Mali Economy
Is Mali a wealthy country?
Among the 25 poorest countries in the world, landlocked Mali depends on gold mining and agricultural exports for revenue. The country's fiscal status fluctuates with gold and agricultural commodity prices and the harvest; cotton and gold exports make up around 80% of export earnings. Mali remains dependent on foreign aid.
Economic activity is largely confined to the riverine area irrigated by the Niger River; about 65% of Mali’s land area is desert or semidesert. About 10% of the population is nomadic and about 80% of the labor force is engaged in farming and fishing. Industrial activity is concentrated on processing farm commodities. The government subsidizes the production of cereals to decrease the country’s dependence on imported foodstuffs and to reduce its vulnerability to food price shocks.
Mali is developing its iron ore extraction industry to diversify foreign exchange earnings away from gold, but the pace will depend on global price trends. Although the political coup in 2012 slowed Mali’s growth, the economy has since bounced back, with GDP growth above 5% in 2014-17, although physical insecurity, high population growth, corruption, weak infrastructure, and low levels of human capital continue to constrain economic development. Higher rainfall helped to boost cotton output in 2017, and the country’s 2017 budget increased spending more than 10%, much of which was devoted to infrastructure and agriculture. Corruption and political turmoil are strong downside risks in 2018 and beyond.
Mali Economy Data
What is the GDP of Mali?
| Currency Name and Code | CFA Franc BCEAO (XOF) |
| GDP - Gross Domestic Product (PPP) | $44,890,000,000 (USD) |
| GDP - official exchange rate | $10,950,000,000 (USD) |
| GDP - real growth rate | 5% |
| GDP Per Capita | $1,800.00 (USD) |
| GDP by Sector- agriculture | 38.5% |
| GDP by Sector- Industry | 23.3% |
| GDP by Sector- services | 38.2% |
| GDP - composition, by end use |
household consumption: 83.3% government consumption: 18.1% investment in fixed capital: 16.7%& investment in inventories: -0.1% exports of goods and services: 30.1% imports of goods and services: -48.1% |
| Population Below Poverty Line | 36.1% |
| Inflation Rate | 2.5% |
| Labor Force | 3,241,000 |
| Labor Force By Occupation- agriculture | 80% |
| Unemployment Rate | 30% |
| Fiscal Year | calendar year |
| Annual Budget | $1,500,000,000 (USD) |
| Budget Surplus or Deficit - percent of GDP | -0.7% |
| Taxes and other revenues - percent of GDP | 25.2% |
| Major Industries | food processing; construction; phosphate and gold mining |
| Agriculture Products | cotton, millet, rice, corn, vegetables, peanuts; cattle, sheep, goats |
| Labor Force By Occupation - industry and services | 20% |
| Child Labor - % of children ages 5-14 | 36% |
| Child Labor - # of children ages 5-14 | 1,485,027 |
| Commercial Bank Prime Lending Rate | 9.3% |