Page last updated on February 14, 2013
Economy - overview:
Burkina Faso is a poor, landlocked country that relies heavily on cotton and gold exports for revenue. The country has few natural resources and a weak industrial base. About 90% of the population is engaged in subsistence agriculture, which is vulnerable to periodic drought. Cotton is the main cash crop. Since 1998, Burkina Faso has embarked upon a gradual privatization of state-owned enterprises and in 2004 revised its investment code to attract foreign investment. As a result of this new code and other legislation favoring the mining sector, the country has seen an upswing in gold exploration and production. By 2010, gold had become the main source of export revenue. Gold mining production doubled between 2009 and 2010. Two new mining projects were launched the third quarter of 2011. Local community conflict persists in the mining and cotton sectors, but the Prime Minister has made efforts to defuse some of the economic cause of public discontent, including announcing income tax reductions, reparations for looting victims, and subsidies for basic food items and fertilizer. An IMF mission to Burkina Faso in October 2011 expressed general satisfaction with the measures. The risk of a mass exodus of the 3 to 4 million Burinabe who live and work in Cote D'Ivoire has dissipated and trade, power, and transport links are being restored. Burkina Faso experienced a severe drought in 2011 which decimated grazing land and decreased harvests, creating food insecurity and damaging the country's agricultural base.
GDP (purchasing power parity):
$24.03 billion (2012 est.)
country comparison to the world: 123
$22.46 billion (2011 est.)
$21.56 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$10.27 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
7% (2012 est.)
country comparison to the world: 26
4.2% (2011 est.)
7.9% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$1,400 (2012 est.)
country comparison to the world: 205
$1,300 (2011 est.)
$1,300 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 34.4%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
23.4%
services:
42.2% (2012 est.)
Labor force:
6.668 million
country comparison to the world: 64
note:
a large part of the male labor force migrates annually to neighboring countries for seasonal employment (2007)
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 90%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services:
10% (2000 est.)
Unemployment rate:
77% (2004)
country comparison to the world: 198
[see also: Unemployment rate country ranks ]
Population below poverty line:
46.7% (2009 est.)
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: 2.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
32.2% (2009 est.)
Distribution of family income - Gini index:
39.5 (2007)
country comparison to the world: 62
48.2 (1994)
[see also:
Distribution of family income - Gini index country ranks ]
Investment (gross fixed):
20.5% of GDP (2012 est.)
country comparison to the world: 91
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $2.256 billion
[see also: Budget revenues country ranks ]
expenditures:
$2.693 billion (2012 est.)
Taxes and other revenues:
22% of GDP (2012 est.)
country comparison to the world: 145
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-4.3% of GDP (2012 est.)
country comparison to the world: 140
[see also: Budget surplus (+) or deficit (-) country ranks ]
Inflation rate (consumer prices):
4.5% (2012 est.)
country comparison to the world: 125
2.8% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
4.25% (31 December 2010 est.)
country comparison to the world: 91
4.25% (31 December 2009 est.)
[see also:
Central bank discount rate country ranks ]
Commercial bank prime lending rate:
NA%
[see also: Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$1.9 billion (31 December 2012 est.)
country comparison to the world: 128
$1.56 billion (31 December 2011 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$3.91 billion (31 December 2012 est.)
country comparison to the world: 134
$2.805 billion (31 December 2011 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$2.414 billion (31 December 2012 est.)
country comparison to the world: 133
$1.705 billion (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]
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:
5.5% (2010 est.)
country comparison to the world: 60
[see also: Industrial production growth rate country ranks ]
Current account balance:
-$481.1 million (2012 est.)
country comparison to the world: 95
-$125.8 million (2011 est.)
[see also:
Current account balance country ranks ]
Exports:
$2.734 billion (2012 est.)
country comparison to the world: 134
$2.438 billion (2011 est.)
[see also:
Exports country ranks ]
Exports - commodities:
gold, cotton, livestock
Exports - partners:
China 21%, Turkey 16.9%, Singapore 8.4%, Indonesia 6.6%, Thailand 4.9%, Malaysia 4.3% (2011)
Imports:
$2.868 billion (2012 est.)
country comparison to the world: 151
$2.347 billion (2011 est.)
[see also:
Imports country ranks ]
Imports - commodities:
capital goods, foodstuffs, petroleum
Imports - partners:
Cote dIvoire 16.7%, France 15.2%, Ghana 5%, Togo 4.7%, Belgium 4.2% (2011)
Reserves of foreign exchange and gold:
$1.433 billion (31 December 2012 est.)
country comparison to the world: 126
$957 million (31 December 2011 est.)
[see also:
Reserves of foreign exchange and gold country ranks ]
Debt - external:
$2.442 billion (31 December 2012 est.)
country comparison to the world: 140
$2.336 billion (31 December 2011 est.)
[see also:
Debt - external country ranks ]
Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar -
514.1 (2012 est.)
471.87 (2011 est.)
495.28 (2010 est.)
472.19 (2009)
447.81 (2008)
Fiscal year:
calendar year
NOTE: The information regarding Burkina Faso on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Burkina Faso Economy 2013 information contained here. All suggestions for corrections of any errors about Burkina Faso Economy 2013 should be addressed to the CIA.
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This page was last modified 11-Mar-13
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