Economy

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