The economy of Ivory Coast is stable and currently growing, in the aftermath of political instability in recent decades. The Ivory Coast 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 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 coupled with high population growth resulted in a steady fall in living standards. Gross national product per capita, now rising again, was about US$727 in 1996. (It was substantially higher two decades ago.) 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. 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 1996-1999. Moreover, government adherence to donor-mandated reforms led to a jump in growth to 5% annually in 1996-99. A majority of the population remains dependent on smallholder cash crop production. Principal exports are cocoa, coffee, and tropical woods.
|Economy of Côte d'Ivoire|
|Currency||West African CFA franc (XOF)|
|655.957 CFA francs per euro|
|AU, WTO, WAEMU, ECOWAS|
|GDP|| $43.032 billion (nominal, 2018 est.) |
$106.984 billion (PPP, 2018 est.)
|GDP rank||87th (nominal, 2018) 82nd (PPP, 2018)|
|8.0% (2016) 7.7% (2017) 7.5% (2018e) 7.3% (2019f) |
GDP per capita
| $1,680 (nominal, 2018 est.)|
$4,177 (PPP, 2018 est.)
GDP per capita rank
|146th (nominal, 2018) 139th (PPP, 2018)|
GDP by sector
|agriculture: 20.1% industry: 26.6% services: 53.3% (2017 est.)|
|0.284% (2018 est.)|
Population below poverty line
|46.3% (2015 est.)|
|41.5 medium (2015)|
|0.492 low (2017) (170th)|
|8.747 million (2017 est.)|
Labour force by occupation
|agriculture: 68% (2007 est.)|
|Unemployment||9.4% (2013 est.)|
|foodstuffs, beverages; wood products, oil refining, gold mining, truck and bus assembly, textiles, fertilizer, building materials, electricity|
|Exports||$11.74 billion (2017 est.)|
|cocoa, coffee, timber, petroleum, cotton, bananas, pineapples, palm oil, fish|
Main export partners
| Netherlands 11.8% |
United States 7.9%
Burkina Faso 4.5% India 4.4% Mali 4.2% (2017)
|Imports||$9.447 billion (2017 est.)|
|fuel, capital equipment, foodstuffs|
Main import partners
| Nigeria 15% |
United States 4.3% (2017)
|NA Abroad: NA|
|−$1.86 billion (2017 est.)|
Gross external debt
|$13.07 billion (31 December 2017 est.)|
|47% of GDP (2017 est.)|
|−4.2% (of GDP) (2017 est.)|
|Revenues||7.749 billion (2017 est.)|
|Expenses||9.464 billion (2017 est.)|
|Economic aid||recipient: ODA, $1 billion (1996 est.)|
|$6.257 billion (31 December 2017 est.)|
By developing-country standards, Ivory Coast has outstanding infrastructure. There is a network of more than 13,000 kilometres (8,000 mi) of paved roads; modern telecommunications services, including a public data communications network; cellular phones and Internet access; two active ports, one of which, Abidjan, is the most modern in West Africa; rail links-in the process of being upgraded-both within the country and to Burkina Faso; regular air service within the region and to and from Europe; and real estate developments for commercial, industrial, retail, and residential use. Ivory Coast's location and connections to neighboring countries makes it a preferred platform from which Europeans conduct West African business operations. The city of Abidjan is one of the most modern and liveable cities in the region for wealthy French expatriates. Its school system is highly regarded and includes an excellent international school based on a U.S. curriculum and several excellent French-based schools.
Ivory Coast has stepped up public investment programs after the stagnation of the pre-devaluation era. The government's public investment plan accords priority to investment in human capital, but it also will provide for significant spending on economic infrastructure needed to sustain growth. Continued infrastructure development is also expected to occur because of private sector activity.
In the new environment of government disengagement from productive activities and in the wake of recent privatizations, anticipated investments in the petroleum, electricity, water, and telecommunications sectors, and in part of the transport sector, will be financed without any direct government intervention.
Mean wages were $1.05 per man-hour in 2009.
Ivory Coast 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. Forced labor by children bought and sold as slaves is endemic in cacao production.
Much of the country lies within tsetse-infested areas, and cattle are therefore concentrated in the more northerly districts. In 2004 there were an estimated 1,460,000 head of cows (compared with 383,000 in 1968), 1,192,000 goats, 1,523,000 sheep, and 342,700 hogs. There are 33 million chickens; 31,214 tons of eggs were produced in 2004. Milk production is small and there are no processing facilities so the milk is consumed fresh; production in 2004 was 25,912 tons.
