Part 116

Economic overview: One of the poorest countries in the world, Burkina Faso has a high population density and a high population growth rate, few natural resources, and a fragile soil. Economic development is hindered by a poor communications network within a landlocked country. Agriculture is mainly subsistence farming. Industry remains dominated by unprofitable government-controlled corporations. Following the Communaute Financiere Africaine currency devaluation on 12 January 1994, exports appear to have risen, but no official figures have been released yet. The upswing apparently continued in 1995, with growth perhaps at 4%. The government has updated its development program in conjunction with international agencies, yet even with the best of plans, the government faces formidable problems on all sides.

GDP: purchasing power parity - $7.4 billion (1995 est.)

GDP real growth rate: 4% (1995 est.)

GDP per capita: $700 (1995 est.)

GDP composition by sector: agriculture: 32% industry: 24% services: 44% (1990 est.)

Inflation rate (consumer prices): 5% (1995 est.)

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: $483 million expenditures: $548 million, including capital expenditures of $189 million (1992)

Industries: cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold

Industrial production growth rate: NA%

Electricity: capacity: 60,000 kW production: 190 million kWh consumption per capita: 17 kWh (1993)

Agriculture: peanuts, shea nuts, sesame, cotton, sorghum, millet, corn, rice; livestock

Exports: $273 million (f.o.b., 1993) commodities: cotton, gold, animal products partners: EC, Cote d'Ivoire, Taiwan, Thailand

Imports: $636 million (f.o.b., 1993) commodities: machinery, food products, petroleum partners: EC, Africa, Japan

External debt: $1 billion (December 1993 est.)

Economic aid: recipient: ODA, $NA

Currency: 1 Communaute Financiere Africaine franc (CFAF) = 100 centimes

Exchange rates: CFA francs (CFAF) per US$1 - 500.56 (January 1996), 499.15 (1995), 555.20 (1994), 283.16 (1993), 264.69 (1992), 282.11 (1991) 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

Fiscal year: calendar year

Transportation --------------

Railways: total: 622 km (1995 est.) narrow gauge: 622 km 1.000-m gauge (517 km Ouagadougou to Cote d'Ivoire border and 105 km opened in 1993 from Ouagadougou to Kaya)

Highways: total: 16,400 km paved: 1,280 km unpaved: 15,120 km (1987 est.)

Ports: none

Airports: total: 23 with paved runways over 3 047 m: 1 with paved runways 2 438 to 3 047 m: 1 with paved runways under 914 m: 8 with unpaved runways 1 524 to 2 437 m: 3 with unpaved runways 914 to 1 523 m: 10 (1995 est.)

Communications --------------

Telephones: 21,000 (1993 est.)

Telephone system: all services only fair domestic: microwave radio relay, open wire, and radiotelephone communication stations international: satellite earth station - 1 Intelsat (Atlantic Ocean)