Gold, raw cotton, cashew nuts, coconuts, oil seeds, machinery, zinc ore and textiles are major industries of Burkina Faso. In 2017, Agriculture industry contributed 31% to GDP of Burkina Faso. Manufacturing had a share of 23.9% while services industry had a share of 44.9% of GDP in 2017.
In 2017, machinery industry exports was valued at USD 6.38 million for Burkina Faso. Minerals export accounted for USD 133 million, stones for USD 934 million, textiles for USD 231 million and agriculture for USD 197 million in 2017.
Burkina Faso is a low-income, landlocked Sub-Saharan country with limited natural resources. Its population, which is growing at an average annual rate of 3.1 percent, was estimated at almost 18.6 million inhabitants in 2016. The economy is heavily reliant on agriculture, with close to 80 percent of the active population employed in the sector. Cotton is the country’s most important cash crop, while gold exports have gained importance in recent years.
Burkina Faso is expected to have estimated population of 19.996 million in the year 2019 and expected to reach 22.83 million by 2024, growing at a CAGR of 2.51%.
Burkina Faso’s real gross domestic product (GDP) is expected to be around CFA 5540.66 billion in 2019 whereas the nominal GDP is expected to be CFA 8511.54 billion. This will result in GDP deflator 153.62. Per capita GDP is estimated to be USD 744.24 whereas purchasing power parity (PPP) based per capita GDP is estimated to be at USD 2095.57.
In 2019, Burkina Faso government’s revenue is expected to be CFA 1936.90 billion whereas the expenditure is estimated to be CFA 2195.65 billion. This will result in Burkina Faso government’s net lending / borrowing negative at CFA 258.751 billion in 2019 indicating that enough financial resources will not be made available by the government to boost economic growth.
The current account balance for Burkina Faso is estimated to be negative at USD 0.859 billion in the year 2019 and is expected to decline at a CAGR of 4.79% and reach USD 1.604 by 2024. This negative current account balance indicates the Burkina Faso will be a net borrower from the whole world.
Burkina Faso is ranked 151 among 190 economies in the ease of doing business. The rank of Burkina Faso remained unchanged at 151 in 2019 from 151 in 2018. Ease of Doing Business in Burkina Faso averaged 149.83 from 2008 until 2019, reaching an all-time high of 155 in 2008 and a record low of 142 in 2015.
*If Applicable.