The major labor force of Burkina Faso is engaged in agriculture. The
Burkina Faso economy has an extensive dependence on the agriculture. Of late, the
Burkina Faso economy as well as the GDP per capita has experienced a growth of 13%. The inflation rate of Burkina Faso was recorded as 2.4% in 2004. Within a GDP per capita of Burkina Faso at $1,200, the country is ranked 118th in the GDP ranking. With an average per capita income of €250 or US$300, economy of Burkina Faso is considered as an underdeveloped nation in the commercial world.
Major portion of the labor force, which adds up to more than 90%, are engaged in agriculture. The government of Burkina Faso is trying to improve the Burkina Faso economy by gradually developing the mineral resources. The import cost of the country touches $866.3 million. The import commodities include:
- Petroleum
- Foods
- Capital goods
Some of the major crops of the country are as follows:
- Cotton, Maize, Pearl Millet, Rice, Groundnuts, Sesame
The export partners of Burkina Faso are Singapore, Ghana, Bangladesh, China and others, while the country imports goods from countries like France, Togo, Cote d’Ivorie. The country also underwent a few reforms recently and has introduced VAT on a few products. The Burkina Faso economy is growing slowly towards the better.
