Economy Overview
Burkina Faso is a poor, landlocked country that depends on adequate rainfall. About 90% of the population is engaged in subsistence agriculture and cotton is the main cash crop. The country has few natural resources and a weak industrial base. Cotton and gold are key exports. Since 1998, Burkina Faso has begun to privatize state-owned enterprises and in 2004 revised its investment code to attract foreign investment. As a result, the country has seen an upswing in gold exploration, production, and export. The Burkinabe economy experienced high levels of growth over the last few years but growth is highly dependent on swings in gold and cotton prices. In 2013 Burkina Faso experienced a number of public protests over the cost of living, corruption, and other socioeconomic issues. To defuse tensions the government has offered higher housing bonuses, reduced income taxes, and price controls. Turmoil in neighboring Mali, unreliable energy supplies, and poor transportation links pose longer-term challenges.
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
6.5% (2013 est.) country comparison to the world: 41
Labor Force
6.668 million country comparison to the world: 65 note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment (2007)
Unemployment Rate
77% (2004) country comparison to the world: 200
Population Below Poverty Line
Household Income or Consumption by Percentage Share
Lowest 10%: 2.9%
Highest 10%: 32.2% (2009 est.)
Distribution of Family Income Gini Index
39.5 (2007) country comparison to the world: 61 48.2 (1994)
Budget
Revenues: $2.838 billion
Expenditures: $3.228 billion (2013 est.)
Central Bank Discount Rate
4.25% (31 December 2010 est.) country comparison to the world: 83 4.25% (31 December 2009 est.)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$2.22 billion (31 December 2013 est.) country comparison to the world: 123 $1.845 billion (31 December 2012 est.)
Stock of Broad Money
$4.211 billion (31 December 2013 est.) country comparison to the world: 134 $3.343 billion (31 December 2012 est.)
Stock of Domestic Credit
$2.711 billion (31 December 2013 est.) country comparison to the world: 128 $2.123 billion (31 December 2012 est.)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
$1.115 billion (31 December 2013 est.) country comparison to the world: 132 $1.025 billion (31 December 2012 est.)
Debt External
$2.863 billion (31 December 2013 est.) country comparison to the world: 139 $2.607 billion (31 December 2012 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Communaute Financiere Africaine francs (XOF) per US dollar -500.7 (2013 est.) 510.53 (2012 est.) 495.28 (2010 est.) 472.19 (2009) 447.81 (2008)
