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Burkina Faso Economy 2010
http://www.workmall.com/wfb2010/burkina_faso/burkina_faso_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Page last updated on January 15, 2010

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. Burkina Faso received a Millennium Challenge Corporation (MCC) threshold grant to improve girls' education at the primary school level, and signed an MCC compact that focuses on the areas of infrastructure, agriculture, and land reform in July 2008.

GDP (purchasing power parity):
$19.12 billion (2009 est.)

$18.18 billion (2008 est.)
$17.31 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$7.78 billion (2009 est.)

GDP - real growth rate:
5.2% (2009 est.)

5% (2008 est.)
3.7% (2007 est.)

GDP - per capita (PPP):
$1,200 (2009 est.)

$1,200 (2008 est.)
$1,200 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 29.4%
industry: 20.1%
services: 50.5% (2009 est.)

Labor force:
6.668 million
note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment (2007)

Labor force - by occupation:
agriculture: 90%
industry and services: 10% (2000 est.)

Unemployment rate:
77% (2004 est.)

Population below poverty line:
46.4% (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)

48.2 (1994)

Investment (gross fixed):
20.1% of GDP (2009 est.)

Budget:
revenues: $1.364 billion
expenditures: $1.91 billion (2009 est.)

Inflation rate (consumer prices):
3.7% (2009 est.)

10.7% (2008 est.)

Central bank discount rate:
4.75% (31 December 2008)

4.25% (31 December 2007)

Commercial bank prime lending rate:
NA% (31 December 2008) NA% (31 December 2008)

Stock of money:
$NA (31 December 2008)

$1.051 billion (31 December 2007)

Stock of quasi money:
$NA (31 December 2008)

$663 million (31 December 2007)

Stock of domestic credit:
$NA (31 December 2008)

$905.1 million (31 December 2007)

Market value of publicly traded shares:
$NA

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:
3% (2009 est.)

Electricity - production:
611.6 million kWh (2007 est.)

Electricity - consumption:
568.8 million kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
0 bbl/day (2008 est.)

Oil - consumption:
9,000 bbl/day (2008 est.)

Oil - exports:
0 bbl/day (2007 est.)

Oil - imports:
8,283 bbl/day (2007 est.)

Oil - proved reserves:
0 bbl (1 January 2009 est.)

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
0 cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
0 cu m (1 January 2009 est.)

Current account balance:
$-480 million (2009 est.)

$-931 million (2008 est.)

Exports:
$648 million (2009 est.)

$544 million (2008 est.)

Exports - commodities:
cotton, livestock, gold

Exports - partners:
Singapore 17%, Belgium 12.9%, China 11.3%, Thailand 9.1%, Ghana 7%, Niger 5.2%, Denmark 4.9% (2008)

Imports:
$1.076 billion (2009 est.)

$1.343 billion (2008 est.)

Imports - commodities:
capital goods, foodstuffs, petroleum

Imports - partners:
Cote d'Ivoire 26.7%, France 18.4%, Togo 7.4%, Libya 4.2% (2008)

Reserves of foreign exchange and gold:
$826 million (31 December 2009 est.)

$926.3 million (31 December 2008 est.)

Debt - external:
$1.84 billion (31 December 2009 est.)

$1.665 billion (31 December 2008 est.)

Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar - 481.35 (2009), 447.81 (2008), 493.51 (2007), 522.59 (2006), 527.47 (2005)
note: since 1 January 1999, the West African CFA franc (XOF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; West African CFA franc (XOF) coins and banknotes are not accepted in countries using Central African CFA francs (XAF), and vice versa, even though the two currencies trade at par


NOTE: The information regarding Burkina Faso on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Burkina Faso Economy 2010 information contained here. All suggestions for corrections of any errors about Burkina Faso Economy 2010 should be addressed to the CIA.



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