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Burkina Faso Economy 2015
http://www.theodora.com/wfbcurrent/burkina_faso/burkina_faso_economy.html
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on June 20, 2014

Economy - overview:
Burkina Faso is a poor, landlocked country that depends on adequate rainfall. About 90% of the population is engaged in subsistence agriculture and cotton is the main cash crop. The country has few natural resources and a weak industrial base. Cotton and gold are key exports. Since 1998, Burkina Faso has begun to privatize state-owned enterprises and in 2004 revised its investment code to attract foreign investment. As a result, the country has seen an upswing in gold exploration, production, and export. The Burkinabe economy experienced high levels of growth over the last few years but growth is highly dependent on swings in gold and cotton prices. In 2013 Burkina Faso experienced a number of public protests over the cost of living, corruption, and other socioeconomic issues. To defuse tensions the government has offered higher housing bonuses, reduced income taxes, and price controls. Turmoil in neighboring Mali, unreliable energy supplies, and poor transportation links pose longer-term challenges.

GDP (purchasing power parity):
$26.51 billion (2013 est.)
country comparison to the world: 123

$24.9 billion (2012 est.)
$22.85 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$12.13 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.5% (2013 est.)
country comparison to the world: 29

9% (2012 est.)
5% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,500 (2013 est.)
country comparison to the world: 203

$1,400 (2012 est.)
$1,300 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
12.2% of GDP (2013 est.)
country comparison to the world: 126

14.1% of GDP (2012 est.)
16.6% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 55.2%
government consumption: 16.9%
investment in fixed capital: 18.3%
investment in inventories: 0.2%
exports of goods and services: 34.4%
imports of goods and services: -25%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 33.6%
industry: 23.6%
services: 42.8% (2013 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:
6.5% (2013 est.)
country comparison to the world: 41
[see also: Industrial production growth rate country ranks ]

Labor force:
6.668 million
country comparison to the world: 65
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%
industry and services: 10% (2000 est.)

Unemployment rate:
77% (2004)
country comparison to the world: 200
[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%
highest 10%: 32.2% (2009 est.)

Distribution of family income - Gini index:
39.5 (2007)
country comparison to the world: 61

48.2 (1994)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $2.838 billion
expenditures: $3.228 billion (2013 est.)

Taxes and other revenues:
23.4% of GDP (2013 est.)
country comparison to the world: 142
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.2% of GDP (2013 est.)
country comparison to the world: 129
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.1% (2013 est.)
country comparison to the world: 73

3.8% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.25% (31 December 2010 est.)
country comparison to the world: 83

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:
$2.22 billion (31 December 2013 est.)
country comparison to the world: 123

$1.845 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$4.211 billion (31 December 2013 est.)
country comparison to the world: 134

$3.343 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.711 billion (31 December 2013 est.)
country comparison to the world: 128

$2.123 billion (31 December 2012 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 ]

Current account balance:
-$364.9 million (2013 est.)
country comparison to the world: 96

-$247.6 million (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$2.844 billion (2013 est.)
country comparison to the world: 129

$2.746 billion (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
gold, cotton, livestock

Exports - partners:
China 25.9%, Turkey 24.8%, Belgium 5.2% (2012)

Imports:
$2.941 billion (2013 est.)
country comparison to the world: 149

$2.675 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
capital goods, foodstuffs, petroleum

Imports - partners:
Cote dIvoire 17.6%, France 15.2%, Ghana 4.8%, Togo 4.4% (2012)

Reserves of foreign exchange and gold:
$1.115 billion (31 December 2013 est.)
country comparison to the world: 132

$1.025 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.863 billion (31 December 2013 est.)
country comparison to the world: 139

$2.607 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar -

500.7 (2013 est.)
510.53 (2012 est.)
495.28 (2010 est.)
472.19 (2009)
447.81 (2008)


NOTE: The information regarding Burkina Faso on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Burkina Faso Economy 2015 information contained here. All suggestions for corrections of any errors about Burkina Faso Economy 2015 should be addressed to the CIA.



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