Economy of Burkina Faso

Economy of Burkina Faso
	Ouagadougou, the financial centre of Burkina Faso
Currency	CFA Franc (XOF)
Fiscal year	Calendar year
Trade organisations	AU, AfCFTA, CEN-SAD, WTO
Country group	Least developed; Low-income economy;
Statistics
Population	23,025,776 (2023)
GDP	$27.06 billion (nominal; 2025); $72.82 billion (PPP; 2025);
GDP rank	116th (nominal; 2025); 114th (PPP; 2025);
GDP growth	3.0% (2023); 4.4% (2024); 4.3% (2025); 4.5% (2026f);
GDP per capita	$1,110 (nominal; 2025); $2,980 (PPP; 2025);
GDP per capita rank	166th (nominal; 2025); 172th (PPP; 2025);
GDP by sector	agriculture: 31%; industry: 23.9%; services: 44.9%; (2017 est.);
Inflation (CPI)	4.2% (2024)
Population below poverty line	40.1% in poverty (2014); 43.7% on less than $1.90/day (2014);
Gini coefficient	35.3 medium (2014)
Human Development Index	0.449 low (2021) (184th); 0.315 IHDI (2021);
Labour force	8,074,705 (2021); a large part of the male labor force migrates annually to neighboring countries for seasonal employment; 61.4% employment rate (2014);
Labour force by occupation	agriculture 90%, industry and services 10% (2000 est.)
Unemployment	5% (2023)
Main industries	cotton, beverages, agricultural processing, soap, cigarettes, textiles, gold
External
Exports	$5.87 billion (2023)
Export goods	gold, cotton, livestock, sesame seeds
Main export partners	Benin 25.9%; Togo 12%; Japan 5.7%; Thailand 5.6%; Turkey 5.1%; Côte d'Ivoire 4.9%; Ghana 4.6%; (2013 est.);
Imports	$7.31 billion (2023)
Import goods	capital goods, foodstuffs, petroleum
Main import partners	Côte d'Ivoire 18.9%; Pakistan 18.1%; Ghana 4.5%; India 4.3%; China 4.3%; Togo 4.2%; (2013 est.);
FDI stock	n/av
Gross external debt	$5.6 billion (2024)
Public finances
Government debt	52.7% of GDP (2024 est.)
Foreign reserves	$0.049 billion (31 December 2017)
Revenues	$2.666 billion (2017 est.)
Expenses	$3.655 billion (2017 est.)
Credit rating	Standard & Poor's:; B (Domestic); B (Foreign); BBB- (T&C Assessment);
	All values, unless otherwise stated, are in US dollars.

The economy of Burkina Faso is based primarily on subsistence farming and livestock raising. Burkina Faso has a low average income level, with GDP per capita estimated at approximately $3,000 (PPP) and $1,100 (nominal) in the mid-2020s. More than 80% of the population relies on subsistence agriculture with only a small fraction directly involved in industry and services. Highly variable rainfall, poor soils, lack of adequate communications and other infrastructure, a low literacy rate, and a stagnant economy are all longstanding problems of this landlocked country. The export economy also remained subject to fluctuations in world prices.

The country has a high population density, a fragile soil, and is rich in natural resources like gold. 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. Maintenance of its macroeconomic progress depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment.