Burkina Faso: Visió econòmica i política
Burkina Faso is a low-income Sahel country with scarce natural resources, relying on agriculture and gold mining. In recent years, it witnessed robust economic growth driven by gold and cotton production. However, the trajectory was disrupted by the coronavirus crisis followed by political and security challenges (including the 2022 coup, which led to a significant decline in international development funding and private sector investment) that had adverse effects. On January 28, 2024, Burkina Faso, Mali, and Niger announced their immediate withdrawal from ECOWAS, despite the treaty’s one-year exit requirement. They remain in WAEMU and, on July 6, 2024, signed the Treaty forming the Confederation of Sahel States. These developments have increased political uncertainty. Meanwhile, Burkina Faso's transitional government under President Traoré was extended for five years from July 2, 2024. After growing 3% in 2023, GDP expanded an estimated 3.7% in 2024 thanks to a higher-than-average cereal crop and a recovery in the industrial sector. If security remains unchanged and ECOWAS withdrawal is orderly, limiting trade impacts outside WAEMU, growth could stabilise at around 4.0% in 2025-26 (World Bank).
Fiscal performance remains solid, driven by strong revenue collection, with the deficit expected to improve from 6.5% of GDP in 2023 to 5% in 2024. Meanwhile, the financial sector weakened due to lower capital adequacy and rising non-performing loans. The fiscal deficit was mainly funded through domestic borrowing from the regional market, where rising interest rates pushed public debt from 55.9% in 2023 to 57.4% in 2024. Despite fiscal consolidation efforts, the WAEMU 3% GDP deficit ceiling is unlikely to be met in the next 2-3 years, with public debt expected to rise until 2026 (World Bank). After dropping to 0.7% in 2023, inflation surged to an estimated 3.4% in 2024, driven by food price spikes due to security issues, supply constraints, and irregular rainfall. Regional inflation is expected to align with the WAEMU target by 2025. Burkina Faso's economy is hindered by its faulty infrastructure, including electrical infrastructure, and vulnerability to the volatility of oil import prices as well as gold and cotton prices. In the medium term, the country will have to modernize its public affairs management, readjust public finances, reform the financial system, and improve the business climate. Burkina Faso is considered to have a high risk of over-indebtedness, as it is extremely dependent on foreign aid.
According to the World Bank, after rising in 2021-22 due to food price inflation, extreme poverty remains above 26%. Urban poverty slightly declined in 2024, driven by industry and services growth. The humanitarian situation remains critical, with over 2 million displaced and 2.7 million (11.9% of the population) facing severe food insecurity from June to August 2024. The latest estimates from the World Bank point to a 4.2% unemployment rate; however, the informal sector accounts for a large part of GDP in Burkina Faso, with around 70% of total non-agricultural employment.
| Main Indicators | 2023 (E) | 2024 (E) | 2025 (E) | 2026 (E) | 2027 (E) |
| GDP (billions USD) | 20.28 | 21.86 | 23.56 | 25.36 | 27.15 |
| GDP (Constant Prices, Annual % Change) | 3.1 | 5.5 | 5.8 | 5.0 | 4.9 |
| GDP per Capita (USD) | 867 | 908 | 952 | 997 | 1,038 |
| General Government Gross Debt (in % of GDP) | 55.9 | 57.4 | 56.0 | 54.8 | 52.8 |
| Inflation Rate (%) | 0.7 | 2.1 | 2.0 | 2.0 | 2.0 |
| Current Account (billions USD) | -1.63 | -0.84 | -0.28 | -0.02 | 0.02 |
| Current Account (in % of GDP) | -8.0 | -3.8 | -1.2 | -0.1 | 0.1 |
Source: IMF – World Economic Outlook Database, October 2021
The economy of Burkina Faso is primarily based on agriculture, as the sector contributes approximately 16.3% to Burkina Faso’s GDP and engages nearly one-quarter of the workforce (World Bank, latest data available, although the vast majority of the population is engaged in subsistence farming). Approximately 26% of the population practices subsistence farming, with cotton being the primary cash crop, accounting for a substantial portion of export earnings. Other cash crops include groundnuts, shea nuts, and sesame, while staple crops encompass pearl millet, sorghum, maize, and rice. According to FAO, in 2024, cereal production was estimated at 5.2 million tonnes, 3% above the five-year average. Effective government support, including timely seed and fertiliser distribution and free ploughing services, boosted yields nationwide, particularly in western and southern regions. Rapid lowland development also enabled rice farming. In conflict-affected areas, land access improved slightly from last year, but ongoing insecurity, especially in Sahel, Est, Nord, and Centre-Nord, continued to limit productivity, causing localised shortfalls.
Burkina Faso's industrial sector is relatively small and nascent, contributing 29.3% of GDP and 22.6% of employment. Key subsectors comprise agro-processing, textiles, and mining. Agro-processing involves the conversion of agricultural products like cotton, shea nuts, and cereals into value-added goods such as textiles, edible oils, and processed foods, facing constraints like inadequate infrastructure and limited financing access. Textiles, historically vital to Burkina Faso's industry, have experienced a decline due to competition from cheaper imports and insufficient modernization investment. The manufacturing sector accounts for 11% of GDP (World Bank). Furthermore, the mining sector, particularly gold mining, has witnessed substantial growth, attracting foreign investment and significantly contributing to export earnings and government revenue (gold comprises almost three-quarters of exports, as the country also stands as Africa's 3rd largest producer of gold).
The services sector constitutes 43.6% of GDP and employs 46% of the total workforce. The finance sector is gradually expanding, with banks and microfinance institutions broadening access to financial services, although challenges such as limited credit access and financial inclusion persist, especially in rural areas. Burkina Faso's financial system comprises 13 commercial banks, 3 banking-like institutions, 16 insurance and reinsurance companies, and 153 licensed microfinance entities. Banks dominate the sector, with the four largest holding nearly 65% of total assets under BCEAO control. While still emerging, tourism presents significant growth potential.
| Breakdown of Economic Activity By Sector | Agriculture | Industry | Services |
| Employment By Sector (in % of Total Employment) | 31.4 | 22.6 | 46.0 |
| Value Added (in % of GDP) | 16.3 | 29.3 | 43.6 |
| Value Added (Annual % Change) | 1.1 | 5.3 | 4.6 |
Source: World Bank, Latest Available Data. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Find more information about your business sector on our service Market Reports.
Find out all the exchange rates daily on our service Currency Converter.
The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labour freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms.}}
Economic freedom in the world (interactive map)
Source: Index of Economic Freedom, Heritage Foundation
Vols fer algun comentari sobre aquest contingut? Escriu-nos.
© eexpand, Tots els drets reservats.
Actualitzacions: May 2025
