Economical overview
Niger's economy is based on exports of a few
commodities as well as agriculture. The potential for
economic development is hampered by political conflicts,
the country's isolated location, high transport costs,
infertile land, unfavorable climate and lack of skilled
labor.
In addition to the official economy, there is a large
informal sector where around 70 percent of all economic
activity takes place according to estimates from the
World Bank. Not least, extensive goods smuggling across
the border to Nigeria is ongoing.
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Countryaah.com:
Major imports by Niger, covering a full list of top products imported by the country and trade value for each product category.
The uranium accounts for about half of Niger's export
income and oil for a quarter. The economic development
is thus dependent on how the price of these products
develops on the world market. Weather is another factor
that has a major impact on the economy as 80 percent of
the inhabitants live on agriculture, most of them
growing what they themselves need. The country has
repeatedly been hit by drought and famine.
As a rule, there are deficits in the state budget and
trade abroad, and Niger is heavily dependent on aid and
loans. Important donors are France, the rest of the EU,
the World Bank, the African Development Bank, Japan, the
United States and Germany.
In order to obtain loans from the World Bank and the
International Monetary Fund (IMF), Niger has been forced
to implement budgetary restrictions and privatize state
property, which has led to layoffs of government
employees and the resulting union protests. At times,
the external debt has been soaring and the country has
in turn received its debts neglected and renegotiated.
Niger's economic growth has been on average
relatively high since the turn of the millennium, but
development is from a very low starting point. Average
annual growth has been around 5 percent on average in
2000–2014, but the figures vary widely from year to year
depending on the weather and how prices for the
country's export products have developed. Niger was only
marginally affected by the international financial
crisis that spread around the world from 2008, but
growth was still negative in 2009 when many aid donors
withdrew their aid in protest of President Tandja's
attempt to extend his mandate. After the allocation of
Tandja in 2010, aid was resumed.
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Abbreviationfinder.org: Check this abbreviation website to find three letter ISO codes for all countries in the world, including NER which represents the country of Niger.
FACTS - FINANCE
GDP per person
US $ 412 (2018)
Total GDP
US $ 9,240 million (2018)
GDP growth
5.2 percent (2018)
Agriculture's share of GDP
39.7 percent (2017)
Manufacturing industry's share of GDP
5.7 percent (2017)
The service sector's share of GDP
38.3 percent (2017)
Inflation
-1.3 percent (2019)
Government debt's share of GDP
53.8 percent (2018)
External debt
US $ 3,323 million (2017)
Currency
West African Franc
Merchandise exports
US $ 1,206 million (2017)
Imports
US $ 1 952 million (2017)
Current account
- US $ 1,271 million (2017)
Commodity trade's share of GDP
41 percent (2018)
Main export goods
uranium, cattle, gold
Largest trading partner
France, Nigeria, USA, China
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