Economy of Burkina Faso

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Burkina Faso has a developing, low-income economy. It is based primarily on subsistence farming and livestock raising. Burkina Faso has a low average income level, with GDP per capita estimated at $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, fragile soil, and abundant natural resources like gold. Industry remains dominated by 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...

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