly vulnerable to variations in rainfall. Industry remains dominated by unprofitable government-controlled corporations. Following the African franc currency devaluation in January 1994 the government updated its development program in conjunction with international agencies, and exports and economic growth have increased. Maintenance of its macroeconomic progress in 2000-2001 depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment.
GDP purchasing power parity - $12.4 billion (1999 est.)
GDP - real growth rate 5.5% (1999 est.)
GDP - per capita purchasing power parity - $1,100 (1999 est.)
GDP - composition by sector agriculture:36%
industry:20%
services:44% (1997)
Population below poverty line NA%
Household income or consumption by percentage share lowest 10%:NA%
highest 10%:NA%
Inflation rate (consumer prices) 2.5% (1999 est.)
Labor force 4.679 million (persons 10 years old and over, according to a sample survey taken in 1991)
note:a large part of the male labor force migrates annually to neighboring countries for seasonal employment
Labor force - by occupation agriculture NA%, industry NA%, services NA%
Unemployment rate NA%
Budget revenues:$277 million
expenditures:$492 million, including capital expenditures of $233 million (1995 est.)
Industries cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold
Industrial production growth rate 4.2% (1995)
Electricity - production 225 million kWh (1998)
Electricity - production by source fossil fuel:64.44%
hydro:35.56%
nuclear:0%
other:0% (1998)
Electricity - consumption 209 million kWh (1998)
Electricity - exports 0 kWh (1998)
Electricity - imports 0 kWh (1998)
Agriculture - products peanuts, shea nuts, sesame, cotton, sorghum, millet, corn, rice; livestock
Exports $311 million (f.o.b., 1998 est.)
Exports - commodities cotton, animal products, gold
Exports - partners Cote d'Ivoire, Taiwan, France, Colombia, Italy, Mali
Imports $572 million (f.o.b., 1998 est.)
Imports - commodities machinery, food products, petroleum
Imports - partners Cote d'Ivoire, France, Senegal, Togo, Nigeria, US
Debt - external $1.3 billion (1997)
Economic aid - recipient $484.1 million (1995)
Currency 1 Communaute Financiere Africaine franc (CFAF) = 100 centimes
Exchange rates Communaute Financiere Africaine francs (CFAF) per US$1 - 647.25 (January 2000), 615.70 (1999), 589.95 (1998), 583.67 (1997), 511.55 (1996), 499.15 (1995)
note:since 1 January 1999, the CFAF franc is pegged to the euro at a rate of 655.957 CFA francs per euro |
