Burkina Faso Economy 1997

Economy - overview One of the poorest countries in the world, landlocked Burkina Faso hasa high population density and a high population growth rate, few natural resources,and a fragile soil. Over 80% of the population is engaged in subsistence agriculturewhich is highly vulnerable to variations in rainfall. Industry remains dominatedby unprofitable government-controlled corporations. Following the Africanfranc currency devaluation in January 1994 the government updated its developmentprogram in conjunction with international agencies, and exports and economicgrowth have increased.

GDP purchasing power parity - $8 billion (1996 est.)

GDP - real growth rate 5.4% (1996 est.)

GDP - per capita purchasing power parity - $740 (1996 est.)

GDP - composition by sector
agriculture: 31%
industry: 25%
services: 44% (1994 est.)

Inflation rate - consumer price index 7.8% (1995)

Labor force NA (most adults are employed in subsistence agriculture)
by occupation: agriculture 80%, industry 15%, commerce, services, and government 5%
note: 20% of male labor force migrates annually to neighboring countries forseasonal employment (1984)

Unemployment rate NA%

Budget
revenues: $483 million
expenditures : $548 million, including capital expenditures of $189 million (1992)

Industries cotton lint, beverages, agricultural processing, soap, cigarettes, textiles,gold

Industrial production growth rate 1% (1994)

Electricity - capacity 121,000 kW (1991)

Electricity - production 320 million kWh (1991)

Electricity - consumption per capita 28 kWh (1992 est.)

Agriculture - products peanuts, shea nuts, sesame, cotton, sorghum, millet, corn, rice; livestock

Exports
total value : $298 million (f.o.b., 1995 est.)
commodities: cotton, gold, animal products
partners: Cote d'Ivoire, France, Italy, Thailand

Imports
total value: $500 million (f.o.b., 1995 est.)
commodities : machinery, food products, petroleum
partners: Cote d'Ivoire, France, Togo, Nigeria

Debt - external $1.1 billion (December 1994 est.)

Economic aid
recipient: ODA, $NA

Currency 1 Communaute Financiere Africaine franc (CFAF) = 100 centimes

Exchange rates CFA francs (CFAF) per US$1 - 541.69 (January 1997), 511.55 (1996), 499.15(1995), 555.20 (1994), 283.16 (1993), 264.69 (1992)
note: beginning 12 January 1994 the CFA franc was devalued to CFAF 100 perFrench franc from CFAF 50 at which it had been fixed since 1948

Fiscal year calendar year

NOTE: The information regarding Burkina Faso on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Burkina Faso Economy 1997 information contained here. All suggestions for corrections of any errors about Burkina Faso Economy 1997 should be addressed to the CIA.