Home

Mali vs. Burkina Faso

Economy

MaliBurkina Faso
Economy - overview

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.

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.

GDP (purchasing power parity)$45.637 billion (2019 est.)

$43.567 billion (2018 est.)

$41.593 billion (2017 est.)

note: data are in 2010 dollars
$44.266 billion (2019 est.)

$41.879 billion (2018 est.)

$39.238 billion (2017 est.)

note: data are in 2010 dollars
GDP - real growth rate5.4% (2017 est.)

5.8% (2016 est.)

6.2% (2015 est.)
6.4% (2017 est.)

5.9% (2016 est.)

3.9% (2015 est.)
GDP - per capita (PPP)$2,322 (2019 est.)

$2,284 (2018 est.)

$2,247 (2017 est.)

note: data are in 2010 dollars
$2,178 (2019 est.)

$2,120 (2018 est.)

$2,044 (2017 est.)

note: data are in 2010 dollars
GDP - composition by sectoragriculture: 41.8% (2017 est.)

industry: 18.1% (2017 est.)

services: 40.5% (2017 est.)
agriculture: 31% (2017 est.)

industry: 23.9% (2017 est.)

services: 44.9% (2017 est.)
Population below poverty line42.1% (2019 est.)41.4% (2018 est.)
Household income or consumption by percentage sharelowest 10%: 3.5%

highest 10%: 25.8% (2010 est.)
lowest 10%: 2.9%

highest 10%: 32.2% (2009 est.)
Inflation rate (consumer prices)1.9% (2018 est.)

1.8% (2017 est.)

1.7% (2017 est.)
-3.2% (2019 est.)

1.9% (2018 est.)

1.4% (2017 est.)
Labor force6.447 million (2017 est.)8.501 million (2016 est.)

note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment
Labor force - by occupationagriculture: 80%

industry and services: 20% (2005 est.)
agriculture: 90%

industry and services: 10% (2000 est.)
Unemployment rate7.9% (2017 est.)

7.8% (2016 est.)
77% (2004)
Distribution of family income - Gini index40.1 (2001)

50.5 (1994)
35.3 (2014 est.)

48.2 (1994)
Budgetrevenues: 3.075 billion (2017 est.)

expenditures: 3.513 billion (2017 est.)
revenues: 2.666 billion (2017 est.)

expenditures: 3.655 billion (2017 est.)
Industriesfood processing; construction; phosphate and gold miningcotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold
Industrial production growth rate6.3% (2017 est.)10.4% (2017 est.)
Agriculture - productsmaize, rice, millet, sorghum, mangoes/guavas, cotton, watermelons, green onions/shallots, okra, sugar canesorghum, maize, millet, cotton, cow peas, sugar cane, groundnuts, rice, sesame seed, vegetables
Exports$3.06 billion (2017 est.)

$2.803 billion (2016 est.)
$3.902 billion (2018 est.)

$3.954 billion (2017 est.)
Exports - commoditiesgold, cotton, sesame seeds, lumber, vegetable oils/residues (2019)gold, cotton, zinc, cashews, sesame seeds (2019)
Exports - partnersUnited Arab Emirates 66%, Switzerland 26% (2019)Switzerland 59%, India 21% (2019)
Imports$3.644 billion (2017 est.)

$3.403 billion (2016 est.)
$5.294 billion (2019 est.)

$5.381 billion (2018 est.)

$5.3 billion (2017 est.)
Imports - commoditiesrefined petroleum, clothing and apparel, packaged medicines, cement, broadcasting equipment (2019)refined petroleum, delivery trucks, packaged medicines, electricity, aircraft (2019)
Imports - partnersSenegal 23%, Cote d'Ivoire 15%, China 11%, France 9% (2019)Cote d'Ivoire 15%, China 9%, Ghana 8%, France 8%, India 6%, United States 5% (2019)
Debt - external$4.192 billion (31 December 2017 est.)

$3.981 billion (31 December 2016 est.)
$3.056 billion (31 December 2017 est.)

$2.88 billion (31 December 2016 est.)
Exchange ratesCommunaute Financiere Africaine francs (XOF) per US dollar -

605.3 (2017 est.)

593.01 (2016 est.)

593.01 (2015 est.)

591.45 (2014 est.)

494.42 (2013 est.)
Communaute Financiere Africaine francs (XOF) per US dollar -

605.3 (2017 est.)

593.01 (2016 est.)

593.01 (2015 est.)

591.45 (2014 est.)

494.42 (2013 est.)
Fiscal yearcalendar yearcalendar year
Public debt35.4% of GDP (2017 est.)

36% of GDP (2016 est.)
38.1% of GDP (2017 est.)

38.3% of GDP (2016 est.)
Reserves of foreign exchange and gold$647.8 million (31 December 2017 est.)

$395.7 million (31 December 2016 est.)
$49 million (31 December 2017 est.)

$50.9 million (31 December 2016 est.)
Current Account Balance-$886 million (2017 est.)

-$1.015 billion (2016 est.)
-$1.019 billion (2017 est.)

-$820 million (2016 est.)
GDP (official exchange rate)$17.508 billion (2019 est.)$14.271 billion (2018 est.)
Credit ratingsMoody's rating: Caa1 (2020)Standard & Poors rating: B (2017)
Ease of Doing Business Index scoresOverall score: 52.9 (2020)

Starting a Business score: 84.3 (2020)

Trading score: 73.3 (2020)

Enforcement score: 42.8 (2020)
Overall score: 51.4 (2020)

Starting a Business score: 88.2 (2020)

Trading score: 66.6 (2020)

Enforcement score: 41.1 (2020)
Taxes and other revenues20% (of GDP) (2017 est.)21.2% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)-2.9% (of GDP) (2017 est.)-7.9% (of GDP) (2017 est.)
Unemployment, youth ages 15-24total: 2.4%

male: 2.6%

female: 2.3% (2018 est.)
total: 8.6%

male: 8.9%

female: 8.4% (2019)
GDP - composition, by end usehousehold consumption: 82.9% (2017 est.)

government consumption: 17.4% (2017 est.)

investment in fixed capital: 19.3% (2017 est.)

investment in inventories: -0.7% (2017 est.)

exports of goods and services: 22.1% (2017 est.)

imports of goods and services: -41.1% (2017 est.)
household consumption: 56.5% (2017 est.)

government consumption: 23.9% (2017 est.)

investment in fixed capital: 24.6% (2017 est.)

investment in inventories: 1% (2017 est.)

exports of goods and services: 28.4% (2017 est.)

imports of goods and services: -34.4% (2017 est.)
Gross national saving15.6% of GDP (2018 est.)

14.3% of GDP (2017 est.)

15.4% of GDP (2015 est.)
17.4% of GDP (2018 est.)

14.8% of GDP (2017 est.)

8.5% of GDP (2016 est.)

Source: CIA Factbook