Economy Of Burkina Faso
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Economy overview
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One of the poorest countries in the world, landlocked Burkina Faso has few natural resources, a fragile soil, and a highly unequal distribution of income. About 90% of the population is engaged in (mainly subsistence) agriculture, which is vulnerable to variations in rainfall. Cotton is the key crop. Industry remains dominated by unprofitable government-controlled corporations. Following the African franc currency devaluation in January 1994 the government updated its development program in conjunction with international agencies, and exports and economic growth have increased. Maintenance of macroeconomic progress depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment. The internal crisis in neighboring Cote d'Ivoire continues to hurt trade and industrial prospects and deepens the need for international assistance.
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GDP
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purchasing power parity - $14.55 billion (2004 est.)
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GDP - real growth rate
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5.2% (2004 est.)
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GDP - per capita
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purchasing power parity - $1,100 (2004 est.)
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GDP - composition by sector
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agriculture: 39.8%
industry: 19.6%
services: 40.5% (2004 est.)
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Investment gross fixed
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29% of GDP (2004 est.)
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Population below poverty line
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45% (2003 est.)
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Household income or consumption by percentage share
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lowest 10%: 2%
highest 10%: 46.8% (1994)
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Distribution of family income - Gini index
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48.2 (1994)
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Inflation rate consumer prices
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1.9% (2004 est.)
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Labor force
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5 million
note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment (2003)
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Labor force by occupation
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agriculture 90% (2000 est.)
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Unemployment rate
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NA
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Budget
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revenues: $599.8 million
expenditures: $748.8 million NA, including capital expenditures of NA (2004 est.)
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Public debt
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Agriculture products
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cotton, peanuts, shea nuts, sesame, sorghum, millet, corn, rice; livestock
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Industries
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cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold
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Industrial production growth rate
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14% (2001 est.)
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Electricity production
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279.2 million kWh (2001)
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Electricity production by source
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fossil fuel: 69.9%
hydro: 30.1%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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259.6 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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8,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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$-341 million (2004 est.)
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Exports
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$293 million f.o.b. (2004 est.)
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Exports commodities
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cotton, livestock, gold
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Exports partners
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Singapore 12.8%, China 11.6%, Thailand 8%, Italy 6.4%, India 6%, Colombia 5.2%, Ghana 5.2%, France 4.8%, Niger 4% (2003)
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Imports
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$633.6 million f.o.b. (2003 est.)
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Imports commodities
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capital goods, foodstuffs, petroleum
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Imports partners
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France 31.2%, Cote d'Ivoire 14.6%, Togo 9%, Belgium 5% (2003)
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Reserves of foreign exchange gold
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$379 million (2004 est.)
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Debt external
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$1.3 billion (2000)
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Economic aid recipient
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$484.1 million (1995)
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Currency
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Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States
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Currency code
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XOF
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Exchange rates
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Communaute Financiere Africaine francs (XOF) per US dollar - 581.2 (2003), 696.988 (2002), 733.039 (2001), 711.976 (2000), 615.699 (1999)
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Fiscal year
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calendar year
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Applied Language Solutions offer English to French Translation .
This information was reproduced in part from the CIA World Fact book.
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