Burkina Faso Economy - 2005

Economy - 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 harsh climatic conditions. Cotton is the key crop and the government has joined with other cotton producing countries in the region to lobby for improved access to Western markets. GDP growth has largely been driven by increases in world cotton prices. 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; exports and economic growth have increased. The government devolved macroeconomic policy and inflation targeting to the West African regional central bank (BCEAO), but maintains control over microeconomic policies, including reducing the trade deficit and implementing reforms to encourage private investment. The bitter internal crisis in neighboring Cote d'Ivoire continues to hurt trade and industrial prospects and deepens the need for international assistance.

GDP:
purchasing power parity - $15.74 billion (2004 est.)

GDP - real growth rate:
4.8% (2004 est.)

GDP - per capita:
purchasing power parity - $1,200 (2004 est.)

GDP - composition by sector:
agriculture: 39.5%
industry: 19.3%
services: 41.3% (2004 est.)

Labor force:
5 million
note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment (2003)

Labor force - by occupation:
agriculture 90% (2000 est.)

Unemployment rate:
NA%

Population below poverty line:
45% (2003 est.)

Household income or consumption by percentage share:
lowest 10%: 2%
highest 10%: 46.8% (1994)

Distribution of family income - Gini index:
48.2 (1994)

Inflation rate (consumer prices):
2.4% (2004 est.)

Investment (gross fixed):
29.1% of GDP (2004 est.)

Budget:
revenues: $695.2 million
expenditures: $876.3 million, including capital expenditures of NA (2004 est.)

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

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

Industrial production growth rate:
14% (2001 est.)

Electricity - production:
361 million kWh (2002)

Electricity - consumption:
335.7 million kWh (2002)

Electricity - exports:
0 kWh (2002)

Electricity - imports:
0 kWh (2002)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
8,000 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

Current account balance:
$-471.7 million (2004 est.)

Exports:
$418.6 million f.o.b. (2004 est.)

Exports - commodities:
cotton, livestock, gold

Exports - partners:
China 32.3%, Singapore 10.7%, Bangladesh 4.5%, Ghana 4.4%, Colombia 4.4% (2004)

Imports:
$866.3 million f.o.b. (2004 est.)

Imports - commodities:
capital goods, foodstuffs, petroleum

Imports - partners:
France 31.5%, Cote d'Ivoire 13.9%, Togo 8.5% (2004)

Reserves of foreign exchange and gold:
$474.9 million (2004 est.)

Debt - external:
$1.3 billion (2000)

Economic aid - recipient:
$484.1 million (1995)

Currency (code):
Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States

Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar - 528.29 (2004), 581.2 (2003), 696.99 (2002), 733.04 (2001), 711.98 (2000)