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World > Africa > Niger > Economy (Facts)

Niger - Economy (Facts)
Economy - overview: Niger is one of the poorest countries in the world, ranking last on the United Nations Development Fund index of human development. It is a landlocked, Sub-Saharan nation, whose economy centers on subsistence crops, livestock, and some of the world's largest uranium deposits. Drought cycles, desertification, and a 2.9% population growth rate, have undercut the economy. Niger shares a common currency, the CFA franc, and a common central bank, the Central Bank of West African States (BCEAO), with seven other members of the West African Monetary Union. In December 2000, Niger qualified for enhanced debt relief under the International Monetary Fund program for Highly Indebted Poor Countries (HIPC) and concluded an agreement with the Fund on a Poverty Reduction and Growth Facility (PRGF). Debt relief provided under the enhanced HIPC initiative significantly reduces Niger's annual debt service obligations, freeing funds for expenditures on basic health care, primary education, HIV/AIDS prevention, rural infrastructure, and other programs geared at poverty reduction. In December 2005, Niger received 100% multilateral debt relief from the IMF, which translates into the forgiveness of approximately US $86 million in debts to the IMF, excluding the remaining assistance under HIPC. Nearly half of the government's budget is derived from foreign donor resources. Future growth may be sustained by exploitation of oil, gold, coal, and other mineral resources. Uranium prices have increased sharply in the last few years. A drought and locust infestation in 2005 led to food shortages for as many as 2.5 million Nigeriens.
GDP - real growth rate: 3.5% (2006 est.)
GDP (purchasing power parity): $12.36 billion (2006 est.)
GDP (official exchange rate): $3.638 billion (2006 est.)
GDP - per capita (PPP): $1,000 (2006 est.)
GDP - composition by sector: agriculture: 39%
industry: 17%
services: 44% (2001)
Population below poverty line: 63% (1993 est.)
Household income or consumption by percentage share: lowest 10%: 0.8%
highest 10%: 35.4% (1995)
Inflation rate (consumer prices): 0.2% (2004 est.)
Labor force: 70,000 salaried workers, 60% of whom are employed in the public sector (2002 est.)
Labor force - by occupation: agriculture: 90%
industry: 6%
services: 4%
Unemployment rate: NA
Budget: revenues: $320 million (includes $134 million from foreign sources)
expenditures: $320 million; including capital expenditures of $178 million (2002 est.)
Industries: uranium mining, cement, brick, soap, textiles, food processing, chemicals, slaughterhouses
Industrial production growth rate: 5.1% (2003 est.)
Electricity - production: 232 million kWh (2004)
Electricity - consumption: 415.8 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 200 million kWh (2004)
Oil - production: 0 bbl/day (2004 est.)
Oil - consumption: 5,500 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: cowpeas, cotton, peanuts, millet, sorghum, cassava (tapioca), rice; cattle, sheep, goats, camels, donkeys, horses, poultry
Exports: $222 million f.o.b. (2004 est.)
Exports - commodities: uranium ore, livestock, cowpeas, onions
Exports - partners: France 34.8%, US 26.5%, Nigeria 18.3%, Russia 11.3% (2006)
Imports: $588 million f.o.b. (2004 est.)
Imports - commodities: foodstuffs, machinery, vehicles and parts, petroleum, cereals
Imports - partners: US 14.2%, France 12.2%, China 7.9%, Nigeria 7.8%, French Polynesia 7.8%, Cote d'Ivoire 5% (2006)
Debt - external: $2.1 billion (2003 est.)
Economic aid - recipient: $453.3 million (2003)
Currency: CFA Franc BCEAO (XOF)

Current CFA Franc BCEAO Exchange Rates
Historical CFA Franc BCEAO Exchange Rates
Chart CFA Franc BCEAO Exchange Rates
Currency code: XOF
Exchange rates: Communaute Financiere Africaine francs (XOF) per US dollar - 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003), 696.99 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - CFA Franc BCEAO Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
CFA Franc BCEAO Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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