The ratings on Burkina Faso are constrained by a low level of economic development. GDP per capita is among the lowest of any rated sovereign, projected at $504 in 2007, and human development indicators are very weak. The ratings are also constrained by a lack of fiscal flexibility, due to the low level of domestic government revenues. These are estimated at about 13% of GDP in 2006, reflecting the narrow tax base and a large informal sector. In 2006 the general government deficit has widened moderately to an estimated 5.2% of GDP from about 4.5% in 2005. The cause was a sizeable shortfall in domestic revenue, offset by expenditures cuts and donor flows. The deficit is expected to remain at
