Niger Economy Profile 2009

Economy - overview

Niger is one of the poorest countries in the world, ranking near last on the United Nations Development Fund index of human development. It is a landlocked, Sub-Saharan nation, whose economy centers on subsistence crops, livestock, and some of the world's largest uranium deposits. Drought cycles, desertification, and strong population growth have undercut the economy. Niger shares a common currency, the CFA franc, and a common central bank, the Central Bank of West African States (BCEAO), with seven other members of the West African Monetary Union. In December 2000, Niger qualified for enhanced debt relief under the International Monetary Fund program for Highly Indebted Poor Countries (HIPC) and concluded an agreement with the Fund on a Poverty Reduction and Growth Facility (PRGF). Debt relief provided under the enhanced HIPC initiative significantly reduces Niger's annual debt service obligations, freeing funds for expenditures on basic health care, primary education, HIV/AIDS prevention, rural infrastructure, and other programs geared at poverty reduction. In December 2005, Niger received 100% multilateral debt relief from the IMF, which translates into the forgiveness of approximately US $86 million in debts to the IMF, excluding the remaining assistance under HIPC. Nearly half of the government's budget is derived from foreign donor resources. Future growth may be sustained by exploitation of oil, gold, coal, and other mineral resources. Uranium prices have increased sharply in the last few years. A drought and locust infestation in 2005 led to food shortages for as many as 2.5 million Nigeriens.

GDP (purchasing power parity)

$10.04 billion (2008 est.)
$9.166 billion (2007 est.)
$8.891 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$5.379 billion (2008 est.)

GDP - real growth rate

9.5% (2008 est.)
3.1% (2007 est.)
4.8% (2006 est.)

GDP - per capita (PPP)

$700 (2008 est.)
$600 (2007 est.)
$600 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 39%
industry: 17%
services: 44% (2001)

Population below poverty line

63% (1993 est.)

Labor force

4.688 million (2007)

Labor force - by occupation

agriculture: 90%
industry: 6%
services: 4% (1995)

Unemployment rate

NA%

Household income or consumption by percentage share

lowest 10%: 2.3%
highest 10%: 35.7% (2005)

Distribution of family income - Gini index

50.5 (1995)

Investment (gross fixed)

21.7% of GDP (2008 est.)

Budget

revenues: $320 million (includes $134 million from foreign sources)
expenditures: $320 million (2002 est.)

Public debt

14.7% of GDP (2008 est.)
20% of GDP (2004 est.)

Inflation rate (consumer prices)

0.1% (2007 est.)

Central bank discount rate

4.75% (31 December 2008)
4.25% (31 December 2007)

Commercial bank prime lending rate

NA%

Stock of money

$NA (31 December 2008)
$604.5 million (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$193.7 million (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$318.9 million (31 December 2007)

Industries

uranium mining, cement, brick, soap, textiles, food processing, chemicals, slaughterhouses

Industrial production growth rate

5.1% (2003 est.)

Electricity - production

240 million kWh (2006 est.)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

443.2 million kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

225 million kWh (2007 est.)

Oil - production

0 bbl/day (2007 est.)

Oil - consumption

5,550 bbl/day (2006 est.)

Oil - imports

5,425 bbl/day (2005)

Oil - exports

0 bbl/day (2005)

Oil - proved reserves

NA bbl

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

0 cu m (2007 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

-$321 million (2007 est.)
-$321 million (2007 est.)

Agriculture - products

cowpeas, cotton, peanuts, millet, sorghum, cassava (tapioca), rice; cattle, sheep, goats, camels, donkeys, horses, poultry

Exports

$428 million (2006)
$428 million (2006)

Exports - commodities

uranium ore, livestock, cowpeas, onions

Exports - partners

Japan 80.4%, Nigeria 8.5%, France 2.9% (2008)

Imports

$800 million (2006)

Imports - commodities

foodstuffs, machinery, vehicles and parts, petroleum, cereals

Imports - partners

France 19.4%, Nigeria 8.6%, China 8.5%, French Polynesia 7.6%, Belgium 5%, Cote d'Ivoire 4.9% (2008)

Reserves of foreign exchange and gold

$60.12 billion (31 December 2008 est.)
$51.33 billion (31 December 2007 est.)

Debt - external

$2.1 billion (2003 est.)

Stock of direct foreign investment - at home

$68.84 billion (31 December 2008 est.)
$58.84 billion (31 December 2007 est.)

Stock of direct foreign investment - abroad

$13.02 billion (31 December 2008 est.)
$12.72 billion (31 December 2007 est.)

Market value of publicly traded shares

$NA

Economic aid - recipient

$515.4 million (2005)

Currency (code)

XOF

Currency (code)

Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States

Exchange rates

Communaute Financiere Africaine francs (XOF) per US dollar - 447.81 (2008 est.), 493.51 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004)
note: since 1 January 1999, the West African CFA franc (XOF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; West African CFA franc (XOF) coins and banknotes are not accepted in countries using Central African CFA francs (XAF), and vice versa, even though the two currencies trade at par

Fiscal year

calendar year