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Cote d'Ivoire Economy

    Economy—overview: 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 to weather conditions. Despite attempts by the government to diversify the economy, it is still largely dependent on agriculture and related activities, which engage roughly 68% of the population. 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 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. 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 1996-98. Moreover, government adherence to donor-mandated reforms led to a jump in growth to 6% annually in 1996-98. Growth may slow in 1999-2000 because of the difficulty of meeting the conditions of international donors and continued low prices of key exports.

    GDP: purchasing power parity—$24.2 billion (1998 est.)

    GDP—real growth rate: 6% (1998 est.)

    GDP—per capita: purchasing power parity—$1,680 (1998 est.)

    GDP—composition by sector:
    agriculture: 31%
    industry: 20%
    services: 49% (1995)

    Population below poverty line: NA%

    Household income or consumption by percentage share:
    lowest 10%: 2.8%
    highest 10%: 28.5% (1988)

    Inflation rate (consumer prices): 6% (1998 est.)

    Labor force: NA

    Unemployment rate: NA%

    Budget:
    revenues: $2.3 billion
    expenditures: $2.6 billion, including capital expenditures of $640 million (1997 est.)

    Industries: foodstuffs, beverages; wood products, oil refining, automobile assembly, textiles, fertilizer, construction materials, electricity

    Industrial production growth rate: 15% (annual rate, first half 1998)

    Electricity—production: 1.88 billion kWh (1996)

    Electricity—production by source:
    fossil fuel: 22%
    hydro: 47%
    nuclear: 0%
    other: 31% (1996)

    Electricity—consumption: 1.88 billion kWh (1996)

    Electricity—exports: 0 kWh (1996)

    Electricity—imports: 0 kWh (1996)

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

    Exports: $4.3 billion (f.o.b., 1998)

    Exports—commodities: cocoa 36%, coffee, tropical woods, petroleum, cotton, bananas, pineapples, palm oil, cotton, fish

    Exports—partners: Netherlands 17%, France 15%, Germany 7%, US 6%, Italy 5% (1997)

    Imports: $2.5 billion (f.o.b., 1998)

    Imports—commodities: food, consumer goods; capital goods, fuel, transport equipment

    Imports—partners: France 28%, Nigeria 20%, US 6%, Italy 5%, Germany 4% (1997)

    Debt—external: $16.8 billion (1998 est.)

    Economic aid—recipient: ODA, $1 billion (1996 est.)

    Currency: 1 Communaute Financiere Africaine franc (CFAF) = 100 centimes

    Exchange rates: CFA francs (CFAF) per US$1—560.01 (January 1999), 589.95 (1998), 583.67 (1997), 511.55 (1996), 499.15 (1995), 555.20 (1994)

    Fiscal year: calendar year

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)