Economy—overview: One of the poorest countries in the world landlocked Burkina Faso has a high population density few natural resources and a fragile soil. Over 80% of the population is engaged in subsistence agriculture which is highly vulnerable to variations in rainfall. 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.
GDP: purchasing power parity—$10.3 billion (1997 est.)
GDP—real growth rate: 6% (1997 est.)
GDP—per capita: purchasing power parity—$950 (1997 est.)
GDP—composition by sector: agriculture: 32% industry: 26% services: 42% (1995)
Labor force: NA (most adults are employed in subsistence agriculture) by occupation: agriculture 80% industry 15% commerce services and government 5% note: 20% of male labor force migrates annually to neighboring countries for seasonal employment (1984)
Unemployment rate: NA%
Budget: revenues: $277 million expenditures: $492 million including capital expenditures of $233 million (1995 est.)
Exports: total value: $298 million (f.o.b. 1995 est.) commodities: cotton animal products gold partners: Cote d'Ivoire France Italy Mali
Imports: total value: $500 million (f.o.b. 1995 est.) commodities: machinery food products petroleum partners: Cote d'Ivoire France Togo Nigeria
Debt—external: $715 million (December 1996)
Economic aid: recipient: ODA $NA
Currency: 1 Communaute Financiere Africaine franc (CFAF) = 100 centimes
Exchange rates: CFA francs (CFAF) per US$1—608.36 (January 1998) 583.67 (1997) 511.55 (1996) 499.15 (1995) 555.20 (1994) 283.16 (1993) note: beginning 12 January 1994 the CFA franc was devalued to CFAF 100 per French franc from CFAF 50 at which it had been fixed since 1948
