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    Burkina Faso Index 2006

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    Burkina Faso Economy - 2006
    http://www.theodora.com/wfbcurrent/burkina_faso/burkina_faso_economy.html
    SOURCE: 2006 CIA WORLD FACTBOOK

      Economy - overview:
      One of the poorest countries in the world, landlocked Burkina Faso has few natural resources and a weak industrial base. About 90% of the population is engaged in subsistence agriculture, which is vulnerable to harsh climatic conditions. Cotton is the key crop and the government has joined with other cotton producing countries in the region to lobby for improved access to Western markets. GDP growth has largely been driven by increases in world cotton prices. Industry remains dominated by unprofitable government-controlled corporations. Following the CFA franc currency devaluation in January 1994, the government updated its development program in conjunction with international agencies; exports and economic growth have increased. The government devolved macroeconomic policy and inflation targeting to the West African regional central bank (BCEAO), but maintains control over fiscal and microeconomic policies, including implementing reforms to encourage private investment. The bitter internal crisis in neighboring Cote d'Ivoire continues to hurt trade and industrial prospects and deepens the need for international assistance.

      GDP (purchasing power parity):
      $16.83 billion (2005 est.)

      GDP (official exchange rate):
      $5.394 billion (2005 est.)

      GDP - real growth rate:
      4.5% (2005 est.)

      GDP - per capita (PPP):
      $1,200 (2005 est.)

      GDP - composition by sector:
      agriculture: 39.5%
      industry: 19.3%
      services: 41.3% (2004 est.)

      Labor force:
      5 million
      note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment (2003)

      Labor force - by occupation:
      agriculture: 90%
      industry and services: 10% (2000 est.)

      Unemployment rate:
      NA%

      Population below poverty line:
      45% (2003 est.)

      Household income or consumption by percentage share:
      lowest 10%: 2%
      highest 10%: 46.8% (1994)

      Distribution of family income - Gini index:
      48.2 (1998)

      Inflation rate (consumer prices):
      3% (2005 est.)

      Investment (gross fixed):
      20.3% of GDP (2005 est.)

      Budget:
      revenues: $1.033 billion
      expenditures: $1.382 billion; including capital expenditures of $NA (2005 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:
      14% (2001 est.)

      Electricity - production:
      375.6 million kWh (2003)

      Electricity - consumption:
      349.3 million kWh (2003)

      Electricity - exports:
      0 kWh (2003)

      Electricity - imports:
      0 kWh (2003)

      Oil - production:
      0 bbl/day (2003)

      Oil - consumption:
      8,000 bbl/day (2003 est.)

      Oil - exports:
      NA bbl/day

      Oil - imports:
      NA bbl/day

      Natural gas - production:
      0 cu m (2003 est.)

      Natural gas - consumption:
      0 cu m (2003 est.)

      Current account balance:
      -$562 million (2005 est.)

      Exports:
      $395 million f.o.b. (2005 est.)

      Exports - commodities:
      cotton, livestock, gold

      Exports - partners:
      China 32%, Singapore 11.5%, Ghana 4.7%, Bangladesh 4.3% (2004)

      Imports:
      $992 million f.o.b. (2005 est.)

      Imports - commodities:
      capital goods, foodstuffs, petroleum

      Imports - partners:
      France 27.9%, Cote d'Ivoire 19.7%, Togo 9.4% (2004)

      Reserves of foreign exchange and gold:
      $791 million (2005 est.)

      Debt - external:
      $1.85 billion (2003)

      Economic aid - recipient:
      $468.4 million (2003)

      Currency (code):
      Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States

      Exchange rates:
      Communaute Financiere Africaine francs (XOF) per US dollar - 527.47 (2005), 528.29 (2004), 581.2 (2003), 696.99 (2002), 733.04 (2001)

      Fiscal year:
      calendar year


      NOTE: The information regarding Burkina Faso on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Burkina Faso Economy 2006 information contained here. All suggestions for corrections of any errors about Burkina Faso Economy 2006 should be addressed to the CIA.

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    http://www.theodora.com/wfbcurrent/burkina_faso/burkina_faso_economy.html

    Revised 06-Jun-06
    Copyright © 2006 Photius Coutsoukis (all rights reserved)


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