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 for improved access to Western markets. GDP growth has largely been driven by increases in world cotton prices. Industry remains dominated by unprofitable government-controlled corporations. Following the CFA franc currency devaluation in January 1994, the government updated its development program in conjunction with international agencies; exports and economic growth have increased. The government devolved macroeconomic policy and inflation targeting to the West African regional central bank (BCEAO), but maintains control over fiscal and microeconomic policies, including implementing reforms to encourage private investment. The bitter internal crisis in neighboring Cote d'Ivoire continues to hurt trade and industrial prospects and deepens the need for international assistance. Burkina Faso is eligible for a Millennium Challenge Account grant, which would increase investment in the country's human capital.
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
516.2 million kWh (2005)
Electricity Consumption
480.1 million kWh (2005)
Electricity Exports
0 kWh (2005)
Electricity Imports
0 kWh (2005)
Population Below Poverty Line
46.4% (2003)
Household Income or Consumption by Percentage Share
Lowest 10%: 2.8%
Highest 10%: 32.2% (2003)
Distribution of Family Income Gini Index
39.5 (2003)
Budget
Revenues: $1.088 billion
Expenditures: $1.36 billion (2006 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
$554.9 million (2006 est.)
Debt External
$1.85 billion (2003)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Communaute Financiere Africaine francs (XOF) per US dollar - 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003), 696.99 (2002)