In 2005, meat productions included (in pounds): beef, 52,200; poultry, 69,300; pork, 11,760; and sheep and goat, 9,429. Nomadic production accounts for around half of cattle herds and is mainly undertaken by non-Ivoirian herders. Settled herders are concentrated in the dry north, mainly in Korhogo, Ferkessedougou, Bouna, Boundiali, Odienne, and Dabakala. Sheep and goat rearing is a secondary activity for many herders. Pork production is periodically affected by African swine fever; potential increases are limited by the fact that Muslims (who do not eat pork, which they consider to be unclean) account for 40 percent of the population.
Fishing In 1964 a modern fishing wharf was opened at Abidjan, which is Africa’s largest tuna fishing port, handling about 100,000 tons of tuna each year. There are fish hatcheries in Bouaké, Bamoro, and Korhogo. Commercial fishing for tuna is carried on in the Gulf of Guinea; sardines are also caught in quantity. The total catch was 71,841 tons in 2004, with commercial fishing accounting for 25 percent; artisanal fishing, 74 percent; and aquaculture, 1 percent.
There are three types of forest in Ivory Coast: rain forest, deciduous forest, and the secondary forest of the savanna region. Total forest area in 2000 was 7,117,000 hectares; the natural rain forest constitutes the main forest area, as only 184,000 hectares (455,000 acres) are planted forests. In 1983, the government acknowledged that the nation’s forest area, which totalled approximately 16 million hectares at independence in 1960, had dwindled to about 4 million hectares. However, the deforestation rate still averaged 3.1 percent during 1990–2000. The lingering political instability since the outbreak of hostilities in 2002 has contributed to illegal logging and increased deforestation.
The forested area is divided into two zones, the Permanent Domain (PD) and the Rural Domain (RD). The PD consists of classified forests, national parks, and forest areas. This includes major forested areas made up of 231 classified forest areas, 9 national parks and 3 forest reserves, 7 semi-classified forests, and 51 unclassified forests. The total area of the national parks and reserves is 1,959,203 hectares. Forest exploitation activities are prohibited in the classified forest areas, which cover an estimated 4,196,000 hectares. However, for maintenance purposes, limited logging is permitted occasionally in classified forests, which amounted to 148,271 cu m in 2003. These forests are spread throughout the country in three zones: 31.8 percent in the humid dense forest in the south, 30.5 percent in the semi-deciduous forests of central Ivory Coast, and 33.7 percent in the savannah forests in the north. The RD, where logging is permitted, covers 66 percent of the total land area of Ivory Coast. However, the effective area for forestry production is estimated at 2.9 million hectares.
In 2003, forest products accounted for $269 million in export value, providing the third most important source of foreign revenue after cocoa and petroleum products. The major export markets were Italy, Spain, Germany, France, the Netherlands, the United Kingdom, India, Ireland, Senegal, and Morocco. The total 2003 roundwood harvest was 11,615,000 cu m. Tropical hardwood production primarily consists of logs, 70 percent; lumber, 20 percent; and veneer and plywood, 10 percent. At one time, mahogany was the only wood exploited, but now more than 25 different types of wood are utilized commercially. The major species planted are teak, frake, framire, pine, samba, cedar, gmelina, niangon, and bete. The increasing scarcity of forest resources is adversely impacting value-added industries, leaving lumber and veneer production in a steady state of decline.
Ivory Coast has made progress in diversifying its economy, and since the 1970s, has steadily expanded the facilities offered to tourists. Resort lodgings in coastal areas have been developed. There are numerous hotels in Abidjan, including international chains such as Novotel and Sofitel.
Foreign direct investment (FDI) plays a key role in the Ivorian economy, accounting for between 40% and 45% of total capital in Ivorian firms. France is overwhelmingly the most important foreign investor. In recent years, French investment has accounted for about one-quarter of the total capital in Ivorian enterprises, and between 55% and 60% of the total stock of foreign investment capital.
The following table shows the main economic indicators in 1980–2017.
|GDP in $
|15.38 bil.||20.37 bil.||25.52 bil.||30.32 bil.||39.35 bil.||44.21 bil.||46.25 bil.||48.32 bil.||50.52 bil.||52.56 bil.||54.28 bil.||53.07 bil.||59.51 bil.||66.08 bil.||73.18 bil.||80.51 bil.||88.34 bil.||96.92 bil.|
|GDP per capita in $
|5.2 %||3.6 %||−1.0 %||5.6 %||−2.1 %||1.7 %||1.5 %||1.8 %||2.5 %||3.3 %||2.0 %||−4.2 %||10.1 %||9.3 %||8.8 %||8.8 %||8.3 %||7.8 %|
|8.8 %||1.8 %||−0.7 %||14.1 %||2.5 %||3.9 %||2.5 %||1.9 %||6.3 %||1.0 %||1.4 %||4.9 %||1.3 %||2.6 %||0.4 %||1.2 %||0.7 %||0.8 %|
(in Percent of GDP)
|...||...||...||...||102 %||80 %||79 %||74 %||71 %||64 %||63 %||69 %||45 %||43 %||45 %||47 %||47 %||46 %|
GDP - composition by sector: agriculture: 17.4% industry: 28.8% services: 53.8% (2017 est.)
