The Economy of Cote d'Ivoire

The Economy of Cote d'Ivoire

Ivoirian Economy

Economy - overview: Cote d'Ivoire is the world's largest producer and exporter of cocoa beans and a significant producer and exporter of coffee and palm oil. Consequently, the economy is highly sensitive to fluctuations in international prices for these products, and, to a lesser extent, in climatic conditions. Despite government attempts to diversify the economy, it is still heavily dependent on agriculture and related activities, engaging roughly 68% of the population. Since 2006, oil and gas production have become more important engines of economic activity than cocoa. According to IMF statistics, earnings from oil and refined products were $1.3 billion in 2006, while cocoa-related revenues were $1 billion during the same period. Cote d'Ivoire's offshore oil and gas production has resulted in substantial crude oil exports and provides sufficient natural gas to fuel electricity exports to Ghana, Togo, Benin, Mali and Burkina Faso. Oil exploration by a number of consortiums of private companies continues offshore, and President GBAGBO has expressed hope that daily crude output could reach 200,000 barrels per day (b/d) by the end of the decade. Since the end of the civil war in 2003, political turmoil has continued to damage the economy, resulting in the loss of foreign investment and slow economic growth. GDP grew by nearly 2% in 2007 and 3% in 2008. Per capita income has declined by 15% since 1999.


GDP - real growth rate: 2.7% (2008 est.) 1.6% (2007 est.) -0.3% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 27.9% industry: 21.9% services: 50.1% (2008 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: 2% highest 10%: 34% (2002)

Distribution of family income - Gini index: 44.6 (2002)

Inflation rate (consumer prices):

Labor force: 7.035 million (68% agricultural) (2008 est.)

Labor force - by occupation: agriculture: 68% industry and services: NA (2007 est.)

Unemployment rate: unemployment may have climbed to 40-50% as a result of the civil war

Budget: revenues: $4.725 billion expenditures: $5.082 billion (2008 est.)

Industries: foodstuffs, beverages; wood products, oil refining, truck and bus assembly, textiles, fertilizer, building materials, electricity, ship construction and repair

Industrial production growth rate: 5% (2008 est.)

Electricity - production: 5.274 billion kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 3.177 billion kWh (2006 est.)

Electricity - exports: 1.066 billion kWh (2006 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 54,400 bbl/day (2008 est.)

Oil - consumption: 25,950 bbl/day (2006 est.)

Oil - exports: 84,940 bbl/day (2005)

Oil - imports: 71,850 bbl/day (2005)

Oil - proved reserves: 100 million bbl (1 January 2008 est.)

Natural gas - production: 1.3 billion cu m (2006 est.)

Natural gas - consumption: 1.3 billion cu m (2006 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 28.32 billion cu m (1 January 2008 est.)

Agriculture - products: coffee, cocoa beans, bananas, palm kernels, corn, rice, manioc (tapioca), sweet potatoes, sugar, cotton, rubber; timber

Exports: $11.96 billion f.o.b. (2008 est.)

Exports - commodities: cocoa, coffee, timber, petroleum, cotton, bananas, pineapples, palm oil, fish

Exports - partners: Germany 9.7%, Nigeria 9.2%, Netherlands 8.4%, France 7.3%, US 7%, Burkina Faso 4.4% (2007)

Imports: $7.948 billion f.o.b. (2008 est.)

Imports - commodities: fuel, capital equipment, foodstuffs

Imports - partners: Nigeria 31.1%, France 16.7%, China 7.3% (2007)

Debt - external: $14.46 billion (31 December 2008 est.)

Economic aid - recipient:


Currency code:

Exchange rates: Communaute Financiere Africaine francs (XOF) per US dollar - 447.81 (2008 est.), 481.83 (2007), 522.89 (2006), 527.47 (2005), 528.29 (2004) note: since 1 January 1999, the West African CFA franc (XOF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; West African CFA franc (XOF) coins and banknotes are not accepted in countries using Central African CFA francs (XAF), and vice versa, even though the two currencies trade at par

Fiscal year:

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