Economy of Burkina Faso
Burkina Faso is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Burkina Faso may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Burkina Faso exports around $2.84 billion and imports roughly $2.94 billion. 6.3% of population in the country are unemployed. The total number of unemployed people in Burkina Faso is 1,244,354. In Burkina Faso, 46.7% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Burkina Faso is very high when compared with other nations. This situation is indicative of a variety of alarming economic and political factors. It is not advisable to make any investments in countries with this level of poverty. Government expenditure on education is 4.6% of GDP. The Gini Index of the country is 39.5. Burkina Faso is experiencing good equality. The majority of citizens in Burkina Faso fall within a narrow range of income, although some cases may show significant differences. Burkina Faso has a Human Development Index (HDI) of 0.388. Burkina Faso has a lower medium HDI score. This indicates that the majority of citizens will struggle to attain a desirable life due to flawed economic and social systems. The Global Peace Index (GPI) for Burkina Faso is 1.994. Due to strong law enforcement presence and high social responsibility, Burkina Faso is very safe by international standards. The strength of legal rights index for Burkina Faso is 6. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.
Currency
The currency of Burkina Faso is West African CFA Franc. The plural form of the word West African CFA Franc is CFA francs. The symbol used for this currency is Fr, and it is abbreviated as XOF. The West African CFA Franc is divided into Centime; there are 100 in one CFA Franc.
Credit rating
The depth of credit information index for Burkina Faso is 0, which means that information, if any, is scarce, of insufficient details and almost inaccessible. According to the S&P credit-rating agency, Burkina Faso has a credit rating score of B, and the prospects of this rating are stable.
Central bank
In Burkina Faso, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of West African States. Locally, the central bank of Burkina Faso is called Banque Centrale des États de l'Afrique de l'Ouest, BCEAO. The average deposit interest rate offered by local banks in Burkina Faso is 3.5%.
Public debt
Burkina Faso has a government debt of 126.1% of the country's Gross Domestic Product (GDP), as assessed in 2012.
Tax information
The corporate tax in Burkina Faso is set at 27.5%. Personal income tax ranges from 2% to 30%, depending on your specific situation and income level. VAT in Burkina Faso is 18%.
Finances
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Burkina Faso is $29417 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Burkina Faso was last recorded at $1 million. PPP in Burkina Faso is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Burkina Faso is 12,547 billion. Based on this statistic, Burkina Faso is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Burkina Faso was last recorded at $1 million. The average citizen in Burkina Faso has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Burkina Faso averaged 6.7% in 2014. According to this percentage, Burkina Faso is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Burkina Faso.
Industry
Major industries in the country are cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold. The total labor force of Burkina Faso is 6,995,100 people, wherein 6.3% of population in the country are unemployed. The total number of unemployed people in Burkina Faso is 1,244,354. The Industrial Production growth rate of Burkina Faso is 5.5%.To read more about industrial information within Burkina Faso click on industry of Burkina Faso.
Agriculture
There are 48353 km2 of arable land in Burkina Faso, and it comprises 18% of the country's total territory. There are 48955 km2 of cultivated land in Burkina Faso. The country's major agricultural crops and products are cotton, peanuts, shea nuts, sesame, sorghum, millet, corn, rice, livestock.To read more about agriculture click on agriculture of Burkina Faso.