Mali Economy Profile 2009

Economy - overview

Mali is among the 25 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 gold and cotton, its main exports. 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 has invested in tourism and a tractor assembly factory. 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, however, Mali is building a road network that will connect it to all adjacent countries and it has a railway line to Senegal.

GDP (purchasing power parity)

$14.59 billion (2008 est.)
$14 billion (2007 est.)
$13.62 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$8.783 billion (2008 est.)

GDP - real growth rate

4.2% (2008 est.)
2.8% (2007 est.)
5.3% (2006 est.)

GDP - per capita (PPP)

$1,200 (2008 est.)
$1,200 (2007 est.)
$1,200 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 45%
industry: 17%
services: 38% (2001 est.)

Population below poverty line

36.1% (2005 est.)

Labor force

3.241 million (2007 est.)

Labor force - by occupation

agriculture: 80%
industry and services: 20% (2005 est.)

Unemployment rate

30% (2004 est.)

Household income or consumption by percentage share

lowest 10%: 2.7%
highest 10%: 30.5% (2006)

Distribution of family income - Gini index

40.1 (2001)
50.5 (1994)

Budget

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

Inflation rate (consumer prices)

2.5% (2007 est.)

Central bank discount rate

4.75% (31 December 2008)
4.25% (31 December 2007)

Commercial bank prime lending rate

NA%

Stock of money

$NA (31 December 2008)
$1.58 billion (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$697.1 million (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$1.099 billion (31 December 2007)

Industries

food processing; construction; phosphate and gold mining

Industrial production growth rate

NA%

Electricity - production

505 million kWh (2006 est.)

Electricity - production by source

fossil fuel: 41.7%
hydro: 58.3%
nuclear: 0%
other: 0% (2001)

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 - imports

4,860 bbl/day (2005 est.)

Oil - exports

0 bbl/day (2006)

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.)

Current Account Balance

-$446 million (2007 est.)

Agriculture - products

cotton, millet, rice, corn, vegetables, peanuts; cattle, sheep, goats

Exports

$294 million (2006)

Exports - commodities

cotton, gold, livestock

Exports - partners

China 29%, Thailand 9.9%, Denmark 6%, Pakistan 4.8%, Morocco 4% (2008)

Imports

$2.358 billion (2006)

Imports - commodities

petroleum, machinery and equipment, construction materials, foodstuffs, textiles

Imports - partners

Senegal 13%, France 11.3%, Cote d'Ivoire 11.1%, China 6% (2008)

Debt - external

$2.8 billion (2002)

Market value of publicly traded shares

$NA

Economic aid - recipient

$691.5 million (2005)

Currency (code)

XOF

Currency (code)

Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States

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

calendar year