Labor force: 8.747 million (60% agricultural) (2017 est.)
Unemployment rate: 9.4% (2013 est.)
Population below poverty line: 46.3% (2015 est.)
Household income or consumption by percentage share: lowest 10%: 2.2% highest 10%: 31.8% (2008)
Distribution of family income - Gini index: 41.5 (2008)
Investment (gross fixed): 8.7% of GDP (2005 est.)
Budget: revenues: $7.121 billion, expenditures: $8.886 billion (2017 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, gold mining, truck and bus assembly, textiles, fertilizer, building materials, electricity
Industrial production growth rate: 7% (2017 est.)
Electricity - production: 8.262 billion kWh (2015 est.)
Electricity - consumption: 5.669 billion kWh (2015 est.)
Electricity - exports: 872 million kWh (2015 est.)
Electricity - imports: 23 million kWh (2015 est.)
Oil - production: 30,000 bbl/day (2016 est.)
Oil - consumption: 20,000 bbl/d (3,200 m3/d) (2003 est.)
Oil - exports: 34,720 bbl/day (2014 est.)
Oil - imports: 65,540 bbl/day (2014 est.)
Oil - proved reserves: 100 million bbl (1 January 2017 est.)
Natural gas - exports: 0 cu m (2013 est.)
Natural gas - imports: 0 cu m (2013 est.)
Natural gas - proved reserves: 28.32 billion cu m (1 January 2017 est.)
Current account balance: $-$490 million (2017 est.)
Exports: $11.08 billion (2017 est.)
Exports - commodities: cocoa, coffee, timber, petroleum, cotton, bananas, pineapples, palm oil, fish
Exports - partners: Netherlands 11.8%, US 7.9%, France 6.4%, Belgium 6.4%, Germany 5.8%, Burkina Faso 4.5%, India 4.4%, Mali 4.2% (2017)
Imports: $8.789 billion (2017 est.)
Imports - commodities: fuel, capital equipment, foodstuffs
Imports - partners: Nigeria 15%, France 13.4%, China 11.3%, US 4.3% (2017)
Reserves of foreign exchange and gold: $4.688 billion (31 December 2017 est.)
Debt - external: $12.38 billion (31 December 2017 est.)
Economic aid - recipient: ODA, $1 billion (1996 est.)
Currency (code): 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 dollar - 594.3 (2017 est.) 593.01 (2016 est.) 593.01 (2015 est.) 591.45 (2014 est.) 494.42 (2013 est.)
Fiscal year: calendar year
The 1999 Ivorian coup d'état took place on December 24, 1999. It was the first coup d'état since the independence of Ivory Coast and led to the President Henri Konan Bédié being deposed.Agriculture in Ivory Coast
Agriculture was the foundation of the economy in Ivory Coast and its main source of growth. In 1987 the agricultural sector contributed 35 percent of the country's GDP and 66 percent of its export revenues, provided employment for about two-thirds of the national work force, and generated substantial revenues despite the drop in coffee and cocoa prices. From 1965 to 1980, agricultural GDP grew by an average 4.6 percent per year. Growth of agricultural GDP from coffee, cocoa, and timber production, which totaled nearly 50 percent of Ivory Coast's export revenues, averaged 7 percent a year from 1965 to 1980.In Ivory Coast 64.8% of the land is agricultural and therefore their economy’s foundation is mostly based on their agriculture. Fifty-five percent of their income come from exports of cocoa and coffee which are both agricultural products.
Contributing to this impressive performance were an abundance of fertile land, cheap labor, the collective efforts of many farmers cultivating small plots, relatively favorable commodity prices, and a stable political environment.
Success in the 1960s and 1970s overshadowed major problems developing in the agricultural sector. By the late 1980s, despite efforts to diversify its crops, 55 percent of Ivory Coast's export earnings still came from cocoa and coffee. Moreover, highly volatile world markets for both commodities caused sharp fluctuations in government revenues and made development planning difficult. In addition, Ivory Coast was not yet self-sufficient in food production and imported substantial quantities of rice, wheat, fish, and red meat. Finally, despite an enormous increase in the volume of agricultural output since independence, there was little improvement in agricultural productivity. To achieve higher production figures, traditional farmers using traditional technologies simply cleared more and more land.
