Burkina Faso is a landlocked country in West Africa that has experienced tremendous economic growth in recent years. The economy of Burkina Faso is largely based on agriculture, which accounts for about 40 percent of the country’s GDP and employs 80 percent of the population. Burkina Faso is also a major producer of gold, cotton, and livestock. The country is also home to a vibrant informal economy, which is estimated to account for about 40 percent of the country’s GDP.
The Economy of Burkina Faso
Burkina Faso has seen significant economic growth in recent years, with the GDP growing by an average of 5.5 percent annually between 2010 and 2017. This growth has been driven largely by increased investment in the agricultural sector, which is the backbone of the economy. In 2017, the agricultural sector accounted for 40 percent of the country’s GDP and employed 80 percent of the population.
The main crops grown in Burkina Faso are millet, sorghum, maize, rice, and cotton. Cotton is the country’s most important cash crop, accounting for about 15 percent of exports. The country is also a major producer of livestock, with cattle, sheep, and goats being the most important species.
The mining sector is also a major contributor to the economy, with gold being the most important mineral. Burkina Faso is the fourth-largest gold producer in Africa, accounting for about 5 percent of the continent’s gold production in 2017.
Informal Economy
The informal economy is an important part of the economy in Burkina Faso, accounting for an estimated 40 percent of the country’s GDP. The informal economy is largely made up of small-scale activities such as subsistence farming, small-scale trading, and petty services. The informal sector is largely unregulated and is often characterized by low wages and poor working conditions.
The informal economy is also characterized by a high degree of informality, with many businesses operating without registering with the government. This has created a number of challenges, including a lack of access to credit and other financial services, a lack of access to markets, and a lack of protection for workers.
Conclusion
Burkina Faso is a landlocked country in West Africa that has experienced tremendous economic growth in recent years. The economy of Burkina Faso is largely based on agriculture, which accounts for about 40 percent of the country’s GDP and employs 80 percent of the population. Burkina Faso is also a major producer of gold, cotton, and livestock. The country is also home to a vibrant informal economy, which is estimated to account for about 40 percent of the country’s GDP. The informal economy is largely made up of small-scale activities such as subsistence farming, small-scale trading, and petty services. The informal sector is largely unregulated and is often characterized by low wages and poor working conditions. Despite the challenges posed by the informal economy, Burkina Faso has seen significant economic growth in recent years, driven largely by increased investment in the agricultural sector.