Burkina Faso, with a population of 22,673,762, is ranked 55th in the world, just behind Australia. Located in West Africa, it covers 274,220 square kilometers, ranking 72nd globally, just below the Philippines.
Burkina Faso’s economic position in 2022 shows a GDP of $18,820,064,797.83, ranking it 122nd globally. It is closely behind Mali, which has a GDP of $18,827,176,529.70. In terms of GDP per capita, Burkina Faso ranks 171st with $830.04, trailing behind Mali with a GDP per capita of $833.30.
Despite facing economic challenges, Burkina Faso continues to strive for growth and development in various sectors to improve its economic standing on the global stage.
What are the economic activities of Burkina Faso?
- Primary activities: 31% of GDP.
- Secondary activities: 23.9% of GDP.
- Tertiary activities: 44.9% of GDP.
Primary Sector of Burkina Faso
Burkina Faso’s primary sector is dominated by agriculture due to its favorable climate and abundant natural resources. Approximately 46.56% of the country’s land is dedicated to agricultural activities. The main agricultural products include sorghum, maize, fruits, vegetables, millet, cowpeas, cotton, groundnuts, sugarcane, and rice.
Despite agriculture contributing 31% to the GDP, it plays a crucial role in the economy by providing a variety of crops and animal products. The diversity of agricultural products sustains the sector’s growth and ensures food security for the population, highlighting the significance of agriculture in Burkina Faso.
The country’s diverse geology contributes to a rich array of natural resources. Gold, manganese, zinc, limestone, marble, phosphates, pumice, and salt are key assets driving the economy, particularly in mining and construction sectors.
Secondary Sector of Burkina Faso
What is the secondary sector or what are secondary activities?
The secondary sector encompasses industries that transform raw materials from primary activities into finished products for consumption. In Burkina Faso, main industrial products include cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, and gold. These products are manufactured for both domestic consumption and export, contributing to the country’s industrial sector growth.
Manufactures in Burkina Faso’s total exports are relatively unimportant, accounting for only 5.02% in 2023, indicating a heavy reliance on other sectors for economic growth.
Tertiary sector of Burkina Faso
What is the tertiary sector or what are tertiary activities?
The tertiary sector encompasses the intangible aspects of the economy where individuals provide knowledge and time to enhance productivity and meet needs. It includes services like advice, expertise, and attention, catering to both consumer and business demands. In Burkina Faso, key tertiary activities are healthcare and medical care, education and training, banking and finance, communication and information exchange, transportation and logistics, and security and protection.
Notably, Burkina Faso’s tourism sector plays a minor role in its economy, with only 143,000 annual arrivals, representing a mere 0.0063 of its population. This insignificant contribution highlights the country’s reliance on other economic sectors, suggesting tourism’s limited impact on overall economic growth and development.
Another example of tertiary economic activity is the mobile cellular sector, with approximately 25 million subscriptions, supporting technological growth by enhancing communication, fostering innovation, and facilitating access to digital services.
Military Activities and Economic Sectors of Burkina Faso
The military is a clear example of many economic activities working together. In the primary sector, resources are extracted for military use, like metals for weapons. The secondary sector involves the manufacturing of military equipment, which creates jobs and boosts the economy. The tertiary sector includes services the military provides, such as logistics and training. The quaternary sector focuses on military research and development, while the quinary sector deals with high-level decision-making and strategy.
In Burkina Faso, the military expenditure in 2023 is $826.4 million, which is 3.09% of the country’s GDP. The active military force has 11,200 personnel, resulting in 0.6 active military members for every 1,000 people in the country. This data shows how the military plays an important role in the economy and society.
International Trade of Burkina Faso
Import Activities of Burkina Faso
Burkina Faso’s import activities are crucial, accounting for 33.1% of its GDP, totaling $5.88 billion in 2023.
Burkina Faso’s key import activities include refined petroleum, electricity, packaged medicine, plastic products, and natural gas. Major import partners are Cote d’Ivoire (16%), China (12%), Russia (7%), France (7%), and Ghana (5%).
Exports Activities of Burkina Faso
In 2023, Burkina Faso’s total exports amounted to $4.46 billion, accounting for 31.75% of its GDP. This medium-high level of export importance signifies a significant contribution to the country’s economy, highlighting the crucial role of export activities in driving economic growth and development.
Burkina Faso’s export activities are primarily focused on gold, cotton, oil seeds, and nuts. Its main export partners are Switzerland, UAE, Mali, Singapore, and Cote d’Ivoire, with Switzerland accounting for 74% of exports.
Burkina Faso economy challenges in 2024
In 2024, Burkina Faso faces challenges with terrorism hindering economic growth, despite efforts to boost gold exports. The country’s agrarian economy struggles with widespread poverty and limited resources, leading to a growing public debt that remains manageable for now.
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