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Economy of Ivory Coast information


Economy of Ivory Coast
Skyline of the Plateau district, the CBD of Abidjan, the economic capital of Côte d'Ivoire
CurrencyWest African CFA franc (XOF, CFA)
Fixed exchange rates
655.957 CFA francs per euro
Fiscal year
Calendar year
Trade organisations
AU, AfCFTA, WTO, ECOWAS, WAEMU
Country group
  • Developing/Emerging[1]
  • Lower-middle income economy[2]
Statistics
PopulationIncrease 29,344,847[3]
GDP
  • Increase $75.075 billion (nominal, 2022)[4]
  • Increase $173.188 billion (PPP, 2022e)[4]
GDP rank
  • 72nd (nominal, 2022e)
  • 76th (PPP, 2022e)
GDP growth
  • 6.2% (2019) 2.0% (2020)
  • 6.0% (2021) 6.5% (2022e)[4]
GDP per capita
  • Increase $2,646 (nominal, 2022e)[4]
  • Increase $6,103 (PPP, 2022e)[4]
GDP per capita rank
  • 140th (nominal, 2021)
  • 133th (PPP, 2021)
GDP by sector
  • agriculture: 20.1%
  • industry: 26.6%
  • services: 53.3%
  • (2017 est.)[5]
Inflation (CPI)
2.0% (2020 est.)[6]
Population below poverty line
  • 39.5% (2018 est.)[7]
  • 57.4% on less than $3.20/day (2015)[8]
Gini coefficient
41.5 medium (2015)[9]
Human Development Index
  • Increase 0.538 low (2019)[10] (162th)
  • 0.331 IHDI (2018)[11]
Labour force
  • Increase 8,583,001 (2019)[12]
  • Decrease 54.2% employment rate (2017)[13]
Labour force by occupation
agriculture: 68% (2007 est.)[5]
Unemployment9.4% (2013 est.)[5]
Main industries
foodstuffs, beverages; wood products, oil refining, gold mining, truck and bus assembly, textiles, fertilizer, building materials, electricity
External
ExportsIncrease $16.326 billion (2018 est.)[14]
Export goods
cocoa beans, gold, rubber, refined petroleum, crude petroleum
Main export partners
  • Economy of Ivory Coast Netherlands 10.7%
  • Economy of Ivory Coast United States 6.0%
  • Economy of Ivory Coast France 5.9%
  • Economy of Ivory Coast Malaysia 5.0%
  • Economy of Ivory Coast Vietnam 4.9%
  • Economy of Ivory Coast Mali 4.8%
  • Economy of Ivory Coast Spain 4.8%
  • Economy of Ivory Coast  Switzerland 4.7%
  • Economy of Ivory Coast Germany 4.7%
  • Economy of Ivory Coast Burkina Faso 4.6%
  • (2019)[15]
ImportsIncrease $14.248 billion (2018 est.)[14]
Import goods
crude petroleum, rice, frozen fish, refined petroleum, packaged medicines
Main import partners
  • Economy of Ivory Coast China 17.2%
  • Economy of Ivory Coast Nigeria 13.5%
  • Economy of Ivory Coast France 10.7%
  • Economy of Ivory Coast USA 5.0%
  • Economy of Ivory Coast India 4.3%
  • (2019)[15]
FDI stock
  • Increase $10.234 billion ( 2018 est.)[16]
  • Steady Abroad: N/A ( 2018 est.)[16]
Current account
Decrease −$1.86 billion (2017 est.)[5]
Gross external debt
Negative increase $13.07 billion (31 December 2017 est.)[5]
Public finances
Government debt
Steady 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 rating
  • Moody's[17]
  • Ba3 (stable)
  • Fitch[18]
  • B+ (Stable)
Foreign reserves
Increase $6.257 billion (31 December 2017 est.)[5]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of Ivory Coast is stable and currently growing, in the aftermath of political instability in recent decades. The Ivory Coast's economy 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 Archived 4 May 2012 at the Wayback Machine 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 decline, coupled with high population growth, resulted in a steady fall in living standards. The Gross national product per capita, now rising again, was about US$727 in 1996. It was substantially higher two decades before. Real GDP growth is expected to average 6.5% in 2024-25.

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.[19] 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 from 1996–1999.[19] Moreover, government adherence to donor-mandated reforms led to a jump in growth to 5% annually in 1996–99.[19] A majority of the population remains dependent on smallholder cash crop production.[20]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Population by Country (2020)". Worldometer.
  4. ^ a b c d e "Report for Selected Countries and Subjects: October 2021 - Côte d'Ivoire". imf.org. IMF. Retrieved 9 February 2022.
  5. ^ a b c d e f g h i j "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 23 April 2019.
  6. ^ "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 6 December 2019.
  7. ^ "Poverty headcount ratio at national poverty lines (% of population) - Cote d'Ivoire". data.worldbank.org. World Bank. Retrieved 26 November 2020.
  8. ^ "Poverty headcount ratio at $3.20 a day (2011 PPP) (% of population) - Cote d'Ivoire". data.worldbank.org. World Bank. Retrieved 19 January 2020.
  9. ^ "GINI index (World Bank estimate)". data.worldbank.org. World Bank. Retrieved 23 April 2019.
  10. ^ Human Development Report 2020 The Next Frontier: Human Development and the Anthropocene (PDF). United Nations Development Programme. 15 December 2020. pp. 343–346. ISBN 978-92-1-126442-5. Retrieved 16 December 2020.
  11. ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
  12. ^ "Labor force, total - Cote d'Ivoire". data.worldbank.org. World Bank. Retrieved 19 January 2020.
  13. ^ "Employment to population ratio, 15+, total (%) (national estimate) - Cote d'Ivoire". data.worldbank.org. World Bank. Retrieved 19 January 2020.
  14. ^ a b "Cote d'Ivoire - CIA Factbook". cia.gov. Retrieved 15 April 2021.
  15. ^ a b "World Bank". wits.worldbank.org/. Retrieved 25 October 2021.
  16. ^ a b "CÔTE D'IVOIRE : LES INVESTISSEMENTS". tradesolutions.bnpparibas.com. Retrieved 30 April 2020.
  17. ^ "Moody's upgrades Côte d'Ivoire's sovereign ratings to Ba3 from B1, outlook stable". moodys.com. moody's. 5 November 2015. Retrieved 30 October 2016.
  18. ^ "Fitch Upgrades Cote d'Ivoire to 'B+'; Outlook Stable". fitchratings.com. Fitch Group. Retrieved 30 October 2016.
  19. ^ a b c "Cote d'Ivoire". The World Factbook. Central Intelligence Agency. Archived from the original on 2 December 2000. Public Domain This article incorporates text from this source, which is in the public domain.
  20. ^ "Background Note: Cote d'Ivoire". U.S. Department of State. November 2001. Archived from the original on 5 June 2002. Public Domain This article incorporates text from this source, which is in the public domain.

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