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Burkina Faso vs. Mali

Economy

Burkina FasoMali
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.
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.
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
$40.98 billion (2017 est.)
$38.91 billion (2016 est.)
$36.78 billion (2015 est.)
note: data are in 2017 dollars
GDP - real growth rate6.4% (2017 est.)
5.9% (2016 est.)
4% (2015 est.)
5.3% (2017 est.)
5.8% (2016 est.)
6% (2015 est.)
GDP - per capita (PPP)$1,900 (2017 est.)
$1,800 (2016 est.)
$1,700 (2015 est.)
note: data are in 2017 dollars
$2,200 (2017 est.)
$2,100 (2016 est.)
$2,100 (2015 est.)
note: data are in 2017 dollars
GDP - composition by sectoragriculture: 31.9%
industry: 22%
services: 46.1% (2017 est.)
agriculture: 40.9%
industry: 18.9%
services: 40.2% (2017 est.)
Population below poverty line40.1% (2009 est.)
36.1% (2005 est.)
Household income or consumption by percentage sharelowest 10%: 2.9%
highest 10%: 32.2% (2009 est.)
lowest 10%: 3.5%
highest 10%: 25.8% (2010 est.)
Inflation rate (consumer prices)1.5% (2017 est.)
-0.2% (2016 est.)
0.2% (2017 est.)
-1.8% (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.)
6.447 million (2017 est.)
Labor force - by occupationagriculture: 90%
industry and services: 10% (2000 est.)
agriculture: 80%
industry and services: 20% (2005 est.)
Unemployment rate77% (2004)
8.1% (2016 est.)
8.1% (2016 est.)
Distribution of family income - Gini index39.5 (2007)
48.2 (1994)
40.1 (2001)
50.5 (1994)
Budgetrevenues: $2.635 billion
expenditures: $3.332 billion (2017 est.)
revenues: $3.068 billion
expenditures: $3.584 billion (2017 est.)
Industriescotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold
food processing; construction; phosphate and gold mining
Industrial production growth rate5.1% (2017 est.)
4.7% (2017 est.)
Agriculture - productscotton, peanuts, shea nuts, sesame, sorghum, millet, corn, rice; livestock
cotton, millet, rice, corn, vegetables, peanuts; cattle, sheep, goats
Exports$2.797 billion (2017 est.)
$2.641 billion (2016 est.)
$3.036 billion (2017 est.)
$2.803 billion (2016 est.)
Exports - commoditiesgold, cotton, livestock
cotton, gold, livestock
Exports - partnersSwitzerland 65.7%, India 6.3%, South Africa 5.2%, Singapore 4.6% (2016)
Switzerland 30.4%, India 12.2%, Ukraine 5.1%, China 5.1%, Burkina Faso 4.9%, Senegal 4.3%, France 4%, South Africa 4% (2016)
Imports$2.923 billion (2017 est.)
$2.802 billion (2016 est.)
$3.891 billion (2017 est.)
$3.443 billion (2016 est.)
Imports - commoditiescapital goods, foodstuffs, petroleum
petroleum, machinery and equipment, construction materials, foodstuffs, textiles
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)
Senegal 12.2%, China 12.2%, France 10.3%, Benin 8.6%, Cote dIvoire 8.4% (2016)
Debt - external$3.075 billion (31 December 2017 est.)
$2.88 billion (31 December 2016 est.)
$4.296 billion (31 December 2017 est.)
$3.981 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 year
calendar year
Public debt32.5% of GDP (2016 est.)
32.5% of GDP (2015 est.)
28% of GDP (2017 est.)
29.7% of GDP (2016 est.)
Current Account Balance-$947 million (2017 est.)
-$828 million (2016 est.)
-$1.045 billion (2017 est.)
-$996 million (2016 est.)
GDP (official exchange rate)$13.19 billion (2016 est.)
$15 billion (2016 est.)
Market value of publicly traded shares$NA
$NA
Central bank discount rate4.25% (31 December 2010)
4.25% (31 December 2009)
16% (31 December 2010)
4.25% (31 December 2009)
Commercial bank prime lending rate5.3% (31 December 2017 est.)
5.3% (31 December 2016 est.)
9% (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.)
$3.39 billion (31 December 2017 est.)
$2.931 billion (31 December 2016 est.)
Stock of narrow money$2.606 billion (31 December 2017 est.)
$2.274 billion (31 December 2016 est.)
$3.023 billion (31 December 2017 est.)
$2.687 billion (31 December 2016 est.)
Stock of broad money$4.904 billion (31 December 2017 est.)
$4.228 billion (31 December 2016 est.)
$4.439 billion (31 December 2017 est.)
$3.858 billion (31 December 2016 est.)
Taxes and other revenues20% of GDP (2017 est.)
20.5% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-5.3% of GDP (2017 est.)
-3.4% 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: 71.9%
government consumption: 17%
investment in fixed capital: 18.8%
investment in inventories: 0.2%
exports of goods and services: 20.4%
imports of goods and services: -28.3% (2017 est.)
Gross national saving9.2% of GDP (2017 est.)
7.7% of GDP (2016 est.)
5.3% of GDP (2015 est.)
13% of GDP (2017 est.)
10.3% of GDP (2016 est.)
12.1% of GDP (2015 est.)

Source: CIA Factbook