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Burkina Faso Economy

    Economy—overview: One of the poorest countries in the world, landlocked Burkina Faso has a high population density, few natural resources, and a fragile soil. About 85% of the population is engaged in (mainly subsistence) agriculture which is highly vulnerable to variations in rainfall. Industry remains dominated by unprofitable government-controlled corporations. Following the African franc currency devaluation in January 1994 the government updated its development program in conjunction with international agencies, and exports and economic growth have increased. Maintenance of its macroeconomic progress in 1999-2000 depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment.

    GDP: purchasing power parity—$11.6 billion (1998 est.)

    GDP—real growth rate: 6% (1998 est.)

    GDP—per capita: purchasing power parity—$1,000 (1998 est.)

    GDP—composition by sector:
    agriculture: 35%
    industry: 25%
    services: 40% (1997)

    Population below poverty line: NA%

    Household income or consumption by percentage share:
    lowest 10%: NA%
    highest 10%: NA%

    Inflation rate (consumer prices): 2.5% (1998 est.)

    Labor force: 4.679 million (persons 10 years old and over, according to a sample survey taken in 1991)
    note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment

    Labor force—by occupation: agriculture 85%, industry, commerce, services, government (1998)

    Unemployment rate: NA%

    Budget:
    revenues: $277 million
    expenditures: $492 million, including capital expenditures of $233 million (1995 est.)

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

    Industrial production growth rate: 4.2% (1995)

    Electricity—production: 220 million kWh (1996)

    Electricity—production by source:
    fossil fuel: 63.64%
    hydro: 36.36%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 220 million kWh (1996)

    Electricity—exports: 0 kWh (1996)

    Electricity—imports: 0 kWh (1996)

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

    Exports: $400 million (f.o.b., 1997 est.)

    Exports—commodities: cotton, animal products, gold

    Exports—partners: Cote d'Ivoire, France, Italy, Mali

    Imports: $700 million (f.o.b., 1997 est.)

    Imports—commodities: machinery, food products, petroleum

    Imports—partners: Cote d'Ivoire, France, Togo, Nigeria

    Debt—external: $715 million (December 1996)

    Economic aid—recipient: $484.1 million (1995)

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

    Exchange rates: Communaute Financiere Africaine francs (CFAF) per US$1—560.01 (December 1998), 589.95 (1998), 583.67 (1997), 511.55 (1996), 499.15 (1995), 555.20 (1994)

    Fiscal year: calendar year

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)