Burkina Faso



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Burkina Faso Economy 2008


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 in the World Trade Organization for fewer subsidies to producers in other competing countries. Since 1998, Burkina Faso has embarked upon a gradual but successful privatization of state-owned enterprises. Having revised its investment code in 2004, Burkina Faso hopes to attract foreign investors. Thanks to this new code and other legislation favoring the mining sector, the country has seen an upswing in gold exploration and production. While the bitter internal crisis in neighboring Cote d'Ivoire is beginning to be resolved, it is still having a negative effect on Burkina Faso's trade and employment. In 2007 higher costs for energy and imported foodstuffs, as well as low cotton prices, dampened a GDP growth rate that had averaged 6% in the last 10 years. Burkina Faso received a Millennium Challenge Account threshold grant to improve girls' education at the primary school level, and appears likely to receive a grant in the areas of infrastructure, agriculture, and land reform.
GDP (purchasing power parity): $17.41 billion (2007 est.)
GDP (official exchange rate): $6.977 billion (2007 est.)
GDP - real growth rate: 4.2% (2007 est.)
GDP - per capita (PPP): $1,200 (2007 est.)
GDP - composition by sector: agriculture: 29.7% industry: 19.4% services: 50.9% (2007 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: 77% (2004)
Household income or consumption by percentage share: lowest 10%: 2.8% highest 10%: 32.2% (2004)
Distribution of family income - Gini index: 39.5 (2007)
Investment (gross fixed): 21.1% of GDP (2007 est.)
Budget: revenues: $1.415 billion expenditures: $1.847 billion (2007 est.)
Inflation rate (consumer prices): -0.2% (2007 est.)
Central bank discount rate: 4.25% (31 December 2007)
Commercial bank prime lending rate: NA
Stock of money: $1.051 billion (31 December 2007)
Stock of quasi money: $663 million (31 December 2007)
Stock of domestic credit: $905.1 million (31 December 2007)
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: 5.2% (2007 est.)
Electricity - production: 611.6 million kWh (2007 est.)
Electricity - consumption: 509.3 million kWh (2006 est.)
Electricity - exports: 0 kWh (2007 est.)
Electricity - imports: 0 kWh (2007 est.)
Oil - production: 0 bbl/day (2007 est.)
Oil - consumption: 8,470 bbl/day (2006 est.)
Oil - exports: 0 bbl/day (2005)
Oil - imports: 8,446 bbl/day (2005)
Oil - proved reserves: 0 bbl (1 January 2006 est.)
Natural gas - production: 0 cu m (2007 est.)
Natural gas - consumption: 0 cu m (2007 est.)
Natural gas - exports: 0 cu m (2007 est.)
Natural gas - imports: 0 cu m (2007 est.)
Natural gas - proved reserves: 0 cu m (1 January 2006 est.)
Current account balance: -$706 million (2007 est.)
Exports: $617 million f.o.b. (2007 est.)
Exports - commodities: cotton, livestock, gold
Exports - partners: China 29.6%, Singapore 15.7%, Thailand 7.2%, Ghana 6.4%, Niger 4.8% (2007)
Imports: $1.296 billion f.o.b. (2007 est.)
Imports - commodities: capital goods, foodstuffs, petroleum
Imports - partners: Cote d'Ivoire 25.8%, France 20.6%, Togo 7.1% (2007)
Reserves of foreign exchange and gold: $1.029 billion (31 December 2007 est.)
Debt - external: $1.33 billion (2007)
Market value of publicly traded shares: $NA
Currency (code): Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States
Exchange rates: Communaute Financiere Africaine francs (XOF) per US dollar - 493.51 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003) note: since 1 January 1999, the XOF franc has been pegged to the euro at a rate of 655.957 XOF francs per euro

NOTE: The economy information regarding Burkina Faso on this page is re-published from the 2008 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Burkina Faso Economy 2008 information contained here. All suggestions for corrections of any errors about Burkina Faso Economy 2008 should be addressed to the CIA.