Niger Economy Profile 2008

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 a 2.9% population growth rate, 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)

$8.998 billion (2007 est.)

GDP (official exchange rate)

$4.219 billion (2007 est.)

GDP - real growth rate

4.5% (2007 est.)

GDP - per capita (PPP)

$700 (2007 est.)

GDP - composition by sector

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

Population below poverty line

63% (1993 est.)

Household income or consumption by percentage share

lowest 10%: 0.8%
highest 10%: 35.4% (1995)

Inflation rate (consumer prices)

0.2% (2004 est.)

Investment (gross fixed)

24.3% of GDP (2007 est.)

Labor force

70,000 salaried workers, 60% of whom are employed in the public sector (1995)

Labor force - by occupation

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

Unemployment rate

NA%

Distribution of family income - Gini index

50.5 (1995)

Budget

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

Public debt

14.8% of GDP (2007 est.)

Industries

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

Industrial production growth rate

5.1% (2003 est.)

Electricity - production

234.1 million kWh (2005)

Electricity - consumption

437.7 million kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

220 million kWh (2005)

Oil - production

0 bbl/day (2005 est.)

Oil - consumption

5,450 bbl/day (2005 est.)

Oil - imports

5,412 bbl/day (2004)

Oil - exports

0 bbl/day (2004)

Oil - proved reserves

NA bbl

Natural gas - production

0 cu m (2005 est.)

Natural gas - consumption

0 cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

0 cu m (2005)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

$14.61 billion (2007 est.)

Agriculture - products

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

Exports

$428 million f.o.b. (2006)

Exports - commodities

uranium ore, livestock, cowpeas, onions

Exports - partners

France 34.8%, US 26.6%, Nigeria 18.3%, Russia 11.3% (2006)

Imports

$800 million f.o.b. (2006)

Imports - commodities

foodstuffs, machinery, vehicles and parts, petroleum, cereals

Imports - partners

US 14.1%, France 12.1%, China 7.8%, Nigeria 7.7%, French Polynesia 7.7%, Cote d'Ivoire 4.9% (2006)

Reserves of foreign exchange and gold

$50.33 billion (31 December 2007 est.)

Debt - external

$2.1 billion (2003 est.)

Stock of direct foreign investment - at home

$31.66 billion (2006 est.)

Stock of direct foreign investment - abroad

$12.44 billion (2006 est.)

Market value of publicly traded shares

$NA

Economic aid - recipient

$515.4 million (2005)

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 - 493.51 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)
note: since 1 January 1999, the XOF franc has been pegged to the euro at a rate of 655.957 XOF francs per euro

Fiscal year

calendar year