Economy of Niger

Economy of Niger

Petit Marché in Niamey
Currency	West African CFA franc (XOF)
Fixed exchange rates	€1 = 655.957 XOF
Trade organisations	AU, AfCFTA, ECOWAS, CEN-SAD, WTO
Country group	Least Developed[1] Low-income economy[2]
Statistics
GDP	$16.617 billion (nominal, 2023)[3] $43.319 billion (PPP, 2023)[3]
GDP growth	4.9% (2017) 6.5% (2018) 6.3% (2019e) 6.0% (2020f)[4]
GDP per capita	$614 (nominal, 2023 est.)[3] $1,600 (PPP, 2023 est.)[3]
GDP by sector	Agriculture: 44.3% Industry: 14.9% Services: 40.8% (2017)[5]
Inflation (CPI)	2.740% (2018)[3]
Population below poverty line	44.5% (2014)[6] 44.5% on less than $1.90/day (2014)[7]
Gini coefficient	34.3 medium (2014)[8]
Human Development Index	0.394 low (2022)[9] (189th) 0.272 IHDI (2018)[10]
Labour force	9,198,681 (2019)[11]
Labour force by occupation	Agriculture: 87% Industry: 4% Services: 9% (2016)[5]
Unemployment	2.6% (2016 est.)[5]
Main industries	Uranium mining, petroleum, cement, brick, soap, textiles, food processing, chemicals, slaughterhouses[5]
External
Exports	$1.177 billion (2017. est)[5]
Export goods	Uranium ore, livestock, cowpeas, onions[5]
Main export partners	France 31.3%  Thailand 11.6%  Malaysia 10%  Nigeria 9.5%  Mali 5.6%  China 5.3% (2016)[5]
Imports	$2.194 billion (2017. est)
Import goods	Food, machinery, vehicles and parts, petroleum, cereals[5]
Main import partners	France 28.3%  China 16.1%  US 7.8%  Nigeria 5.8%  Thailand 5.8% (2016 est.)[5]
Gross external debt	$3.09 billion (31 December 2017 est)[5]
Public finances
Revenues	$1.68 billion (2017. est)[5]
Expenses	$2.235 billion (2017 est.)[5]
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

The gross domestic product (GDP) of Niger was $16.617 billion US dollars in 2023, according to official data from the World Bank. This data is based largely on internal markets, subsistence agriculture, and the export of raw commodities: foodstuffs to neighbors and raw minerals to world markets.^[12] Niger, a landlocked West African nation that straddles the Sahel, has consistently been ranked on the bottom of the Human Development Index, at 0.394 as of 2019. It has a very low per capita income, and ranks among the least developed and most heavily indebted countries in the world, despite having large raw commodities and a relatively stable government and society not currently affected by civil war or terrorism. Economic activity centers on subsistence agriculture, animal husbandry, re-export trade, and export of uranium.

The 50% devaluation of the West African CFA franc in January 1994 boosted exports of livestock, cowpeas, onions, and the products of Niger's small cotton industry. Exports of cattle to neighboring Nigeria, as well as groundnuts and oil remain the primary non-mineral exports. The government relies on bilateral and multilateral aid – which was suspended briefly following coups in 1996 and 1999 – for operating expenses and public investment. Short-term prospects depend on continued World Bank and IMF debt relief and extended aid. The post-1999 government has broadly adhered to privatization and market deregulation plans instituted by these funders. Niger is a least developed country according to the United Nations.