Is Burkina Faso a rich country?
Burkina Faso is a poor, landlocked country that depends on adequate rainfall. Irregular patterns of rainfall, poor soil, and the lack of adequate communications and other infrastructure contribute to the economy’s vulnerability to external shocks. About 80% of the population is engaged in subsistence farming and cotton is the main cash crop. The country has few natural resources and a weak industrial base.
Cotton and gold are Burkina Faso’s key exports - gold has accounted for about three-quarters of the country’s total export revenues. Burkina Faso’s economic growth and revenue depends largely on production levels and global prices for the two commodities. The country has seen an upswing in gold exploration, production, and exports.
In 2016, the government adopted a new development strategy, set forth in the 2016-2020 National Plan for Economic and Social Development, that aims to reduce poverty, build human capital, and to satisfy basic needs. A new three-year IMF program (2018-2020), approved in 2018, will allow the government to reduce the budget deficit and preserve critical spending on social services and priority public investments.
While the end of the political crisis has allowed Burkina Faso’s economy to resume positive growth, the country’s fragile security situation could put these gains at risk. Political insecurity in neighboring Mali, unreliable energy supplies, and poor transportation links pose long-term challenges.
What is the GDP of Burkina Faso?
|Currency Name and Code||Communaute Financiere Africaine francs (XOF)|
|GDP - Gross Domestic Product (PPP)||$45,160,000,000 (USD)|
|GDP - official exchange rate||$12,010,000,000 (USD)|
|GDP - real growth rate||5.2%|
|GDP Per Capita||$1,800.00 (USD)|
|GDP by Sector- agriculture||32.5%|
|GDP by Sector- Industry||21.8%|
|GDP by Sector- services||45.7%|
|GDP - composition, by end use||
household consumption: 45.1%
government consumption: 22%
investment in fixed capital: 28.7%
investment in inventories: 0.7%
exports of goods and services: 34.5%
imports of goods and services: -31%
|Population Below Poverty Line||46.7%|
|Labor Force By Occupation- agriculture||90%|
|Fiscal Year||calendar year|
|Annual Budget||$2,442,000,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-2.8%|
|Taxes and other revenues - percent of GDP||20.3%|
|Major Industries||cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold|
|Industrial Growth Rate||4.2%|
|Agriculture Products||cotton, peanuts, shea nuts, sesame, sorghum, millet, corn, rice; livestock|
|Exchange Rate per US Dollar||605.7|
|Labor Force By Occupation - industry and services||10%|
|Child Labor - % of children ages 5-14||38%|
|Child Labor - # of children ages 5-14||1,521,006|