Flag of Burkina Faso

Burkina Faso Economy Profile 2018

Home > Factbook > Countries > Burkina Faso

Economy - overviewBurkina Faso is a poor, landlocked country that depends on adequate rainfall. About 90% 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 Burkinabe economy experienced high levels of growth over the last few years, and the country has seen an upswing in gold exploration, production, and exports.

Burkina Faso experienced a number of public protests over the high cost of living, corruption, and other socioeconomic issues in 2013, while the fall of the COMPAORE government in 2014 and failed coup in September 2015 disrupted economic activity and strained government finances. A new three-year IMF program, approved in 2013, was recently completed. Discussions are currently underway on a new program. Political insecurity in neighboring Mali, unreliable energy supplies, and poor transportation links pose long-term challenges.
GDP (purchasing power parity)$35.68 billion (2017 est.)
$33.54 billion (2016 est.)
$31.68 billion (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)$13.19 billion (2016 est.)
GDP - real growth rate6.4% (2017 est.)
5.9% (2016 est.)
4% (2015 est.)
GDP - per capita (PPP)$1,900 (2017 est.)
$1,800 (2016 est.)
$1,700 (2015 est.)
note: data are in 2017 dollars
Gross national saving9.2% of GDP (2017 est.)
7.7% of GDP (2016 est.)
5.3% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 56.7%
government consumption: 26.2%
investment in fixed capital: 29.4%
investment in inventories: 2.4%
exports of goods and services: 20.9%
imports of goods and services: -35.7% (2017 est.)
GDP - composition by sectoragriculture: 31.9%
industry: 22%
services: 46.1% (2017 est.)
Population below poverty line40.1% (2009 est.)
Labor force8.501 million
note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment (2016 est.)
Labor force - by occupationagriculture: 90%
industry and services: 10% (2000 est.)
Unemployment rate77% (2004)
Household income or consumption by percentage sharelowest 10%: 2.9%
highest 10%: 32.2% (2009 est.)
Distribution of family income - Gini index39.5 (2007)
48.2 (1994)
Budgetrevenues: $2.635 billion
expenditures: $3.332 billion (2017 est.)
Taxes and other revenues20% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-5.3% of GDP (2017 est.)
Public debt32.5% of GDP (2016 est.)
32.5% of GDP (2015 est.)
Inflation rate (consumer prices)1.5% (2017 est.)
-0.2% (2016 est.)
Central bank discount rate4.25% (31 December 2010)
4.25% (31 December 2009)
Commercial bank prime lending rate5.3% (31 December 2017 est.)
5.3% (31 December 2016 est.)
Stock of narrow money$2.606 billion (31 December 2017 est.)
$2.274 billion (31 December 2016 est.)
Stock of broad money$4.904 billion (31 December 2017 est.)
$4.228 billion (31 December 2016 est.)
Stock of domestic credit$3.804 billion (31 December 2017 est.)
$3.205 billion (31 December 2016 est.)
Market value of publicly traded shares$NA
Agriculture - productscotton, peanuts, shea nuts, sesame, sorghum, millet, corn, rice; livestock
Industriescotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold
Industrial production growth rate5.1% (2017 est.)
Current Account Balance-$947 million (2017 est.)
-$828 million (2016 est.)
Exports$2.797 billion (2017 est.)
$2.641 billion (2016 est.)
Exports - commoditiesgold, cotton, livestock
Exports - partnersSwitzerland 65.7%, India 6.3%, South Africa 5.2%, Singapore 4.6% (2016)
Imports$2.923 billion (2017 est.)
$2.802 billion (2016 est.)
Imports - commoditiescapital goods, foodstuffs, petroleum
Imports - partnersChina 12.2%, Cote dIvoire 8.2%, Japan 7.8%, France 7.1%, Netherlands 4.5%, Spain 4.2%, India 4.1%, Russia 4% (2016)
Reserves of foreign exchange and gold$45.3 million (31 December 2017 est.)
$50.9 million (31 December 2016 est.)
Debt - external$3.075 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.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018

Economy Comparison