Burkina Faso - Economy
How is the economy of Burkina Faso? Based on the information we have, Burkina Faso has a highly agrarian, low-income economy; limited natural resources; widespread poverty; terrorism disrupting potential economic activity; improving trade balance via increases in gold exports; economy inflating after prior deflation; growing public debt but still manageable. Key agricultural products in this country include: sorghum, maize, fruits, vegetables, millet, cowpeas, cotton, groundnuts, sugarcane, rice (2022).
More about the economy of Burkina Faso
Labor force 8.577 million (2023 est.)
Industrial production growth rate 1.95% (2023 est.)
Industries cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold
Population below poverty line 43.2% (2021 est.)
Taxes and other revenues 17.67% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency Communaute Financiere Africaine francs (XOF) per US dollar -
Exchange rates 2023 606.57 (2023 est.)
Exchange rates 2022 623.76 (2022 est.)
Exchange rates 2021 554.531 (2021 est.)
Exchange rates 2020 575.586 (2020 est.)
Exchange rates 2019 585.911 (2019 est.)
Debt - external
Debt - external 2022 $3.234 billion (2022 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 31 December 2017 $49 million (31 December 2017 est.)
Reserves of foreign exchange and gold 31 December 2016 $50.9 million (31 December 2016 est.)
Current account balance
Current account balance 2022 -$1.404 billion (2022 est.)
Current account balance 2021 $77.255 million (2021 est.)
Current account balance 2020 $743.232 million (2020 est.)
Public debt
Public debt 2022 62.53% of GDP (2022 est.)
Budget
Revenues $4.649 billion (2022 est.)
Expenditures $4.018 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 2.85% of GDP (2023 est.)
Remittances 2022 2.78% of GDP (2022 est.)
Remittances 2021 2.91% of GDP (2021 est.)
Household income
Lowest 10% 3% (2021 est.)
Highest 10% 30.2% (2021 est.)
Imports
Imports 2022 $6.761 billion (2022 est.)
Imports 2021 $5.835 billion (2021 est.)
Imports 2020 $4.779 billion (2020 est.)
Imports (partners) Cote d'Ivoire 16%, China 12%, Russia 7%, France 7%, Ghana 5% (2022)
Comodities Imports force refined petroleum, electricity, packaged medicine, plastic products, natural gas (2022)
Exports
Imports 2022 $6.761 billion (2022 est.)
Imports 2021 $5.835 billion (2021 est.)
Imports 2020 $4.779 billion (2020 est.)
Exports (partners) Switzerland 74%, UAE 7%, Mali 4%, Singapore 2%, Cote d'Ivoire 2% (2022)
Comodities Exports force gold, cotton, oil seeds, coconuts/Brazil nuts/cashews, zinc ore (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $57.152 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $55.508 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $54.539 billion (2021 est.)
GDP (official exchange rate) $20.325 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $2,500 (2023 est.)
Real GDP per capita 2022 $2,400 (2022 est.)
Real GDP per capita 2021 $2,500 (2021 est.)
GDP - composition, by sector of origin
Agriculture 16.3% (2023 est.)
Industry 29.3% (2023 est.)
Services 43.6% (2023 est.)
GDP - composition, by end use
Household consumption 64.6% (2023 est.)
Government consumption 20% (2023 est.)
Investment in fixed capital 17.2% (2023 est.)
Investment in inventories 5.4% (2023 est.)
Exports of goods and services 28.9% (2023 est.)
Imports of goods and services -36% (2023 est.)
Unemployment rate
Unemployment rate 2023 5.29% (2023 est.)
Unemployment rate 2022 5.35% (2022 est.)
Unemployment rate 2021 5.11% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 8% (2023 est.)
Male 7.6% (2023 est.)
Female 8.5% (2023 est.)
All Important Facts about Burkina Faso

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Burkina Faso is found in Western Africa