Ms. Laure Redifer, IMF mission chief for Burkina Faso, issued the following statement in Ouagadougou today:

“Despite external shocks, economic activity in 2012 was robust, with estimated GDP growth reaching 9 percent, due to a strong 2012 agricultural harvest, stronger than expected mining production and strong activity in services. The harvest brought food prices and overall inflation down, in line with expectations, and average inflation has remained in the range of 3.5-4.0 percent. External balances deteriorated in 2012, although not as much as feared, as higher import needs were offset by larger mining and cotton exports than forecast.

“Revenue collection was strong in 2012, with total revenues reaching 17.7 percent of GDP. Expenditures, including those authorized in the reconciliation law, were in line with expectations, but the composition reflected lower than expected execution of investment projects financed by external resources — offset by higher than expected recurrent spending and domestically-financed investment spending. The resulting fiscal deficit was 3.1 percent of GDP, in line with expectations. All quantitative targets and most structural measures contained in the program for end-December 2012 were met.

via Press Release: Statement at the Conclusion of an IMF Staff Mission to Burkina Faso.