To overcome Ivory Coast's excessive dependence on coffee and cocoa (the prices for which were set by consumers), on timber (the supply of which was nearly exhausted), and on imported food, the government in the mid-1970s embarked on a series of agricultural diversification and regional development projects with the hope of boosting agricultural production by 4 percent per year. The plan, estimated to cost CFA F100 billion per annum (with just over 50 percent coming from foreign lenders) would allow the country to become self-sufficient in food (with the exception of wheat) and expand the production of rubber, cotton, sugar, bananas, pineapples, and tropical oils.
In spite of these efforts, the agricultural sector appeared unable to adapt to changing conditions. Distortions in the system of incentives reduced the comparative advantage of alternative crops. The vast revenues collected by the CSSPPA were often spent on marginally profitable investments, like the costly sugar complexes or expensive land clearing programs. Finally, some diversification crops, like coconut and palm oil, faced new threats as health-conscious consumers in the United States and Europe began turning away from tropical oils. Consequently, the future for Ivorian agriculture was uncertain.Autonomous Port of Abidjan
The Autonomous Port of Abidjan is a commercial port at Treichville, in southern Abidjan, Ivory Coast. It is a transshipment and intermodal facility and is managed as a public industrial and commercial establishment; the Director-General is Hien Sié.
The Port of Abidjan opened in 1951 after the development of the Vridi Canal, which enables deep-sea ships to use the port. It is the most important port in West Africa and the second most important in Africa after the Port of Durban. It is a major contributor to the economy of Ivory Coast, and the greater part of the external trade of landlocked countries such as Burkina Faso, Mali, Niger, Chad, and Guinea also passes through it.
The port conforms to the ISPS code. It offers a variety of related services, refining and industrial processing facilities. The leading companies operating at the port are SDV-SAGA (which employs over 4,000 people), SETV Terminal Operating Company Vridi, Sitarail and SIMAT.BRVM
The Bourse Régionale des Valeurs Mobilières SA ("Regional Securities Exchange SA"), or BRVM, is a regional stock exchange serving the following west African countries:
Togo.The exchange is located in Abidjan, Cote d'Ivoire. Market offices are maintained in each country.
BRVM is a private corporation with 2,904,300,000 CFA francs in capital.
The BRVM Composite Index climbed 18 percent in 2015.Bank of West Africa (BAO)
Banque d'Afrique Occidentale (also B.A.O. or BAO or Banque de l'AOF): (French for Bank of West Africa) was a bank French colonial authorities established in 1901 in Dakar, Sénégal, as the central bank of the colonies of French West Africa.Central Bank of West African States
The Central Bank of West African States (French: Banque Centrale des États de l'Afrique de l'Ouest, BCEAO) is a central bank serving the eight west African countries which share the common West African CFA franc currency and comprise the West African Economic and Monetary Union (UEMOA):
Ivory Coast (Côte d'Ivoire)
TogoThe Bank is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion.Coffee production in Ivory Coast
Coffee production in Ivory Coast is important for the economy of the country as coffee is the second largest export commodity of the country. It was the largest coffee producer in Africa in the 1970s and 1980s, and one of the largest robusta producers in the world. Today however, Ivorian coffee production has been far superseded by Vietnam and Brazil. It ranks only 12th in the world ranking.Geology of Ivory Coast
The geology of Ivory Coast is almost entirely extremely ancient metamorphic and igneous crystalline basement rock between 2.1 and more than 3.5 billion years old, comprising part of the stable continental crust of the West African Craton. Near the surface, these ancient rocks have weathered into sediments and soils 20 to 45 meters thick on average, which holds much of Ivory Coast's groundwater. More recent sedimentary rocks are found along the coast. The country has extensive mineral resources such as gold, diamonds, nickel and bauxite as well as offshore oil and gas.List of banks in Ivory Coast
This is a list of commercial banks in Ivory Coast
Fully operational banksBridge Bank Group - Côte d'Ivoire
Banque Atlantique Côte d'Ivoire (BACI)
Banque Internationale pour le Commerce et l'Industrie de la Côte d'Ivoire (BICICI)
Bank of Africa - Côte d'Ivoire
Banque Régionale de Solidarité - Côte d'Ivoire
Banque pour le Financement de l'Agriculture
Societe Generale de Banques en Côte d'Ivoire
Export-Import Bank of Korea Côte d'Ivoire
Standard Chartered Bank Côte d'Ivoire
Stanbic Bank Côte d'Ivoire
COFIPA Investment Bank - Côte d'Ivoire
Banque de l'Habitat de Côte d'Ivoire
Société Ivoirienne de Banque
Banque Nationale d'Investissement
Compagnie Bancaire de l'Atlantique-Côte d'Ivoire
Ecobank Côte d'Ivoire
Omnifinance Bank - A member of Access Bank Group
Versus Banque S.A.
