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Burkina Faso vs. Cote d'Ivoire

Economy

Burkina FasoCote d'Ivoire
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.
Cote d'Ivoire is heavily dependent on agriculture and related activities, which engage roughly two-thirds of the population. Cote d'Ivoire is the world's largest producer and exporter of cocoa beans and a significant producer and exporter of coffee and palm oil. Consequently, the economy is highly sensitive to fluctuations in international prices for these products and to climatic conditions. Cocoa, oil, and coffee are the country's top export revenue earners, but the country has targeted agricultural processing of cocoa, cashews, mangoes, and other commodities as a high priority. Mining gold and exporting electricity are growing industries outside agriculture.

Following the end of more than a decade of civil conflict in 2011, Cote d’Ivoire has experienced a boom in foreign investment and economic growth. In June 2012, the IMF and the World Bank announced $4.4 billion in debt relief for Cote d'Ivoire under the Highly Indebted Poor Countries Initiative. For the last 5 years Cote d'Ivoire's growth rate has been among the highest in the world.
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
$96.27 billion (2017 est.)
$89.44 billion (2016 est.)
$83.04 billion (2015 est.)
note: data are in 2017 dollars
GDP - real growth rate6.4% (2017 est.)
5.9% (2016 est.)
4% (2015 est.)
7.6% (2017 est.)
7.7% (2016 est.)
8.9% (2015 est.)
GDP - per capita (PPP)$1,900 (2017 est.)
$1,800 (2016 est.)
$1,700 (2015 est.)
note: data are in 2017 dollars
$3,900 (2017 est.)
$3,700 (2016 est.)
$3,500 (2015 est.)
note: data are in 2017 dollars
GDP - composition by sectoragriculture: 31.9%
industry: 22%
services: 46.1% (2017 est.)
agriculture: 17.4%
industry: 28.8%
services: 53.8% (2017 est.)
Population below poverty line40.1% (2009 est.)
46.3% (2015 est.)
Household income or consumption by percentage sharelowest 10%: 2.9%
highest 10%: 32.2% (2009 est.)
lowest 10%: 2.2%
highest 10%: 31.8% (2008)
Inflation rate (consumer prices)1.5% (2017 est.)
-0.2% (2016 est.)
1% (2017 est.)
0.7% (2016 est.)
Labor force8.501 million
note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment (2016 est.)
8.747 million (2017 est.)
Labor force - by occupationagriculture: 90%
industry and services: 10% (2000 est.)
agriculture: 68%
industry and services: NA% (2007 est.)
Unemployment rate77% (2004)
9.4% (2013 est.)
Distribution of family income - Gini index39.5 (2007)
48.2 (1994)
41.5 (2008)
36.7 (1995)
Budgetrevenues: $2.635 billion
expenditures: $3.332 billion (2017 est.)
revenues: $7.121 billion
expenditures: $8.886 billion (2017 est.)
Industriescotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold
foodstuffs, beverages; wood products, oil refining, gold mining, truck and bus assembly, textiles, fertilizer, building materials, electricity
Industrial production growth rate5.1% (2017 est.)
7% (2017 est.)
Agriculture - productscotton, peanuts, shea nuts, sesame, sorghum, millet, corn, rice; livestock
coffee, cocoa beans, bananas, palm kernels, corn, rice, cassava (manioc, tapioca), sweet potatoes, sugar, cotton, rubber; timber
Exports$2.797 billion (2017 est.)
$2.641 billion (2016 est.)
$11.08 billion (2017 est.)
$11.77 billion (2016 est.)
Exports - commoditiesgold, cotton, livestock
cocoa, coffee, timber, petroleum, cotton, bananas, pineapples, palm oil, fish
Exports - partnersSwitzerland 65.7%, India 6.3%, South Africa 5.2%, Singapore 4.6% (2016)
Netherlands 11.3%, US 7.4%, France 6.8%, Belgium 6.1%, Germany 5.2%, India 5.1%, Burkina Faso 4.6%, Mali 4.5%, Switzerland 4.1% (2016)
Imports$2.923 billion (2017 est.)
$2.802 billion (2016 est.)
$8.789 billion (2017 est.)
$8.524 billion (2016 est.)
Imports - commoditiescapital goods, foodstuffs, petroleum
fuel, capital equipment, foodstuffs
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)
France 13.5%, Nigeria 13.3%, China 11.8%, US 4.2% (2016)
Debt - external$3.075 billion (31 December 2017 est.)
$2.88 billion (31 December 2016 est.)
$12.38 billion (31 December 2017 est.)
$11.02 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 -
594.3 (2017 est.)
593.01 (2016 est.)
593.01 (2015 est.)
591.45 (2014 est.)
494.42 (2013 est.)
Fiscal yearcalendar year
calendar year
Public debt32.5% of GDP (2016 est.)
32.5% of GDP (2015 est.)
51.4% of GDP (2017 est.)
47.4% of GDP (2016 est.)
Reserves of foreign exchange and gold$45.3 million (31 December 2017 est.)
$50.9 million (31 December 2016 est.)
$4.688 billion (31 December 2017 est.)
$4.935 billion (31 December 2016 est.)
Current Account Balance-$947 million (2017 est.)
-$828 million (2016 est.)
-$1.161 billion (2017 est.)
-$397 million (2016 est.)
GDP (official exchange rate)$13.19 billion (2016 est.)
$39.91 billion (2016 est.)
Market value of publicly traded shares$NA
$12.49 billion (31 December 2015 est.)
$11.71 billion (31 December 2014 est.)
$11.82 billion (31 December 2013 est.)
Central bank discount rate4.25% (31 December 2010)
4.25% (31 December 2009)
4.25% (31 December 2010)
4.25% (31 December 2009)
Commercial bank prime lending rate5.3% (31 December 2017 est.)
5.3% (31 December 2016 est.)
5.4% (31 December 2017 est.)
5.3% (31 December 2016 est.)
Stock of domestic credit$3.804 billion (31 December 2017 est.)
$3.205 billion (31 December 2016 est.)
$13.72 billion (31 December 2017 est.)
$10.9 billion (31 December 2016 est.)
Stock of narrow money$2.606 billion (31 December 2017 est.)
$2.274 billion (31 December 2016 est.)
$11.36 billion (31 December 2017 est.)
$9.438 billion (31 December 2016 est.)
Stock of broad money$4.904 billion (31 December 2017 est.)
$4.228 billion (31 December 2016 est.)
$16.66 billion (31 December 2017 est.)
$13.88 billion (31 December 2016 est.)
Taxes and other revenues20% of GDP (2017 est.)
17.8% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-5.3% of GDP (2017 est.)
-4.4% of GDP (2017 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.)
household consumption: 61.7%
government consumption: 14.9%
investment in fixed capital: 22.4%
investment in inventories: 0.3%
exports of goods and services: 30.8%
imports of goods and services: -30.1% (2017 est.)
Gross national saving9.2% of GDP (2017 est.)
7.7% of GDP (2016 est.)
5.3% of GDP (2015 est.)
16.5% of GDP (2017 est.)
18.5% of GDP (2016 est.)
17.5% of GDP (2015 est.)

Source: CIA Factbook