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 macroeconomic progress depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment.
Agriculture Products
peanuts, shea nuts, sesame, cotton, sorghum, millet, corn, rice; livestock
Industries
cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold
Industrial Production Growth Rate
14% (2001 est.)
Electricity production
282 million kWh (2000)
Electricity production by source
Fossil fuel: 71%
Hydro: 29%
Other: 0% (2000)
Nuclear: 0%
Electricity Consumption
262.26 million kWh (2000)
Electricity Exports
0 kWh (2000)
Electricity Imports
0 kWh (2000)
Currency
Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States
Population Below Poverty Line
45% (2001 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 2%
Highest 10%: 40% (1994) (1994)
Distribution of Family Income Gini Index
48 (1994)
Budget
Revenues: $316 million
Expenditures: $NA, including capital expenditures of $NA (2001)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$1.5 billion (1999)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Communaute Financiere Africaine francs (XOF) per US dollar - 742.79 (January 2002), 733.04 (2001), 711.98 (2000), 615.70 (1999), 589.95 (1998), 583.67 (1997); note - from 1 January 1999, the XOF is pegged to the euro at a rate of 655.957 XOF per euro
