Economy - overview:
One of the poorest countries in the world, landlocked Burkina Faso
has few natural resources and a weak industrial base. About 90% of
the population is engaged in subsistence agriculture, which is
vulnerable to harsh climatic conditions. Cotton is the key crop and
the government has joined with other cotton producing countries in
the region to lobby for improved access to Western markets. GDP
growth has largely been driven by increases in world cotton prices.
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; exports and economic growth
have increased. The government devolved macroeconomic policy and
inflation targeting to the West African regional central bank
(BCEAO), but maintains control over microeconomic policies,
including reducing the trade deficit and implementing reforms to
encourage private investment. The bitter internal crisis in
neighboring Cote d'Ivoire continues to hurt trade and industrial
prospects and deepens the need for international assistance.
GDP (purchasing power parity):
$15.74 billion (2004 est.)
GDP - real growth rate:
4.8% (2004 est.)
GDP - per capita:
purchasing power parity - $1,200 (2004 est.)
GDP - composition by sector:
agriculture: 39.5%
industry: 19.3%
services: 41.3% (2004 est.)
Labor force:
5 million
note: a large part of the male labor force migrates annually to
neighboring countries for seasonal employment (2003)
Labor force - by occupation:
agriculture 90% (2000 est.)
Unemployment rate:
NA%
Population below poverty line:
45% (2003 est.)
Household income or consumption by percentage share:
lowest 10%: 2%
highest 10%: 46.8% (1994)