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.
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
14% (2001 est.)
Electricity production
279.2 million kWh (2001)
Electricity Consumption
259.6 million kWh (2001)
Electricity Exports
0 kWh (2001)
Electricity Imports
0 kWh (2001)
Currency
Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States
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)
Budget
Revenues: $599.8 million
Expenditures: $748.8 million NA, including capital expenditures of NA (2003)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$1.3 billion (2000)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
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)