Banque Internationale pour l'Afrique OccidentaleRepresentative offices onlyBank finance funds ciMining industry of Ivory Coast
Although the subsoil of Ivory Coast contained many other minerals, none existed in commercially exploitable amounts, given the high costs of extraction. Mining contributed only 1 percent of GDP in 1986.During the precolonial era, gold was extracted from small shafts dug into the earth or from river and streambeds and was traded at the coast or across the Sahara Desert. Efforts under the colonial administration to exploit gold deposits at Kokoumbo in the center of the country and at small mines in the southeast proved unprofitable. In 1984 the state-owned SODEMI and a French mining company formed the Ity Mining Company (Société Minières d'Ity—SMI) to exploit a deposit discovered thirty years earlier at Ity near Danané. Total investment in this period was estimated at CFA F1.2 billion. The gold ore was of medium quality, with a ratio of gold to ore in the range of 8.5 grams per ton. Extraction was to begin in 1987, with output anticipated at 700 kilograms of gold metal during the first two years of operation. Ity estimated an additional investment of CFA F2.3 billion to expand output to 700 kilograms of gold metal a year. SODEMI also located gold deposits in the region of Issia and in the Lobo River bed, with anticipated annual yields of 100 kilograms and 25 kilograms, respectively.In the mid-1970s, low-grade deposits (less than 50 percent) of iron ore estimated at 585 million tons were assayed at Bangolo near the Liberian border. A consortium representing Japanese, French, British, American, Dutch, and Ivoirian interests was formed to exploit the deposits; however, depressed world prices for iron ore forced the participants to postpone the project indefinitely.Following World War II, diamond mining seemed promising, but by the mid-1980s expectations had waned. The Tortiya diamond mine, operating since 1948, peaked in 1972 when 260,000 carats (52 kg) were mined. In 1980, however, the mine was closed. The Bobi mine near Séguéla produced 270,000 carats (54 kg) per year until the late 1970s; it was closed in 1979. Remaining reserves for Tortiya were estimated at 450,000 carats (90 kg); for Bobi, 150,000 carats (30 kg).Between 1960 and 1966, manganese mines in the region of Grand-Lahou on the coast yielded 180,000 tons of ore per year. In 1970, after world market prices had dropped and production costs had risen, the mines were closed. There were additional unexploited manganese deposits near Odienné. Ivory Coast also had small deposits of colombo-tantalite, ilmenite, cobalt, copper, nickel, and bauxite.Outline of Ivory Coast
The following outline is provided as an overview of and topical guide to Ivory Coast:
Ivory Coast – country in West Africa. An 1843–1844 treaty made Ivory Coast a protectorate of France and in 1893, it became a French colony as part of the European scramble for Africa. Ivory Coast became independent on 7 August 1960. Through production of coffee and cocoa, the country was an economic powerhouse during the 1960s and 1970s in West Africa. However, Ivory Coast went through an economic crisis in the 1980s, leading to the country's period of political and social turmoil. The 21st century Ivoirian economy is largely market-based and relies heavily on agriculture, with smallholder cash crop production being dominant. The country's official name is the Republic of Côte d'Ivoire.Telecommunications in Ivory Coast
Telecommunications in Ivory Coast include radio, television, fixed and mobile telephones, and the Internet.West African CFA franc
The West African CFA franc (French: franc CFA; Portuguese: franco CFA or simply franc, ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. These eight countries had a combined population of 105.7 million people in 2014, and a combined GDP of US$128.6 billion (as of 2018).The acronym CFA stands for Communauté Financière d'Afrique ("Financial Community of Africa") or Communauté Financière Africaine ("African Financial Community"). The currency is issued by the BCEAO (Banque Centrale des États de l'Afrique de l'Ouest, "Central Bank of the West African States"), located in Dakar, Senegal, for the members of the UEMOA (Union Économique et Monétaire Ouest Africaine, "West African Economic and Monetary Union"). The franc is nominally subdivided into 100 centimes but no centime denominations have been issued.
The Central African CFA franc is of equal value to the West African CFA franc, and is in circulation in several central African states. They are both called the CFA franc.
Economy of Ivory Coast
Currency: West African CFA franc
|Banking and |
States with limited