About Burkina Faso & Key Financial Statistics

About Burkina and Key Financial Statistics

Overview of Economy:

Burkina Faso is a poor, landlocked country that depends on adequate rainfall. About 80% 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 and Burkina Faso’s economic growth and revenue depends on global prices for the two commodities. The Burkinabe economy experienced high levels of growth over the last few years and gold accounted for about three-quarters of the country’s total export revenues in 2013. 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 and the fall of the COMPAORE government in 2014 gave rise to laborers pushing for better pay and working conditions. A new three-year IMF program was approved in 2013 to focus on improving the quality of public investment and ensuring inclusive growth. Political insecurity in neighboring Mali, unreliable energy supplies, and poor transportation links pose long-term challenges.

Gross Domestic Product (In USD):

$29.42 billion (2014 est.)

$28.28 billion (2013 est.)

$26.52 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 22.4

% Industry: 26

% Services: 51.6

Composition of Labor Force by Occupation:

% Agriculture: 90

% Industry and services: 10

Per Capita Income:

$1,700 (2014 est.)

$1,600 (2013 est.)

$1,500 (2012 est.)

Exports:

$2.388 billion (2014 est.)

$2.499 billion (2013 est.)

Key Export Commodities:

gold, cotton, livestock

Export Partners:

China 13.5%, India 8.7%, Indonesia 7.1%, Bangladesh 6.4%, France 5.7%, Canada 5.2%, Japan 4.4% (2014)

Imports:

$2.631 billion (2014 est.)

$2.899 billion (2013 est.)

Key Import Commodities:

capital goods, foodstuffs, petroleum

Import Partners:

Cote d'Ivoire 19.6%, France 14.1%, Togo 7.7%, China 4.8%, India 4.7%, Ghana 4.7% (2014)

Inflation Rate (Consumer Price Index):

-0.3% (2014 est.)

0.5% (2013 est.)

Exchange Rate to USD:

Communaute Financiere Africaine francs (XOF) per US dollar -

494.42 (2014 est.)

494.42 (2013 est.)

510.53 (2012 est.)

471.87 (2011 est.)

495.28 (2010 est.)

Unemployment Rate:

77% (2004)

S&P Rating:

Standard & Poor's Ratings:

    • AAA: The best quality borrowers, reliable and stable

    • AA: Quality borrowers, a bit higher risk than AAA

    • A: Economic situation can affect finance

    • BBB: Medium class borrowers, which are satisfactory at the moment

    • BB: More prone to changes in the economy

    • B: Financial situation varies noticeably

    • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings