Burkina Faso Economy 2001

Economy - overview: One of the poorest countries in the world, landlocked Burkina Faso has a high population density, few natural resources, and a fragile soil. About 90% of the population is engaged in (mainly subsistence) agriculture which is highly vulnerable to variations in rainfall. Industry remains dominated by unprofitable government-controlled corporations. Following the African franc currency devaluation in January 1994 the government updated its development program in conjunction with international agencies, and exports and economic growth have increased. Maintenance of its macroeconomic progress in 2001-02 depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment.

GDP: purchasing power parity - $12 billion (2000 est.)

GDP - real growth rate: 5% (2000 est.)

GDP - per capita: purchasing power parity - $1,000 (2000 est.)

GDP - composition by sector:
agriculture: 26%
industry: 27%
services: 47% (1998)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: 2.2%
highest 10%: 39.5% (1994)

Inflation rate (consumer prices): 1.5% (2000 est.)

Labor force: 5 million (1999)
note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment

Labor force - by occupation: agriculture 90% (2000 est.)

Unemployment rate: NA%

Budget:
revenues: $277 million
expenditures: $492 million, including capital expenditures of $233 million (1995 est.)

Industries: cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold

Industrial production growth rate: 4.2% (1995)

Electricity - production: 285 million kWh (1999)

Electricity - production by source:
fossil fuel: 71.93%
hydro: 28.07%
nuclear: 0%
other: 0% (1999)

Electricity - consumption: 265.1 million kWh (1999)

Electricity - exports: 0 kWh (1999)

Electricity - imports: 0 kWh (1999)

Agriculture - products: peanuts, shea nuts, sesame, cotton, sorghum, millet, corn, rice; livestock

Exports: $220 million (f.o.b., 2000 est.)

Exports - commodities: cotton, animal products, gold

Exports - partners: Italy 13%, France 10%, Indonesia 8%, Thailand 7% (1999)

Imports: $610 million (f.o.b., 2000 est.)

Imports - commodities: machinery, food products, petroleum

Imports - partners: Cote d'Ivoire 30%, France 28%, Spain 3%, Benelux 3% (1999)

Debt - external: $1.3 billion (1997)

Economic aid - recipient: $484.1 million (1995)

Currency: Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States

Currency code: XOF

Exchange rates: Communaute Financiere Africaine francs (XOF) per US dollar - 699.21 (January 2001), 711.98 (2000), 615.70 (1999), 589.95 (1998), 583.67 (1997), 511.55 (1996); note - from 1 January 1999, the XOF is pegged to the euro at a rate of 655.957 XOF per euro

Fiscal year: calendar year

NOTE: The information regarding Burkina Faso on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Burkina Faso Economy 2001 information contained here. All suggestions for corrections of any errors about Burkina Faso Economy 2001 should be addressed to the CIA.