Economy Overview
Burkina Faso is a poor, landlocked country that depends on adequate rainfall. About 80% of the population is engaged in subsistence farming and cotton is the main cash crop. The country has few natural resources and a weak industrial base. Cotton and gold are Burkina Faso’s key exports and Burkina Faso’s economic growth and revenue depends on global prices for the two commodities. The Burkinabe economy experienced high levels of growth over the last few years and gold accounted for about three-quarters of the country’s total export revenues in 2013. The country has seen an upswing in gold exploration, production, and exports. Burkina Faso experienced a number of public protests over the high cost of living, corruption, and other socioeconomic issues in 2013 and the fall of the COMPAORE government in 2014 gave rise to laborers pushing for better pay and working conditions. A new three-year IMF program was approved in 2013 to focus on improving the quality of public investment and ensuring inclusive growth. Political insecurity in neighboring Mali, unreliable energy supplies, and poor transportation links pose long-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
4.5% (2014 est.)
Labor Force
7.468 million
Labor Force by Occupation
Agriculture: 90%
Industry and services: 10% (2000 est.)
Unemployment Rate
77% (2004)
Population Below Poverty Line
46.7% (2009 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 2.9%
Highest 10%: 32.2% (2009 est.)
Distribution of Family Income Gini Index
48.2 (1994)
Budget
Revenues: $3.234 billion
Expenditures: $3.724 billion (2014 est.)
Central Bank Discount Rate
4.25% (31 December 2009)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$2.088 billion (31 December 2013 est.)
Stock of Broad Money
$3.343 billion (31 December 2012 est.)
Stock of Domestic Credit
$3.058 billion (31 December 2013 est.)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
$628.5 million (31 December 2013 est.)
Debt External
$2.669 billion (31 December 2013 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
495.28 (2010 est.)
