In a document on the balance of payments and the international investment position, the Bceo analyzed the situation in Burkina Faso. According to the Bceao, in Burkina Faso, the real GDP recorded a growth rate of 5.7% in 2019, after 6.7% in 2018, being below that recorded on average in the Uemoa space.

This deceleration in growth is attributable to the primary sector (growth down by 7.6 percentage points to +0.6%), in particular cereal production which recorded a drop of 4.7%, after an increase 27.5% in 2018.

The inflation rate, as an annual average, stood at -3.2% in 2019, lower than the average of -0.7% recorded at the WAEMU level, against +1.9% in 2018.

In this context, reveals the Bceao, Burkina Faso's balance of payments showed a surplus of 67.405 million for the year 2019, after +116.286 million a year earlier.

The current account deficit fell by 62,342 million to stand at 306,921 million in 2019. This favorable trend in the current balance reflects that of all of its sub-accounts (mitigation of deficits in the balance of goods and services and increase in the surplus of the secondary income account), with the exception of the primary income account whose deficit widened.

The trade balance improved by 53,201 million (+33.0%), following a stronger increase in exports than imports. The deficit in the balance of services worsened by 2.8% in line in particular with the increase in imports of transport services, dictated by the increase in imports of goods.

The deficit balance of the primary income account worsened by 32,499 million (-12.2%), in line with the increase in net income paid to non-residents in remuneration of investments (+44,048 million), despite payments net surpluses to residents in respect of labor compensation (+12,431 million).

Under the effect in particular of the increase in assistance and emergency aid mobilized by the State, the secondary income account improved by 56,157 million, showing a surplus of 318,002 million.

The capital account, meanwhile, posted a surplus balance of 125,931 million, down 49,906 million compared to 2018, i.e. -28.4%. This decline is mainly due to the fall in capital transfers in the form of project grants (-50,618 million, or -41.4%) for the benefit of public administration.

With regard to the financial account, it generated net inflows of 252,596 million, after 313,216 million in 2018, i.e. a decrease of 60,620 million (-19.4%). This situation is due to a decline in net inflows for all of its sub-components.

As a result of the above developments, the net foreign assets of the BCEAO fell by 231,409 million in 2019 and those of the other depository institutions increased by 298,814 million. This results in an increase in Burkina Faso's Aen of 67,405 million, corresponding to the overall balance of the balance of payments.

Regarding the international investment position, it came out as a debtor of 3,994,506 million, against -3,790,032 million a year earlier, i.e. a deterioration of 5.4%, following a swelling of the stock of liabilities greater than the increase in the stock of financial assets.