GeographyIQ.comGeographyIQ.com
  Home
  Rankings


A B C D E F
G H I J K L
M N O P Q R
S T U V W Y
Z          


Currency Converter

 


World > Africa > Burkina Faso > Economy (Facts)

Burkina Faso - Economy (Facts)
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 periodic drought. Cotton is the main cash crop and the government has joined with three other cotton producing countries in the region - Mali, Niger, and Chad - 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. Burkina Faso is eligible for a Millennium Challenge Account grant, which would increase investment in the country's human capital.
GDP - real growth rate: 6.5% (2006 est.)
GDP (purchasing power parity): $18.76 billion (2006 est.)
GDP (official exchange rate): $5.832 billion (2006 est.)
GDP - per capita (PPP): $1,300 (2006 est.)
GDP - composition by sector: agriculture: 32.6%
industry: 19.7%
services: 47.7% (2006 est.)
Population below poverty line: 45% (2003 est.)
Household income or consumption by percentage share: lowest 10%: 2%
highest 10%: 46.8% (1994)
Inflation rate (consumer prices): 4% (2006 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
Budget: revenues: $1.158 billion
expenditures: $1.714 billion; including capital expenditures of NA (2006 est.)
Industries: cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold
Industrial production growth rate: 14% (2001 est.)
Electricity - production: 400 million kWh (2004)
Electricity - consumption: 372 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 0 bbl/day (2004)
Oil - consumption: 8,200 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: cotton, peanuts, shea nuts, sesame, sorghum, millet, corn, rice; livestock
Exports: $543.5 million f.o.b. (2006 est.)
Exports - commodities: cotton, livestock, gold
Exports - partners: China 40.4%, Singapore 13.9%, Ghana 5.7%, Taiwan 4.9%, Thailand 4.7%, Niger 4.2% (2006)
Imports: $1.016 billion f.o.b. (2006 est.)
Imports - commodities: capital goods, foodstuffs, petroleum
Imports - partners: Cote d'Ivoire 25.4%, France 22.3%, Togo 7% (2006)
Debt - external: $1.85 billion (2003)
Economic aid - recipient: $468.4 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.





   Privacy & Disclaimer

   Portions of this site are based on public domain works from the U.S. Dept. of State and the CIA World Fact Book
   All original material copyright © 2002 - GeographyIQ.com. All Rights Reserved.
   For comments and feedback, write to us at [email protected].