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The Economy of Mali

Malian Economy

Mali's map

Economy - overview: Mali is among the poorest countries in the world, with 65% of its land area desert or semidesert and with a highly unequal distribution of income. Economic activity is largely confined to the riverine area irrigated by the Niger. About 10% of the population is nomadic and some 80% of the labor force is engaged in farming and fishing. Industrial activity is concentrated on processing farm commodities. Mali is heavily dependent on foreign aid and vulnerable to fluctuations in world prices for cotton, its main export, along with gold. The government has continued its successful implementation of an IMF-recommended structural adjustment program that is helping the economy grow, diversify, and attract foreign investment. Mali's adherence to economic reform and the 50% devaluation of the CFA franc in January 1994 have pushed up economic growth to a 5% average in 1996-2008. Worker remittances and external trade routes for the landlocked country have been jeopardized by continued unrest in neighboring Cote d'Ivoire.

GDP:

GDP - real growth rate: 4.2% (2008 est.) 2.8% (2007 est.) 5.3% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 45% industry: 17% services: 38% (2001 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: 2.4% highest 10%: 30.2% (2001)

Distribution of family income - Gini index: 40.1 (2001)

Inflation rate (consumer prices):

Labor force: 5.4 million (2007 est.)

Labor force - by occupation: agriculture: 80% industry and services: 20% (2005 est.)

Unemployment rate: 30% (2004 est.)

Budget: revenues: $1.5 billion expenditures: $1.8 billion (2006 est.)

Industries: food processing; construction; phosphate and gold mining

Industrial production growth rate: NA%

Electricity - production: 505 million kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 469.7 million kWh (2006 est.)

Electricity - exports: 0 kWh; note - recent hydropower developments may be providing electricity to Senegal and Mauritania (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 4,640 bbl/day (2006 est.)

Oil - exports: 0 bbl/day (2006)

Oil - imports: 4,860 bbl/day (2005 est.)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

Agriculture - products: cotton, millet, rice, corn, vegetables, peanuts; cattle, sheep, goats

Exports: $294 million f.o.b. (2006)

Exports - commodities: cotton, gold, livestock

Exports - partners: China 19.6%, Thailand 10.5%, Brazil 4.6%, France 4.5%, Indonesia 4.5% (2007)

Imports: $2.358 billion f.o.b. (2006)

Imports - commodities: petroleum, machinery and equipment, construction materials, foodstuffs, textiles

Imports - partners: France 12.9%, Senegal 12.7%, Cote d'Ivoire 10.9%, China 4.9% (2007)

Debt - external: $2.8 billion (2002)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Communaute Financiere Africaine francs (XOF) per US dollar - 447.81 (2008 est.), 493.51 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004) note: since 1 January 1999, the West African CFA franc (XOF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; West African CFA franc (XOF) coins and banknotes are not accepted in countries using Central African CFA francs (XAF), and vice versa, even though the two currencies trade at par

Fiscal year: