Is Burundi a wealthy country?
Burundi is a landlocked, resource-poor country with an underdeveloped manufacturing sector. Agriculture accounts for over 40% of GDP and employs more than 90% of the population. Burundi's primary exports are coffee and tea, which account for more than half of foreign exchange earnings, but these earnings are subject to fluctuations in weather and international coffee and tea prices, Burundi is heavily dependent on aid from bilateral and multilateral donors, as well as foreign exchange earnings from participation in the African Union Mission to Somalia (AMISOM). Foreign aid represented 48% of Burundi's national income in 2015, one of the highest percentages in Sub-Saharan Africa, but this figure decreased to 33.5% in 2016 due to political turmoil surrounding President NKURUNZIZA’s bid for a third term. Burundi joined the East African Community (EAC) in 2009.
Burundi faces several underlying weaknesses – low governmental capacity, corruption, a high poverty rate, poor educational levels, a weak legal system, a poor transportation network, and overburdened utilities – that have prevented the implementation of planned economic reforms. The purchasing power of most Burundians has decreased as wage increases have not kept pace with inflation, which reached approximately 18% in 2017.
Real GDP growth dropped precipitously following political events in 2015 and has yet to recover to pre-conflict levels. Continued resistance by donors and the international community will restrict Burundi’s economic growth as the country deals with a large current account deficit.
What is the GDP of Burundi?
|Currency Name and Code||Burundi francs (BIF)|
|GDP - Gross Domestic Product (PPP)||$8,690,000,000 (USD)|
|GDP - official exchange rate||$2,742,000,000 (USD)|
|GDP - real growth rate||-0.5%|
|GDP Per Capita||$800.00 (USD)|
|GDP by Sector- agriculture||45.8%|
|GDP by Sector- Industry||17.1%|
|GDP by Sector- services||37.1%|
|GDP - composition, by end use||
Household Consumption: 92.4%
Government Consumption: 16.5%
Investment in Fixed Capital: 24.3%
Investment in Inventories: -8.1%
Exports of Goods and Services: 7.5%
Imports of Goods and Services: -32.6%
|Population Below Poverty Line||68%|
|Labor Force By Occupation- agriculture||93.6%|
|Labor Force By Occupation- industry||2.3%|
|Labor Force By Occupation- services||4.1%|
|Fiscal Year||Calendar Year|
|Annual Budget||$525,100,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-4.8%|
|Public Debt (% of GDP)||43.4%|
|Taxes and other revenues - percent of GDP||19.2%|
|Major Industries||Light consumer goods (blankets, shoes, soap, beer); assembly of imported components; public works construction; food processing|
|Industrial Growth Rate||0.8%|
|Agriculture Products||Coffee, cotton, tea, corn, sorghum, sweet potatoes, bananas, cassava (manioc, tapioca); beef, milk, hides|
|Exchange Rate per US Dollar||1665|
|Labor Force By Occupation - administrative and managerial||4.1%|
|Child Labor - % of children ages 5-14||19%|
|Child Labor - # of children ages 5-14||433,187|
|Commercial Bank Prime Lending Rate||13.9%|