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Burkina Faso Economy 2020

SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES











Burkina Faso Economy 2020
SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 27, 2020

Economy - overview:
Burkina Faso is a poor, landlocked country that depends on adequate rainfall. Irregular patterns of rainfall, poor soil, and the lack of adequate communications and other infrastructure contribute to the economy’s vulnerability to external shocks. About 80% of the population is engaged in subsistence farming and cotton is the main cash crop. The country has few natural resources and a weak industrial base.

Cotton and gold are Burkina Faso’s key exports - gold has accounted for about three-quarters of the country’s total export revenues. Burkina Faso’s economic growth and revenue depends largely on production levels and global prices for the two commodities. The country has seen an upswing in gold exploration, production, and exports.

In 2016, the government adopted a new development strategy, set forth in the 2016-2020 National Plan for Economic and Social Development, that aims to reduce poverty, build human capital, and to satisfy basic needs. A new three-year IMF program (2018-2020), approved in 2018, will allow the government to reduce the budget deficit and preserve critical spending on social services and priority public investments.

While the end of the political crisis has allowed Burkina Faso’s economy to resume positive growth, the country’s fragile security situation could put these gains at risk. Political insecurity in neighboring Mali, unreliable energy supplies, and poor transportation links pose long-term challenges.

GDP (purchasing power parity):
$35.85 billion (2017 est.)
$33.69 billion (2016 est.)
$31.81 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 126
[see also: GDP country ranks ]

GDP (official exchange rate):
$12.57 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.4% (2017 est.)
5.9% (2016 est.)
3.9% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 31
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,900 (2017 est.)
$1,800 (2016 est.)
$1,800 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 211
[see also: GDP - per capita country ranks ]

Gross national saving:
9.3% of GDP (2017 est.)
8.5% of GDP (2016 est.)
5.3% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 164
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 56.5% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 23.9% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 24.6% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 28.4% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -34.4% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 31% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 23.9% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 44.9% (2017 est.)
[see also: GDP - composition, by sector of origin - services 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:
10.4% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 14
[see also: Industrial production growth rate country ranks ]

Labor force:
8.501 million (2016 est.)
note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment
country comparison to the world (CIA rank, may be based on non-current data): 60
[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 (CIA rank, may be based on non-current data): 218
[see also: Unemployment rate country ranks ]

Population below poverty line:
40.1% (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.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
39.5 (2007)
48.2 (1994)
country comparison to the world (CIA rank, may be based on non-current data): 70
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 2.666 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 3.655 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
21.2% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 143
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-7.9% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 198
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
38.1% of GDP (2017 est.)
38.3% of GDP (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 136
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.4% (2017 est.)
-0.2% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 22
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.25% (31 December 2010)
4.25% (31 December 2009)
country comparison to the world (CIA rank, may be based on non-current data): 88
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.3% (31 December 2017 est.)
5.3% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 141
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$3.357 billion (31 December 2017 est.)
$2.602 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 119
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$3.357 billion (31 December 2017 est.)
$2.602 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 124
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$4.409 billion (31 December 2017 est.)
$3.301 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 130
[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:
-$1.019 billion (2017 est.)
-$820 million (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 143
[see also: Current account balance country ranks ]

Exports:
$3.14 billion (2017 est.)
$2.641 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 128
[see also: Exports country ranks ]

Exports - partners:
Switzerland 44.9%, India 15.6%, South Africa 11.3%, Cote d'Ivoire 4.9% (2017)

Exports - commodities:
gold, cotton, livestock

Imports:
$3.305 billion (2017 est.)
$2.827 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 144
[see also: Imports country ranks ]

Imports - commodities:
capital goods, foodstuffs, petroleum

Imports - partners:
China 13.2%, Cote d'Ivoire 9.5%, US 8.2%, Thailand 8.1%, France 6.5%, Ghana 4.4%, Togo 4.4%, India 4.3% (2017)

Reserves of foreign exchange and gold:
$49 million (31 December 2017 est.)
$50.9 million (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 186
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$3.056 billion (31 December 2017 est.)
$2.88 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 142
[see also: Debt - external country ranks ]

Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar -
605.3 (2017 est.)
593.01 (2016 est.)
593.01 (2015 est.)
591.45 (2014 est.)
494.42 (2013 est.)


NOTE: 1) The information regarding Burkina Faso on this page is re-published from the 2020 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Burkina Faso Economy 2020 information contained here. All suggestions for corrections of any errors about Burkina Faso Economy 2020 should be addressed to the CIA or the source cited on each page.
2) The rank that you see is the CIA reported rank, which may have the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assigns counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order.






This page was last modified 27-Jan-20
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