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. Over 80% of the population is engaged in 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.

GDP purchasing power parity - $10.3 billion (1997 est.)

GDP - real growth rate 6% (1997 est.)

GDP - per capita purchasing power parity - $950 (1997 est.)

GDP - composition by sector
agriculture: 32%
industry: 26%
services: 42% (1995)

Inflation rate - consumer price index 3% (1996 est.)

Labor force NA (most adults are employed in subsistence agriculture)
by occupation: agriculture 80%, industry 15%, commerce, services, and government 5%
note: 20% of male labor force migrates annually to neighboring countries for seasonal employment (1984)

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 - capacity 78,000 kW (1995)

Electricity - production 220 million kWh (1995)

Electricity - consumption per capita 21 kWh (1995)

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

Exports
total value: $298 million (f.o.b., 1995 est.)
commodities: cotton, animal products, gold
partners: Cote d'Ivoire, France, Italy, Mali

Imports
total value: $500 million (f.o.b., 1995 est.)
commodities: machinery, food products, petroleum
partners: Cote d'Ivoire, France, Togo, Nigeria

Debt - external $715 million (December 1996)

Economic aid
recipient: ODA, $NA

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

Exchange rates CFA francs (CFAF) per US$1 - 608.36 (January 1998), 583.67 (1997), 511.55 (1996), 499.15 (1995), 555.20 (1994), 283.16 (1993)
note: beginning 12 January 1994 the CFA franc was devalued to CFAF 100 per French franc from CFAF 50 at which it had been fixed since 1948

Fiscal year calendar year

NOTE: The information regarding Burkina Faso on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Burkina Faso Economy 1998 information contained here. All suggestions for corrections of any errors about Burkina Faso Economy 1998 should be addressed to the CIA.