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Economy of Burundi

Burundi 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, Burundi 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, Burundi exports around $0.12 billion and imports roughly $0.87 billion. 1.6% of population in the country are unemployed. The total number of unemployed people in Burundi is 179,463. In Burundi, 65% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Burundi 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 8.3% of GDP. The Gini Index of the country is 42.4. Burundi is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Burundi has a Human Development Index (HDI) of 0.389. Burundi 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 Burundi is 2.323. The strength of legal rights index for Burundi is 2. Overall, it is considered to be rather weak - bankrupcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible.

Currency

The currency of Burundi is Burundian franc. The plural form of the word Burundian franc is francs. The symbol used for this currency is Fr, and it is abbreviated as BIF. The Burundian franc is divided into Centime; there are 100 in one franc.

Credit rating

Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Burundi.

Central bank

The prime lending rate of Burundi's commercial banks is 15. In Burundi, the institution that manages the state's currency, money supply, and interest rates is called Bank of the Republic of Burundi. Locally, the central bank of Burundi is called Banque de la République du Burundi. The average deposit interest rate offered by local banks in Burundi is 3%.

Public debt

The government debt of Burundi has not been calculated yet.

Tax information

The corporate tax in Burundi is set at 35%. Personal income tax ranges from 0% to 35%, depending on your specific situation and income level. VAT in Burundi is 18%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Burundi is $8409 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Burundi was last recorded at $1 million. PPP in Burundi 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 Burundi is 2,549 billion. Based on this statistic, Burundi is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Burundi was last recorded at $0 million. The average citizen in Burundi 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 Burundi averaged 4.7% in 2014. According to this percentage, Burundi 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 Burundi.

Industry

Major industries in the country are light consumer goods (blankets, shoes, soap, beer), assembly of imported components, public works construction, food processing. The total labor force of Burundi is 4,713,510 people, wherein 1.6% of population in the country are unemployed. The total number of unemployed people in Burundi is 179,463. The Industrial Production growth rate of Burundi is 4.5%.To read more about industrial information within Burundi click on industry of Burundi.

Agriculture

There are 9124 km2 of arable land in Burundi, and it comprises 33% of the country's total territory. There are 12489 km2 of cultivated land in Burundi. The country's major agricultural crops and products are coffee, cotton, tea, corn, sorghum, sweet potatoes, bananas, manioc, beef, milk, hides.To read more about agriculture click on agriculture of Burundi.