Economy Overview
Burkina Faso is a poor, landlocked country that depends on adequate rainfall. Irregular patterns of rainfall, poor soil, and the lack of adequate communications and other infrastructure contribute to the economy’s vulnerability to external shocks. 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 - gold has accounted for about three-quarters of the country’s total export revenues. Burkina Faso’s economic growth and revenue depends largely on production levels and global prices for the two commodities. The country has seen an upswing in gold exploration, production, and exports.; In 2016, the government adopted a new development strategy, set forth in the 2016-2020 National Plan for Economic and Social Development, that aims to reduce poverty, build human capital, and to satisfy basic needs. A new three-year IMF program (2018-2020), approved in 2018, will allow the government to reduce the budget deficit and preserve critical spending on social services and priority public investments.; While the end of the political crisis has allowed Burkina Faso’s economy to resume positive growth, the country’s fragile security situation could put these gains at risk. 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
10.4% (2017 est.); country comparison to the world: 14;
Labor Force
8.501 million (2016 est.); note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment; country comparison to the world: 60;
Unemployment Rate
77% (2004); country comparison to the world: 218;
Population Below Poverty Line
40.1% (2009 est.);
Household Income or Consumption by Percentage Share
Lowest 10%: 32.2% (2009 est.)
Highest 10%: 32.2% (2009 est.)
Distribution of Family Income Gini Index
39.5 (2007); 48.2 (1994); country comparison to the world: 70;
Budget
Revenues: 2.666 billion (2017 est.)
Expenditures: 3.655 billion (2017 est.)
Public Debt
38.1% of GDP (2017 est.); 38.3% of GDP (2016 est.); country comparison to the world: 136;
Central Bank Discount Rate
4.25% (31 December 2010); 4.25% (31 December 2009); country comparison to the world: 88;
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$3.357 billion (31 December 2017 est.); $2.602 billion (31 December 2016 est.); country comparison to the world: 119;
Stock of Broad Money
$3.357 billion (31 December 2017 est.); $2.602 billion (31 December 2016 est.); country comparison to the world: 124;
Stock of Domestic Credit
$4.409 billion (31 December 2017 est.); $3.301 billion (31 December 2016 est.); country comparison to the world: 130;
Market Value of Publicly Traded Shares
NA;
Reserves of Foreign Exchange and Gold
$49 million (31 December 2017 est.); $50.9 million (31 December 2016 est.); country comparison to the world: 186;
Debt External
$3.056 billion (31 December 2017 est.); $2.88 billion (31 December 2016 est.); country comparison to the world: 142;
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Communaute Financiere Africaine francs (XOF) per US dollar -; 605.3 (2017 est.); 593.01 (2016 est.); 593.01 (2015 est.); 591.45 (2014 est.); 494.42 (2013 est.);
