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Economy - overview:
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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 1.8% in 2006 and 1.7% in 2007. Per capita income has declined by 15% since 1999.
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GDP (purchasing power parity):
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$32.85 billion (2007 est.)
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GDP (official exchange rate):
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$19.6 billion (2007 est.)
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GDP - real growth rate:
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1.6% (2007 est.)
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GDP - per capita (PPP):
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$1,700 (2007 est.)
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GDP - composition by sector:
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agriculture: 28.1%
industry: 21.5%
services: 50.5% (2007 est.)
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Labor force:
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6.907 million (68% agricultural) (2007 est.)
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Labor force - by occupation:
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agriculture: 68%
industry and services: NA (2007 est.)
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Unemployment rate:
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unemployment may have climbed to 40-50% as a result of the civil war
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Household income or consumption by percentage share:
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lowest 10%: 2%
highest 10%: 34% (2002)
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Distribution of family income - Gini index:
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44.6 (2002)
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Investment (gross fixed):
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8.8% of GDP (2007 est.)
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Budget:
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revenues: $3.884 billion
expenditures: $4.106 billion (2007 est.)
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Public debt:
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75.2% of GDP (2007 est.)
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Inflation rate (consumer prices):
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1.9% (2007 est.)
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Central bank discount rate:
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4.25% (31 December 2007)
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Commercial bank prime lending rate:
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NA
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Stock of money:
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$4.451 billion (31 December 2007)
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Stock of quasi money:
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$1.915 billion (31 December 2007)
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Stock of domestic credit:
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$4.404 billion (31 December 2007)
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Agriculture - products:
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coffee, cocoa beans, bananas, palm kernels, corn, rice, manioc (tapioca), sweet potatoes, sugar, cotton, rubber; timber
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Industries:
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foodstuffs, beverages; wood products, oil refining, truck and bus assembly, textiles, fertilizer, building materials, electricity, ship construction and repair
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Industrial production growth rate:
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-1.8% (2007 est.)
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Electricity - production:
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5.274 billion kWh (2006 est.)
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Electricity - consumption:
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3.177 billion kWh (2006 est.)
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Electricity - exports:
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1.066 billion kWh (2006 est.)
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Electricity - imports:
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0 kWh (2007 est.)
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Oil - production:
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54,400 bbl/day (2008 est.)
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Oil - consumption:
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25,950 bbl/day (2006 est.)
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Oil - exports:
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84,940 bbl/day (2005)
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Oil - imports:
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71,850 bbl/day (2005)
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Oil - proved reserves:
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100 million bbl (1 January 2008 est.)
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Natural gas - production:
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1.3 billion cu m (2006 est.)
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Natural gas - consumption:
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1.3 billion cu m (2006 est.)
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Natural gas - exports:
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0 cu m (2007 est.)
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Natural gas - imports:
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0 cu m (2007 est.)
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Natural gas - proved reserves:
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28.32 billion cu m (1 January 2008 est.)
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Current account balance:
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-$146 million (2007 est.)
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Exports:
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$8.476 billion f.o.b. (2007 est.)
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Exports - commodities:
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cocoa, coffee, timber, petroleum, cotton, bananas, pineapples, palm oil, fish
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Exports - partners:
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Germany 9.7%, Nigeria 9.2%, Netherlands 8.4%, France 7.3%, US 7%, Burkina Faso 4.4% (2007)
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Imports:
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$5.932 billion f.o.b. (2007 est.)
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Imports - commodities:
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fuel, capital equipment, foodstuffs
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Imports - partners:
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Nigeria 31.1%, France 16.7%, China 7.3% (2007)
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Reserves of foreign exchange and gold:
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$2.519 billion (31 December 2007 est.)
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Debt - external:
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$13.79 billion (31 December 2007 est.)
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Stock of direct foreign investment - at home:
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$NA
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Stock of direct foreign investment - abroad:
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$NA
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Market value of publicly traded shares:
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$4.155 billion (2006)
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Currency (code):
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Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States
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Exchange rates:
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Communaute Financiere Africaine francs (XOF) per US dollar - 481.83 (2007), 522.89 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)
note: since 1 January 1999, the XOF franc has been pegged to the euro at a rate of 655.957 XOF francs per euro
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