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Burkina Faso Economy
Economy - overview:
One of the poorest countries in the world, landlocked Burkina Faso has few natural resources, a fragile soil, and a highly unequal distribution of income. About 90% of the population is engaged in (mainly subsistence) agriculture, which is vulnerable to variations in rainfall. Cotton is the key crop. 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 macroeconomic progress depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment. The internal crisis in neighboring Cote d'Ivoire continues to hurt trade and industrial prospects and deepens the need for international assistance.
GDP:
purchasing power parity - $14.55 billion (2003 est.)
GDP - real growth rate:
5.2% (2003 est.)
GDP - per capita:
purchasing power parity - $1,100 (2003 est.)
GDP - composition by sector:
agriculture: 39.8%
industry: 19.6%
services: 40.5% (2003)
Investment (gross fixed):
29% of GDP (2003)
Population below poverty line:
45% (2003 est.)
Household income or consumption by percentage share:
lowest 10%: 2%
highest 10%: 46.8% (1994)
Distribution of family income - Gini index:
48.2 (1994)
Inflation rate (consumer prices):
1.9% (2003 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% (2000 est.)
Unemployment rate:
NA
Budget:
revenues: $599.8 million
expenditures: $748.8 million NA, including capital expenditures of NA (2003)
Industries:
cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold
Industrial production growth rate:
14% (2001 est.)
Electricity - production:
279.2 million kWh (2001)
Electricity - production by source:
fossil fuel: 69.9%
hydro: 30.1%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
259.6 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
8,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
cotton, peanuts, shea nuts, sesame, sorghum, millet, corn, rice; livestock
Current account balance:
$-341 million (2003)
Exports:
$293 million f.o.b. (2003 est.)
Exports - commodities:
cotton, livestock, gold
Exports - partners:
Singapore 13.2%, China 12%, Thailand 8.3%, Italy 6.6%, India 6.2%, Colombia 5.4%, Ghana 5.4%, France 5%, Niger 4.1% (2003 est.)
Imports:
$633.6 million f.o.b. (2003 est.)
Imports - commodities:
capital goods, foodstuffs, petroleum
Imports - partners:
France 30.6%, Cote d'Ivoire 14.4%, Togo 8.8%, Belgium 4.9% (2003 est.)
Reserves of foreign exchange & gold:
$379 million (2003)
Debt - external:
$1.3 billion (2000)
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 - 581.2 (2003), 696.988 (2002), 733.039 (2001), 711.976 (2000), 615.699 (1999)
Fiscal year:
calendar year
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