Economy 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.
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
5.5% (2010 est.)country comparison to the world: 59
Labor Force
6.668 millioncountry comparison to the world: 64 note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment (2007)
Electricity production
611.6 million kWh (2007 est.)country comparison to the world: 155
Electricity Consumption
568.8 million kWh (2007 est.)country comparison to the world: 158
Electricity Exports
0 kWh (2008 est.)
Electricity Imports
0 kWh (2008 est.)
Unemployment Rate
77% (2004)country comparison to the world: 197
Population Below Poverty Line
46.4% (2004)
Household Income or Consumption by Percentage Share
Lowest 10%: 2.8%
Highest 10%: 32.2% (2004)
Distribution of Family Income Gini Index
39.5 (2007)country comparison to the world: 64 48.2 (1994)
Central Bank Discount Rate
4.25% (31 December 2009)country comparison to the world: 103 4.75% (31 December 2008)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$1.416 billion (31 December 2010 est)country comparison to the world: 127 $1.303 billion (31 December 2009 est)
Stock of Broad Money
$2.406 billion (31 December 2010 est.)country comparison to the world: 139 $2.22 billion (31 December 2009 est.)
Stock of Domestic Credit
$1.373 billion (31 December 2010 est.)country comparison to the world: 138 $1.236 billion (31 December 2009 est.)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
$1.588 billion (31 December 2010 est.)country comparison to the world: 105 $1.296 billion (31 December 2009 est.)
Debt External
$2.002 billion (31 December 2010 est.)country comparison to the world: 139 $1.784 billion (31 December 2009 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Communaute Financiere Africaine francs (XOF) per US dollar - 506.04 (2010), 472.19 (2009), 447.81 (2008), 493.51 (2007), 522.59 (2006)
