Burkina Faso

Burkina Faso

Burkina Faso is a member of WTO, ECOWAS, CEN-SAD and WAEMU. The country is also a signatory of OHADA. After a period of social and political unrest, the economy is expected to bounce back strongly in 2017 with growth of 8.4%, driven by extractive industries and public investment.

Burkina Faso is the 117th largest export economy in the world. In 2015, Burkina Faso exported $3.53 billion and imported $3.15 billion, resulting in a positive trade balance of $382 million. Its top exports are Gold ($2.56 billion), Raw Cotton ($452 million), Other Oily Seeds ($122 million), Coconuts, Brazil Nuts, and Cashews ($82.9 million) and Raw Zinc ($55.3 million), using the 1992 revision of the HS (Harmonized System) classification. Its top imports are Refined Petroleum ($600 million), Packaged Medicaments ($132 million), Planes, Helicopters, and/or Spacecraft ($91.9 million), Cement ($77.2 million) and Rice ($66.7 million).

After a drought-affected harvest and social and political problems slowed real GDP growth to 4% in 2014 and 2015, prospects are quite good for 2017, with the economy forecast to expand by 8.4% (up from 5.4% in 2016). The recovery is based on a vigorous mining sector (two new mines coming into production) and the start of major public investment in energy, hydro-agricultural facilities, roads and telecommunications under the 2016-20 PNDES national economic and social development plan adopted in July 2016. Continuing good prices for the country’s main commodity exports, gold and cotton, should also help the chances of a substantial revival of economic growth.

Last updated: September 2017