Economy of Burkina Faso
Ouagadougou financial centre of Burkina Faso
|
|
| Currency | CFA Franc (XOF) |
|---|---|
| Calendar year | |
|
Trade organisations
|
AU, WTO |
| Statistics | |
| GDP |
 $28 Billion (PPP) (2014 est.[update])$13 Billion (Nominal) (2014 est.[update])
|
|
GDP growth
|
7.0% (Real, 2012 est.[update])
|
|
GDP per capita
|
$1,666 (PPP) (2014 est.[update])$790 (Nominal) (2014 est.[update])
|
|
GDP by sector
|
agriculture 34.4%, industry 23.4%, services 42.2% (2012 est.[update]) |
|
0.95% (CPI, 2015 est.) |
|
|
Population below poverty line
|
46.7% (2009) |
| 39.8 (2009) | |
|
Labour force
|
6.668 million (2007) Note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment |
|
Labour force by occupation
|
agriculture 90%, Industry & Services 10% (2000 est.) |
| Unemployment | 77% (2004) |
|
Main industries
|
cotton, beverages, agricultural processing, soap, cigarettes, textiles, gold |
| 146th (2017[update]) | |
| External | |
| Exports |
$2.734 billion (2012 est.) |
|
Export goods
|
gold, cotton, , Sesame seeds |
|
Main export partners
|
 Benin 25.9% Togo 12% Japan 5.7% Thailand 5.6% Turkey 5.1% Côte d'Ivoire 4.9% Ghana 4.6%(2013 est.) |
| Imports |
$2.868 billion (2012 est.) |
|
Import goods
|
capital goods, foodstuffs, petroleum |
|
Main import partners
|
Côte d'Ivoire 18.9% Pakistan 18.1% Ghana 4.5% India 4.3% China 4.3% Togo 4.2% (2013 est.) |
|
FDI stock
|
n/av |
|
Gross external debt
|
$2.442 billion (31 December 2012) |
| Public finances | |
| n/av | |
| Revenues | $2.256 billion (2012 est.) |
| Expenses | $2.693 billion (2012 est.) |
| B (Domestic) B (Foreign) BBB- (T&C Assessment) (Standard & Poor's) |
|
|
Foreign reserves
|
$1.433 billion (31 December 2012) |
Burkina Faso has an average income purchasing-power-parity per capita of $1,666 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 remains 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.
As of 2007, the World Bank estimated that 26% of the Burkinabé population has access to financial services. The Central Bank of the West African States (BCEAO) reports that about 41 microfinance institutions (MFIs) operate in the country, serving a total of 800,000 customers. Burkina Faso is a member of the regional Bourse Regional des Valeurs Mobilières (BRVM) located in Abidjan, Ivory Coast. As of 2009, the regional stock exchange’s market capitalization reached nearly 10% of Burkina Faso’s GDP.
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Wikipedia