Ivory coast (the numbers)

Open main menu

Search

Economy of Ivory Coast

The economy of Ivory Coast is stable and currently growing, in the aftermath of political instability in recent decades. The Ivory Coast is largely market-based and depends heavily on the agricultural sector. Almost 70% of the Ivorian people are engaged in some form of agricultural activity. GDP per capita grew 82% in the 1960s, reaching a peak growth of 360% in the 1970s. But this proved unsustainable and it shrank by 28% in the 1980s and a further 22% in the 1990s. This coupled with high population growth resulted in a steady fall in living standardsGross national product per capita, now rising again, was about US$727 in 1996. (It was substantially higher two decades ago.)

Skyline of the Plateau district, the CBD of Abidjan, the economic capital of Côte d’Ivoire
CurrencyWest African CFA franc (XOF, CFA)
Fixed exchange rates655.957 CFA francs per euro
Fiscal yearCalendar year
Trade organisationsAUAfCFTAWTOECOWASWAEMU
Country groupDeveloping/Emerging[1]Lower-middle income economy[2]
Statistics
PopulationIncrease 26,378,274[3]
GDPIncrease $70.991 billion (nominal, 2021)[4]Increase $156.038 billion (PPP, 2021)[4]
GDP rank74th (nominal, 2021)76th (PPP, 2021)
GDP growth6.2% (2019) 2.3% (2020)6.0% (2021) 6.5% (2022e)[4]
GDP per capitaIncrease $2,566 (nominal, 2021)[4]Increase $5,641 (PPP, 2021)[4]
GDP per capita rank140th (nominal, 2021)133th (PPP, 2021)
GDP by sectoragriculture: 20.1%industry: 26.6%services: 53.3%(2017 est.)[5]
Inflation (CPI)2.0% (2020 est.)[6]
Population below poverty line39.5% (2018 est.)[7]57.4% on less than $3.20/day (2015)[8]
Gini coefficient41.5 medium (2015)[9]
Human Development IndexIncrease 0.538 low (2019)[10] (162th)0.331 IHDI (2018)[11]
Labour forceIncrease 8,583,001 (2019)[12]Decrease 54.2% employment rate (2017)[13]
Labour force by occupationagriculture: 68% (2007 est.)[5]
Unemployment9.4% (2013 est.)[5]
Main industriesfoodstuffs, beverages; wood products, oil refining, gold mining, truck and bus assembly, textiles, fertilizer, building materials, electricity
Ease-of-doing-business rankIncrease 110th (medium, 2020)[14]
External
ExportsIncrease $16.326 billion (2018 est.)[15]
Export goodscocoa beans, gold, rubber, refined petroleum, crude petroleum
Main export partners Netherlands 10% United States 6% France 6% Spain 5% Malaysia 5%  Switzerland 5% Germany 5% Vietnam 5%(2019)[16]
ImportsIncrease $14.248 billion (2018 est.)[17]
Import goodscrude petroleum, rice, frozen fish, refined petroleum, packaged medicines
Main import partners China 18% Nigeria 13% France 11%(2019)[18]
FDI stockIncrease $10.234 billion ( 2018 est.)[19]Steady Abroad: N/A ( 2018 est.)[19]
Current accountDecrease −$1.86 billion (2017 est.)[5]
Gross external debtNegative increase $13.07 billion (31 December 2017 est.)[5]
Public finances
Public debtSteady 47% of GDP (2017 est.)[5]
Budget balance−4.2% (of GDP) (2017 est.)[5]
Revenues7.749 billion (2017 est.)[5]
Expenses9.464 billion (2017 est.)[5]
Economic aidrecipient: ODA, $1 billion (1996 est.)
Credit ratingMoody’s[20]Ba3 (stable)Fitch[21]B+ (Stable)
Foreign reservesIncrease $6.257 billion (31 December 2017 est.)[5]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

After several years of lagging performance, the Ivorian economy began a comeback in 1994, due to the devaluation of the CFA franc and improved prices for cocoa and coffee, growth in non-traditional primary exports such as pineapples and rubber, limited trade and banking liberalization, offshore oil and gas discoveries, and generous external financing and debt rescheduling by multilateral lenders and France. The 50% devaluation of franc zone currencies on 12 January 1994 caused a one-time jump in the inflation rate to 26% in 1994, but the rate fell sharply in 1996–1999. Moreover, government adherence to donor-mandated reforms led to a jump in growth to 5% annually in 1996–99. A majority of the population remains dependent on smallholder cash crop production. Principal exports are cocoa, coffee, and tropical woods.

Infrastructure

Agriculture

Forestry

Mining

Tourism

External trade and investment

Economic data

See also

References

External links

Last edited 20 days ago by Futureofafrica

RELATED ARTICLES

Content is available under CC BY-SA 3.0 unless otherwise noted.

Published by technofiend1

Kazan- Kazan National Research Technical University Казанский национальный исследовательский технический университет имени А. Н. Туполева he graduated in Economics in 1982

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: