Cote d'Ivoire Economy:
Cote d'Ivoire is among the world's largest producers and exporters of coffee, cocoa beans, and palm oil. Consequently, the economy is highly sensitive to fluctuations in international prices for these products and weather conditions. Despite government attempts to diversify the economy, it is still heavily dependent on agriculture and related activities, engaging roughly 68% of the population. After several years of lagging performance, the Ivorian economy began a comeback in 1994, due to the 50% devaluation of the CFA franc and improved prices for cocoa and coffee, growth in nontraditional 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. Moreover, government adherence to donor-mandated reforms led to a jump to 5% annual growth during 1996-99. Growth was negative in 2000-03 because of the difficulty of meeting the conditions of international donors, continued low prices of key exports, and severe civil war. In November 2004 the situation deteriorated when President GBAGBO's troops attacked and killed nine French peacekeeping forces, and the UN imposed an arms embargo. Political uncertainty has clouded the economic outlook for 2005, with fear among Ivorians spreading, foreign investment shriveling, businessmen fleeing, travel within the country falling, and criminal elements that traffic in weapons and diamonds gaining ground.
GDP (purchasing power parity):
$24.78 billion (2004 est.)
GDP — real growth rate:
-1% (2004 est.)
GDP — per capita:
purchasing power parity: $1,500 (2004 est.)
GDP — composition by sector:
agriculture: 27.8%
industry: 19.4%
services: 52.8%
(2004)
Labor force:
6.7% (2004 est.)
Unemployment rate:
13% in urban areas (1998 est.)
Population below poverty line:
37% (1995 est.)
Household income or consumption by percentage share:
lowest 10%: 3.1%
highest 10%: 28.8% (1995)
Distribution of family income — Gini index:
36.7 (1995 est.)
Inflation rate (consumer prices):
1.4% (2004 est.)
Investment (gross fixed):
11.3% of GDP (2004 est.)
Budget:
revenues: $2.41 billion (2004 est.)
expenditures: $2.77 billion (2004 est.)
capital expenditures: $420 million (2004 est.)
Public debt:
74.8% of GDP (2004 est.)
Agriculture — products:
Coffee, cocoa beans, bananas, palm kernels, corn, rice, manioc (tapioca), sweet potatoes, sugar, cotton, rubber; timber
Industries:
foodstuffs, beverages; wood products, oil refining, truck and bus assembly, textiles, fertilizer, building materials, electricity, ship construction and repair
Industrial production growth rate:
15% (1998 est.)
Electricity — production:
4.76 billion kWh (2002 est.)
Electricity — consumption:
2.98 billion kWh (2002 est.)
Electricity — exports:
1.45 billion kWh (2002 est.)
Electricity — imports:
0 kWh (2002 est.)
Oil — production:
29,300 bbl/day (2004 est.)
Oil — consumption:
32,000 bbl/day (2001 est.)
Oil — exports:
NA
Oil — imports:
NA
Oil — proved reserves:
220 million bbl (2004 est.)
Natural gas — production:
1.35 billion cu m (2001 est.)
Natural gas — consumption:
1.35 billion cu m (2001 est.)
Natural gas — exports:
0 cu m (2001 est.)
Natural gas — imports:
0 cu m (2001 est.)
Natural gas — proved reserves:
14.87 billion cu m (2004 est.)
Current account balance:
$-421.5 million (2004 est.)
Exports:
$5.12 billion (f.o.b. 2004 est.)
Exports — commodities:
cocoa, coffee, timber, petroleum, cotton, bananas, pineapples, palm oil, , fish
Exports — partners:
France 9.5%, Netherlands 10.3%, US 11.6%, Belgium 4.7%, Germany 4.7%, Italy 5.5% (2004)
Imports:
$3.36 billion (f.o.b. 2004 est.)
Imports — commodities:
fuel, capital equipment, foodstuffs
Imports — partners:
Nigeria 19.2%, France 24.3%, UK 4%, , , (2004)
Reserves of foreign exchange and gold:
$1.95 billion (2004 est.)
Debt — external:
$11.81 billion (2004 est.)
Economic aid — recipient:
ODA: $1 billion (1996 est.)
Currency:
Communaute Financiere Africaine franc (XOF)
note: Responsible authority is the Central Bank of the West African States
Exchange rates:
Communaute Financiere Africaine francs (XOF) per US$: 528.29 (2004 est.), 581.2 (2003 est.), 696.99 (2002 est.), 733.04 (2001 est.), 711.98 (2000 est.)
Fiscal year:
calendar year
|
