Burkina Faso

Despite challenging security conditions, Burkina Faso achieved sustained economic growth between 2016 and 2019, averaging 6.1%. The country recorded 6.5% GDP growth in 2021, compared to 1.9% in 2020, driven by robust secondary sector performance and recovery in tertiary sector activities that were disrupted by COVID-19. Growth moderated to 3.0% in 2022 due to adverse global economic conditions.

Despite challenging security conditions, Burkina Faso achieved sustained economic growth between 2016 and 2019, averaging 6.1%. The country recorded 6.5% GDP growth in 2021, compared to 1.9% in 2020, driven by robust secondary sector performance and recovery in tertiary sector activities that were disrupted by COVID-19. Growth moderated to 3.0% in 2022 due to adverse global economic conditions.

Burkina Faso’s economy remains heavily dominated by the tertiary sector. After contracting 2.7% in 2020 due to COVID-19 containment measures, the services sector rebounded strongly with 12.6% value-added growth in 2021, driven by recovery in commercial services, non-commercial services, and robust trade activity.

Burkina Faso’s inflation rate reached 3.9% in 2021, exceeding the WAEMU convergence threshold of 3% by 0.9 percentage points. Significant inflationary pressures are projected for 2022, with inflation estimated at 14.1%—driven by elevated commodity prices and global supply chain disruptions.

Burkina Faso’s current account position has been volatile. The current account balance improved from a deficit of 3.3% of GDP in 2019 to a surplus of 2.6% in 2020, before narrowing to 0.4% in 2021. The current account is projected to deteriorate to a deficit of 4.7% of GDP in 2022, reflecting rising import pressures and commodity price volatility.

Following a contraction in 2020 (20.4% from 23.0%) due to COVID-19 impacts, Burkina Faso’s investment rate recovered, rising 2.2 percentage points to 22.6% in 2021. The investment rate is projected to continue strengthening, remaining above 22.9% in 2022 as capital formation rebounds.

The overall fiscal deficit remained relatively stable in 2021 compared to 2020, at 5.7% of GDP versus 5.1% in 2020. Central Bank estimates project fiscal deterioration in 2022, with the deficit widening to 8.5% of GDP—reflecting increased security-related expenditures and development spending.

COVID-19 pandemic effects and challenging security conditions have driven substantial increases in public debt. The public debt-to-GDP ratio rose from 41.5% in 2019 to 43.3% in 2020 and reached 55.4% in 2021. Public debt is projected to climb to 58.3% of GDP in 2022—an increase of 2.9 percentage points—reflecting elevated security expenditures and pandemic-related fiscal support.