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Flag description:

two equal horizontal bands of red (top) and green with a yellow five-pointed star in the center

note: uses the popular pan-African colors of Ethiopia

Economy ::Burkina Faso

Economy - overview:

One of the poorest countries in the world, landlocked Burkina Faso has few natural resources and a weak industrial base. About 90% of the population is engaged in subsistence agriculture, which is vulnerable to periodic drought. Cotton is the main cash crop and the government has joined with three other cotton producing countries in the region - Mali, Niger, and Chad - to lobby in the World Trade Organization for fewer subsidies to producers in other competing countries. Since 1998, Burkina Faso has embarked upon a gradual but successful privatization of state-owned enterprises. Having revised its investment code in 2004, Burkina Faso hopes to attract foreign investors. Thanks to this new code and other legislation favoring the mining sector, the country has seen an upswing in gold exploration and production. While the bitter internal crisis in neighboring Cote d'Ivoire is beginning to be resolved, it is still having a negative effect on Burkina Faso's trade and employment. Burkina Faso received a Millennium Challenge Corporation (MCC) threshold grant to improve girls' education at the primary school level, and signed an MCC compact that focuses on the areas of infrastructure, agriculture, and land reform in July 2008.

GDP (purchasing power parity):

$17.96 billion (2008 est.) country comparison to the world: 128 $17.11 billion (2007 est.)

$16.5 billion (2006 est.)

note: data are in 2008 US dollars

GDP (official exchange rate):

$8.116 billion (2008 est.)

GDP - real growth rate:

5% (2008 est.) country comparison to the world: 90 3.7% (2007 est.)

5.5% (2006 est.)

GDP - per capita (PPP):

$1,200 (2008 est.) country comparison to the world: 207 $1,200 (2007 est.)

$1,200 (2006 est.)

note: data are in 2008 US dollars

GDP - composition by sector:

agriculture: 29.1%

industry: 19.9%

services: 51% (2008 est.)

Labor force:

6.668 million country comparison to the world: 64 note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment (2007)

Labor force - by occupation:

agriculture: 90%

industry and services: 10% (2000 est.)

Unemployment rate:

77% (2004) country comparison to the world: 197

Population below poverty line:

46.4% (2004)

Household income or consumption by percentage share:

lowest 10%: 2.8%

highest 10%: 32.2% (2004)

Distribution of family income - Gini index:

39.5 (2007) country comparison to the world: 64 48.2 (1994)

Investment (gross fixed):

19.6% of GDP (2008 est.) country comparison to the world: 115

Budget:

revenues: $1.409 billion

expenditures: $1.786 billion (2008 est.)

Inflation rate (consumer prices):

10.7% (2008 est.) country comparison to the world: 158 −0.2% (2007 est.)

Central bank discount rate:

4.75% (31 December 2008) country comparison to the world: 117 4.25% (31 December 2007)

Commercial bank prime lending rate:

The 2009 CIA World Factbook

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