Economy

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 80% 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 has pushed up economic growth. Several multinational corporations increased gold mining operations in 1996 and the government anticipates that Mali will become a major Sub-Saharan gold exporter in the next few years.

GDP: purchasing power parity—$6 billion (1997 est.)

GDP—real growth rate: 6% (1997 est.)

GDP—per capita: purchasing power parity—$600 (1997 est.)

GDP—composition by sector:

agriculture: 49%

industry: 17%

services: 34% (1995)

Inflation rate—consumer price index: 3% (1997 est.)

Labor force:

total: NA

by occupation: agriculture 80% services 19% industry and commerce 1% (1981)

Unemployment rate: NA%

Budget:

revenues: $730 million

expenditures: $770 million including capital expenditures of $320 million (1997 est.)

Industries: minor local consumer goods production and food processing; construction; phosphate and gold mining

Industrial production growth rate: 0.6% (1995 est.)

Electricity—capacity: 87 000 kW (1995)

Electricity—production: 290 million kWh (1995)

Electricity—consumption per capita: 31 kWh (1995)

Agriculture—products: cotton millet rice corn vegetables peanuts; cattle sheep goats

Exports:

total value: $473 million (f.o.b. 1996 est.)

commodities: cotton livestock gold

partners: mostly franc zone and Western Europe

Imports:

total value: $797 million (f.o.b. 1996 est.)

commodities: machinery and equipment foodstuffs construction materials petroleum textiles

partners: mostly franc zone and Western Europe

Debt—external: $2.8 billion (1995)

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