Economy - overview Mali is among the poorest countries in the world, with 65% of its land area desert or semidesert. Economic activity is largely confined to the riverine area irrigated by the Niger. About 10% of the population is nomadic and some 70% of the labor force is engaged in farming and fishing. Industrial activity is concentrated on processing farm commodities. Mali is heavily dependent on foreign aid and vulnerable to fluctuations in world prices for cotton, its main export. In 1997, the government continued its successful implementation of an IMF-recommended structural adjustment program that is helping the economy grow, diversify, and attract foreign investment. Mali's adherence to economic reform and the 50% devaluation of the African franc in January 1994 have pushed up economic growth to a sturdy 5% average in 1996-2000. In 2001, GDP decreased by 1.2% mainly due to a 50% drop in cotton production in 2000-01.

GDP purchasing power parity - $9.2 billion (2001 est.)

GDP - real growth rate -1.2% (2001 est.)

GDP - per capita purchasing power parity - $840 (2001 est.)

GDP - composition by sector
agriculture: 45%
industry: 17%
services: 38% (2001 est.)

Population below poverty line 64% average; 30% of the total population living in urban areas; 76% of the total population living in rural areas) (2001 est.)

Household income or consumption by percentage share
lowest 10%: 1.8%
highest 10%: 40.4% (1994)

Distribution of family income - Gini index 50.5 (1994)

Inflation rate (consumer prices) 4.5% (2001 est.)

Labor force 3.93 million (2001 est.)

Labor force - by occupation agriculture and fishing 80% (2001 est.)

Unemployment rate 14.6% urban areas; 5.3% rural areas (2001 est.)

Budget
revenues: $764 million
expenditures: $828 million, including capital expenditures of $NA (2002 est.)

Industries food processing; construction; phosphate and gold mining

Industrial production growth rate NA

Electricity - production 462 million kWh (2000)

Electricity - production by source
fossil fuel: 43.29%
hydro: 56.71%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 429.66 million kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

Agriculture - products cotton, millet, rice, corn, vegetables, peanuts; cattle, sheep, goats

Exports $575 million (f.o.b., 2001 est.)

Exports - commodities cotton 43%, gold 40%, livestock (2001 est.)

Exports - partners Brazil 10.6%, South Korea 9.9%, Italy 7.3%, Canada 7% (2000)

Imports $600 million (f.o.b., 2001 est.)

Imports - commodities machinery and equipment, construction materials, petroleum, foodstuffs, textiles

Imports - partners Cote d'Ivoire 21%, France 12.4%, Senegal 4%, Germany 4%, Benelux (2000)

Debt - external $3.3 billion (2000)

Economic aid - recipient $596.4 million (2001)

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

Currency code XOF

Exchange rates Communaute Financiere Africaine francs (XOF) per US dollar - 742.79 (January 2002), 733.04 (2001), 711.98 (2000), 615.70 (1999), 589.95 (1998), 583.67 (1997); note - from 1 January 1999, the XOF is pegged to the euro at a rate of 655.957 XOF per euro

Fiscal year calendar year

NOTE: The information regarding Mali on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Mali Economy 2002 information contained here. All suggestions for corrections of any errors about Mali Economy 2002 should be addressed to the CIA.