Economy of Burkina Faso
Overview
One of the poorest countries in the world, landlocked Burkina Faso has few natural resources and a weak industrial base. About 90% of the population is engaged in subsistence agriculture, which is vulnerable to periodic drought. Cotton is the main cash crop and the government has joined with three other cotton producing countries in the region - Mali, Niger, and Chad - to lobby in the World Trade Organization for fewer subsidies to producers in other competing countries. Since 1998, Burkina Faso has embarked upon a gradual but successful privatization of state-owned enterprises. Having revised its investment code in 2004, Burkina Faso hopes to attract foreign investors. Thanks to this new code and other legislation favoring the mining sector, the country has seen an upswing in gold exploration and production. While the bitter internal crisis in neighboring Cote d'Ivoire is beginning to be resolved, it is still having a negative effect on Burkina Faso's trade and employment. Burkina Faso received a Millennium Challenge Corporation (MCC) threshold grant to improve girls' education at the primary school level, and signed an MCC compact that focuses on the areas of infrastructure, agriculture, and land reform in July, 2008.
GDP
Real Growth Rate
5%
Per Capita
USD 1,200
From Agriculture
29%
From Industry
20%
From Services
51%
Labour Force
Available for Work
5
Working in Agriculture
90%
Working in Industry
5%
Working in Services
5%
Unemployment Rate
77%
Population Below Poverty Line
46%
Inflation Rate
7%
Investment as Percent of GDP
25%
Budget
Revenues
USD 1,799 (m)
Expenditures
USD 2,337 (m)
Public Debt
US$ 1330.00 (m)
Agricultural Products
Cotton, peanuts, shea nuts, sesame, sorghum, millet, corn, rice; livestock.
Core Industries
Cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold.
Exports
Value
USD 809 (m)
Commodities
Cotton, livestock, gold.
Partners
China 29.6%, Singapore 15.7%, Thailand 7.2%, Ghana 6.4%, Niger 4.8% (2007).
Imports
Value
USD 1,665 (m)
Commodities
Capital goods, foodstuffs, petroleum.
Partners
Cote d'Ivoire 25.8%, France 20.6%, Togo 7.1% (2007).
External Debt
USD 1,330 (m)
Fiscal Year
Calendar Year