Niger



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Niger Economy 2008


Economy - overview: Niger is one of the poorest countries in the world, ranking near 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 (purchasing power parity): $8.859 billion (2007 est.)
GDP (official exchange rate): $4.174 billion (2007 est.)
GDP - real growth rate: 3.2% (2007 est.)
GDP - per capita (PPP): $700 (2007 est.)
GDP - composition by sector: agriculture: 39% industry: 17% services: 44% (2001)
Labor force: 70,000 salaried workers, 60% of whom are employed in the public sector (1995)
Labor force - by occupation: agriculture: 90% industry: 6% services: 4% (1995)
Unemployment rate: NA%
Household income or consumption by percentage share: lowest 10%: 0.8% highest 10%: 35.4% (1995)
Distribution of family income - Gini index: 50.5 (1995)
Budget: revenues: $320 million (includes $134 million from foreign sources) expenditures: $320 million (2002 est.)
Inflation rate (consumer prices): 0.1% (2007 est.)
Central bank discount rate: 4.25% (31 December 2007)
Commercial bank prime lending rate: NA (31 December 2007)
Stock of money: $604.5 million (31 December 2007)
Stock of quasi money: $193.7 million (31 December 2007)
Stock of domestic credit: $318.9 million (31 December 2007)
Agriculture - products: cowpeas, cotton, peanuts, millet, sorghum, cassava (tapioca), rice; cattle, sheep, goats, camels, donkeys, horses, poultry
Industries: uranium mining, cement, brick, soap, textiles, food processing, chemicals, slaughterhouses
Industrial production growth rate: 5.1% (2003 est.)
Electricity - production: 240 million kWh (2006 est.)
Electricity - consumption: 443.2 million kWh (2006 est.)
Electricity - exports: 0 kWh (2007 est.)
Electricity - imports: 225 million kWh (2007 est.)
Oil - production: 0 bbl/day (2007 est.)
Oil - consumption: 5,550 bbl/day (2006 est.)
Oil - exports: 0 bbl/day (2005)
Oil - imports: 5,425 bbl/day (2005)
Oil - proved reserves: NA bbl
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: -$321 million (2007 est.)
Exports: $428 million f.o.b. (2006)
Exports - commodities: uranium ore, livestock, cowpeas, onions
Exports - partners: France 57%, Nigeria 26.4%, Ghana 4.1% (2007)
Imports: $800 million f.o.b. (2006)
Imports - commodities: foodstuffs, machinery, vehicles and parts, petroleum, cereals
Imports - partners: France 15.9%, French Polynesia 8.8%, Nigeria 8.6%, Belgium 8.6%, US 6.9%, Cote d'Ivoire 5.6% (2007)
Debt - external: $2.1 billion (2003 est.)
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 Niger 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 Niger Economy 2008 information contained here. All suggestions for corrections of any errors about Niger Economy 2008 should be addressed to the CIA.