Burkina Faso

Burkina Economic Outlook

Over the period 2014-19, Burkina Faso recorded an average real growth of 5.5%, higher than the ECOWAS average growth (4.5%). However, it decreased slightly by 0.8% compared to the level in 2018. In terms of prospects, Burkina Faso’s economic activity in 2020 is expected to be relatively stable compared to the situation in 2019.

Over the same period, Burkina Faso recorded an average annual per capita GDP of US$ 1682.1, below that of ECOWAS (US$ 2753.4). Since 2014, Burkina Faso has registered an upward trend in per capita GDP. At the same time, Burkina Faso’s population has grown with an average annual growth rate of 2.9% and the country is still classified in the low Human Development category. In 2015, the poverty rate was 40.1% while the GINI index measuring income inequality was estimated at 35.3%.

Inflation remained moderate and well below the 3% of GDP threshold set by the WAEMU convergence criteria. On fiscal balance, Burkina Faso was able to meet this convergence criterion between 2014 and 2015. However, from 2016 to 2018, the country had challenges in meeting this convergence criterion. The year 2019 saw a fiscal turnaround, bringing the budget deficit to the lower bound (-3% of GDP) of the WAEMU convergence criterion.

Over the 2014-19 period, Burkina Faso’s public debt was on an increasing trend, reaching 42.9% of GDP. Despite this upward trend, the level of debt remains within the threshold (≤70% of GDP) set by the WAEMU convergence criteria. Over this period, the current account recorded an average deficit of 7.1% of GDP. The credit to the private sector showed a fluctuating trend with an average annual growth rate of 11.9%. In terms of business environment, Burkina Faso is ranked 151st out of 190 countries on the 2019 World Bank Ease of Doing Business Survey.