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EconomyEconomy - overview
Burkina Faso is a poor, landlocked country that relies heavily on cotton and gold exports for revenue. The country 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. Since 1998, Burkina Faso has embarked upon a gradual privatization of state-owned enterprises and in 2004 revised its investment code to attract foreign investment. As a result of this new code and other legislation favoring the mining sector, the country has seen an upswing in gold exploration and production. By 2010, gold had become the main source of export revenue. Gold mining production doubled between 2009 and 2010. Two new mining projects were launched the third quarter of 2011. Local community conflict persists in the mining and cotton sectors, but the Prime Minister has made efforts to defuse some of the economic cause of public discontent, including announcing income tax reductions, reparations for looting victims, and subsidies for basic food items and fertilizer. An IMF mission to Burkina Faso in October 2011 expressed general satisfaction with the measures. The risk of a mass exodus of the 3 to 4 million Burinabe who live and work in Cote D'Ivoire has dissipated and trade, power, and transport links are being restored. Gdp (purchasing power parity) World Ranking: 123
$22.32 billion (2011 est.)
$21.14 billion (2010 est.) $19.59 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$9.981 billion (2011 est.)
Gdp - real growth rate World Ranking: 55
5.6% (2011 est.)
7.9% (2010 est.) 3.2% (2009 est.) Gdp - per capita (ppp) World Ranking: 199
$1,500 (2011 est.)
$1,400 (2010 est.) $1,400 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 34.7%
Industry 23.3% Services 42% (2011 est.) Labor force World Ranking: 64
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 World Ranking: 197
77% (2004)
Population below poverty line
46.7% (2009 est.)
Household income or consumption by percentage share
Lowest 10% 2.9%
Highest 10% 32.2% (2009 est.) Distribution of family income - gini index World Ranking: 63
39.5 (2007)
48.2 (1994) Investment (gross fixed) World Ranking: 84
20.9% of GDP (2011 est.)
Budget
Revenues $2.208 billion
Expenditures $2.595 billion (2011 est.) Taxes and other revenues World Ranking: 144
22.1% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 123
-3.9% of GDP (2011 est.)
Inflation rate (consumer prices) World Ranking: 46
2.8% (2011 est.)
-0.8% (2010 est.) Central bank discount rate World Ranking: 87
4.25% (31 December 2010 est.)
4.25% (31 December 2009 est.) Commercial bank prime lending rate
NA%
Stock of narrow money World Ranking: 136
$1.56 billion (31 December 2011 est.) $1.343 billion (31 December 2010 est.) Stock of broad money World Ranking: 142
$2.804 billion (31 December 2011 est.) $2.547 billion (31 December 2010 est.) Stock of domestic credit World Ranking: 137
$1.787 billion (31 December 2011 est.) $1.463 billion (31 December 2010 est.) 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 World Ranking: 60
5.5% (2010 est.)
Electricity - production World Ranking: 152
664.4 million kWh (2009 est.)
Electricity - consumption World Ranking: 152
683.5 million kWh (2008 est.)
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
144.6 million kWh (2009 est.)
Oil - production World Ranking: 157
0 bbl/day (2010 est.)
Oil - consumption World Ranking: 154
9,000 bbl/day (2010 est.)
Oil - exports World Ranking: 140
0 bbl/day (2009 est.)
Oil - imports World Ranking: 143
8,560 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 112
0 bbl (1 January 2011 est.)
Natural gas - production World Ranking: 159
0 cu m (2009 est.)
Natural gas - consumption World Ranking: 157
0 cu m (2009 est.)
Natural gas - exports World Ranking: 70
0 cu m (2009 est.)
Natural gas - imports World Ranking: 163
0 cu m (2009 est.)
Natural gas - proved reserves World Ranking: 157
0 cu m (1 January 2011 est.)
Current account balance World Ranking: 101
-$424 million (2011 est.)
-$330.5 million (2010 est.) Exports World Ranking: 139
$2.173 billion (2011 est.)
$1.417 billion (2010 est.) Exports - commodities
Gold, cotton, livestock
Exports - partners
China 22%, Turkey 17.7%, Singapore 8.8%, Indonesia 7%, Thailand 5.2% (2011) Imports World Ranking: 154
$2.327 billion (2011 est.)
$1.708 billion (2010 est.) Imports - commodities
Capital goods, foodstuffs, petroleum Imports - partners
Cote dIvoire 16.4%, France 14.9%, Ghana 4.9%, Togo 4.6%, Belgium 4.1% (2011) Reserves of foreign exchange and gold World Ranking: 131
$957 million (31 December 2011 est.) $1.068 billion (31 December 2010 est.) Debt - external World Ranking: 138
$2.335 billion (31 December 2011 est.) $2.053 billion (31 December 2010 est.) Exchange rates
Communaute Financiere Africaine francs (XOF) per US dollar - 471.87 (2011 est.)495.28 (2010 est.) 472.19 (2009) 447.81 (2008) 493.51 (2007) Fiscal year
Calendar year
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Burkina Faso (Ouagadougou):
 
GPS points from Burkina Faso (Ouagadougou)
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Burkina Faso (formerly Upper Volta) achieved independence from France in 1960. Repeated military coups during the 1970s and 1980s were followed by multiparty elections in the early 1990s. Current President Blaise COMPAORE came to power in a 1987 military coup and has won every election since then. Burkina Faso's high population density and limited natural resources result in poor economic prospects for the majority of its citizens.