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: 90%
Industry and services: 10% (2000 est.)
2004: 77%
Lowest 10: 2.9%
Highest 10: 32.2% (2009 est.)
2007: 39.5
1994: 48.2
Revenues: 2.666 billion (2017 est.)
Expenditures: 3.655 billion (2017 est.)
2017: 38.1% of GDP
2016: 38.3% of GDP
31 December 2010: 4.25%
31 December 2009: 4.25%
31 December 2017: 5.3%
31 December 2016: 5.3%
31 December 2017: $3.357 billion
31 December 2016: $2.602 billion
31 December 2017: $3.357 billion
31 December 2016: $2.602 billion
31 December 2017: $4.409 billion
31 December 2016: $3.301 billion
31 December 2017: $49 million
31 December 2016: $50.9 million
31 December 2017: $3.056 billion
31 December 2016: $2.88 billion
Currency: Communaute Financiere Africaine francs (XOF) per US dollar -
Exchange rates:
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