On June 6, 2005, Standard&Poor's Ratings Services affirmed its 'B' long-term and 'B' short-term sovereign credit ratings on Burkina Faso. The outlook is stable. The ratings on Burkina Faso are constrained by a low level of economic development and a very narrow economic base. GDP per capita is low, at an estimated $450 in 2005, and social indicators are very weak. The economy is highly dependent on the cotton industry and external aid. Furthermore, the country's landlocked position, infrastructure deficiencies, location in the drought-prone Sahel region of West Africa, and high costs for inputs such as electricity, water, and telecommunications are hindrances to diversification. Real GDP growth has averaged 6.7% over the past five years and is estimated
