Agriculture occupies the most prominent position in
Mali Economy and Business. The agriculture sector is dominated primarily by small scale traditional farming. Cereals such as millets, sorghum and maize are the main agricultural products that are exported from Mali. Mali also earns a large amount of revenue by exporting gold, cotton and live stock.
The region between Bamako and Mopti is the main agricultural area and hence occupies a prominent position in the economy of Mali. Fishing is another important part of Mali economy. The government has taken initiatives to start fish breeding in the Niger delta area. The economic and the business activities of Mali have gained a lot of support from the U.S. Agency.
Mali Statistics
According to the statistics of 2006 the per capita gross domestic output of Mali was a mere $470. The low rate of per capita gross domestic output makes Mali one of the ten poorest nations in the world. Agriculture engages 70% of total labor force of Mali and amounts to 36% of the total gross output. Nearly 1.4 million hectares of land is under agriculture activities. Gold, Cotton, livestock occupies 90% of the total export. The increased production of gold and cotton has boosted the annual growth rate of gross domestic product from 2.2% in 2004 to 5.1% in 2005. 80% of the mining industry revolves around the production of gold. In fact in 2002 gold was the main export product. The Anglo-American and Randgold companies have invested $250 million and $140 million respectively.
The list below gives important statistical data about the economy of Mali:
- Average annual inflation rate in 2005 was -1.1%
- GDP of 2006 was $5.847
- Industry contribution in GDP in 2006 was 24%
- Agriculture accounted for 36% of GDP in 2006
For more information on Mali economy, refer the following sections:
