Global InformationEconomy of Burkina Faso information
 Ouagadougou, the financial centre of Burkina Faso | |
| Currency | CFA Franc (XOF) |
|---|---|
Fiscal year | Calendar year |
Trade organisations | AU, AfCFTA, CEN-SAD, WTO |
Country group |
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| Statistics | |
| Population |  19,751,535 (2018)[3] |
| GDP |
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| GDP rank |
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GDP growth |
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GDP per capita |
|
GDP per capita rank |
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GDP by sector |
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Inflation (CPI) | 1.4% (2020 est.)[4] |
Population below poverty line |
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Gini coefficient | 35.3 medium (2014)[9] |
Human Development Index |
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Labour force |
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Labour force by occupation | agriculture 90%, Industry & Services 10% (2000 est.) |
| Unemployment | 77% (2004) |
Main industries | cotton, beverages, agricultural processing, soap, cigarettes, textiles, gold |
| External | |
| Exports | $3.14 billion (2017 est.) |
Export goods | gold, cotton, livestock, Sesame seeds |
Main export partners |
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| Imports | $3.305 billion (2017 est.) |
Import goods | capital goods, foodstuffs, petroleum |
Main import partners |
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FDI stock | n/av |
Gross external debt | $2.442 billion (31 December 2012) |
| Public finances | |
Government debt | 38.1% of GDP (2017 est.) |
| Revenues | $2.666 billion (2017 est.) |
| Expenses | $3.655 billion (2017 est.) |
Credit rating |
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Foreign reserves |  $0.049 billion (31 December 2017) |
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars. | |
The economy of Burkina Faso is based primarily on subsistence farming and livestock raising.[17] Burkina Faso has an average income purchasing-power-parity per capita of $1,900 and nominal per capita of $790 in 2014. More than 80% of the population relies on subsistence agriculture, with only a small fraction directly involved in industry and services. Highly variable rainfall, poor soils, lack of adequate communications and other infrastructure, a low literacy rate, and a stagnant economy are all longstanding problems of this landlocked country. The export economy also remained subject to fluctuations in world prices.
The country has a high population density, few natural resources, and a fragile soil. 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 depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment.
The Burkinabé financial system represents 30% of the country's GDP and is dominated by the banking sector, which accounts for 90% of total financial system assets. Eleven banks and five non-bank financial institutions operate in the country.
The banking sector is highly concentrated, with the three largest banks holding nearly 60% of total financial sector assets. Banks are generally adequately capitalized, but remain vulnerable due to their overexposure to the cotton sector, the prices of which are subject to significant oscillations.
A December 2018 report from the World Bank indicates that cotton had become the most important cash crop, while gold exports were increasing in recent years. In 2017, economic growth increased to 6.4% in 2017 (vs. 5.9% in 2016) primarily due to gold production and increased investment in infrastructure. The increase in consumption linked to growth of the wage bill also supported economic growth. Inflation remained low, 0.4% that year but the public deficit grew to 7.7% of GDP (vs. 3.5% in 2016). The government was continuing to get financial aid and loans to finance the debt. To finance the public deficit, the Government combined concessional aid and borrowing on the regional market. The World Bank said that the economic outlook remained favorable in the short and medium term, although that could be negatively impacted. Risks included high oil prices (imports), lower prices of gold and cotton (exports) as well as terrorist threat and labour strikes.[18]
- ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
- ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
- ^ "Population, total - Burkina Faso". data.worldbank.org. World Bank. Retrieved 17 February 2020.
- ^ a b c d "World Economic Outlook Database, April 2023". IMF.org. International Monetary Fund. Retrieved 17 November 2019.
- ^ "Global Economic Prospects, January 2020 : Slow Growth, Policy Challenges" (PDF). openknowledge.worldbank.org. World Bank. p. 147. Archived (PDF) from the original on 9 October 2022. Retrieved 19 January 2020.
- ^ "World Economic Outlook Database, October 2021". IMF.org. International Monetary Fund. October 2021. Retrieved 10 January 2022.
- ^ "Poverty headcount ratio at national poverty lines (% of population) - Burkina Faso". data.worldbank.org. World Bank. Retrieved 19 January 2020.
- ^ "Poverty headcount ratio at $1.90 a day (2011 PPP) (% of population) - Burkina Faso". data.worldbank.org. World Bank. Retrieved 19 January 2020.
- ^ "GINI index (World Bank estimate) - Burkina Faso". data.worldbank.org. World Bank. Retrieved 19 January 2020.
- ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
- ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2021.
- ^ "Labor force, total - Burkina Faso". data.worldbank.org. World Bank. Retrieved 17 February 2020.
- ^ "Employment to population ratio, 15+, total (%) (national estimate) - Burkina Faso". data.worldbank.org. World Bank. Retrieved 17 February 2020.
- ^ "Export Partners of Burkina Faso". The World Factbook. 2012. Archived from the original on 13 June 2007. Retrieved 27 July 2013.
- ^ "Import Partners of Burkina Faso". The World Factbook. 2012. Archived from the original on 13 June 2007. Retrieved 27 July 2013.
- ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
- ^ "Burkina Faso". Retrieved 29 October 2019.
- ^ "Burkina Faso". Danube Travel. 5 December 2018. Retrieved 6 January 2019.