For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.
Ivory Coast’s economy proved resilient to the Covid-19 pandemic, and is amongst the fastest growing economies in Sub-Saharan Africa. After reaching 7% in 2021, GDP growth slowed down to 5.5% in 2022, due to subdued global demand, worsened terms of trade and increased uncertainty (IMF). However, economic growth is expected to accelerate to 6.5% in 2023 and 6.6% in 2024 (IMF). Investments, industrial activity, reforms and consumption should support growth.
After a strong recovery from the pandemic in 2021, Ivory Coast’s economy remained solid in 2022, but was impacted by the consequences of the war in Ukraine. The Ivorian authorities took several temporary measures to tackle this external shock, such as introducing price ceilings on several food items (IMF). Fiscal deficit increased to -5.3% GDP in 2022 from 5% GDP in 2021, but it is expected to decrease to 4% in 2023 through fiscal consolidation efforts (IMF). The return to the 3% WAEMU norm is planned for 2024. Public debt increased from 52.1% GDP in 2021 to 56.0% GDP in 2022, and it is expected to slightly decrease to 55.1% GDP in 2023 and 53.7% GDP in 2024 (IMF). Despite the moderate risk of debt distress, the space to absorb future shocks is very limited, highlighting the need to accelerate efforts to mobilize domestic revenue (IMF). Inflation increased to 5.5% in 2022, from 4.2% in 2020, and is expected to remain high in 2023 (4%) before declining to 1.8% in 2024 (IMF). The authorities are committed to pursue fiscal consolidation, and adopt tighter monetary policy. The new National Development Plan 2021-2025 focuses on governance and modernization of the State, economic diversification, human capital, social inclusion and infrastructure. According to the IMF, over the medium term the main challenges include addressing pressing development needs, limiting debt vulnerabilities and increasing domestic revenue mobilization. Coface identifies the low share of investment, the high share allocated to the wage bill, the gradual rollout of universal health coverage and improvements to the quality of education and health as the main challenges.
Despite good economic performance, the poverty rate grew sharply compared to its level three decades ago. More than 45% of the population lives under the poverty threshold, and around a quarter of the working population remains unemployed. Unemployment rate was estimated by the World Bank at 3.5% in 2021. According to UNDP, during the COVID-19 pandemic, 27.5% of households were technically unemployed and 44.4% of households were forced to work part-time.
|Main Indicators||2020||2021||2022 (E)||2023 (E)||2024 (E)|
|GDP (billions USD)||62.95||71.71||70.05||77.05||83.23|
|GDP (Constant Prices, Annual % Change)||1.7||7.0||6.7||6.2||6.6|
|GDP per Capita (USD)||2,335||2,593||2,468||2,646||2,786|
|General Government Gross Debt (in % of GDP)||46.3||50.9||56.8||63.3||60.6|
|Inflation Rate (%)||2.4||4.2||5.2||3.7||1.8|
|Current Account (billions USD)||-1.97||-2.87||-4.58||-4.42||-4.39|
|Current Account (in % of GDP)||-3.1||-4.0||-6.5||-5.7||-5.3|
Source: IMF – World Economic Outlook Database , Latest available data
Note: (e) Estimated Data
Côte d'Ivoire is the world’s largest producer and exporter of cocoa (30% of the world production), one of the three bigger producer and exporter of cashew, and a major exporter of palm oil, coffee and oil. The country’s economy is mainly based on agriculture. The primary sector contributes to 19.9% of the GDP and employs 40% of the country's active population (World Bank). The government is trying to maximise agricultural output by developing raw material processing units. It launched a 5-year (2018-2023) plan funded by the World Bank, valued at XOF 107 billion and aiming at making the cashew sector more profitable. In recent years, rubber output has increased substantially. The oil sector has been gaining weight over the past few years, leveraging a steady growth rate and major investments. The country has some mining activities, particularly of precious minerals, such as gold and diamonds, but also others like nickel.
The industrial sector contributes to 21.4% of the GDP and employs 13% of active population (World Bank). The country's main industrial sectors include food processing, textiles, construction materials, fertilizers, tuna canning and motorbikes, vehicles and bicycles assembling.
Like in many other African countries, the tertiary sector has grown at relatively rapid rate in the last several years. The telecommunications sector is booming and, together with other sectors, are key drivers of services. The services sector contributes to 52.2% of the GDP and employs 47% of the workforce (World Bank).
|Breakdown of Economic Activity By Sector||Agriculture||Industry||Services|
|Employment By Sector (in % of Total Employment)||40.2||12.9||47.0|
|Value Added (in % of GDP)||19.9||21.4||52.2|
|Value Added (Annual % Change)||1.9||6.2||8.7|
Source: World Bank - Latest available data.
Find more information about your business sector on our service Market Reports.
|CFA Franc BCEAO (XOF) - Average Annual Exchange Rate For 1 MUR||16.68||16.88||16.38||16.50||14.63|
Source: World Bank - Latest available data.
Find out all the exchange rates daily on our service Currency Converter.
The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labour freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms.
The Ivory Coast is the hub of commercial activities in West Africa. The share of foreign trade in the country's GDP is 46% (World Bank, latest available data). The country mainly exports foodstuffs, including cocoa, coconut, banana and fish, refined petroleum, gold, rubber and cotton. The main import commodities are crude petroleum, frozen fish, rice, medicine, vehicles, and machinery (Comtrade).
The Ivory Coast is a member of the UEMOA (West African Economic and Monetary Union), which enforces a Common External Tariff (CET). It also belongs to the Free Trade Zone. In 2008, the Ivory Coast signed a stepping stone economic partnership agreement (EPA) with the European Union (EU). This agreement entered into provisional application on 3 September 2016 and essentially aims at maintaining the preferential trade system that exists between the EU and the Ivory Coast. It will be replaced by the regional EU-West Africa EPA. Ivory Coast is also a signatory to the African Continental Free Trade Agreement. According to Comtrade, the country's main export partner is the Netherlands, which imports 10% of its products, followed by the USA (6.7%), Switzerland (6.5%), Vietnam (6.4%) and Belgium (5.4%). The Ivory Coast's three main suppliers are China (15%), Nigeria (13.1%) and France (10.8%), followed by India (5.1%) and the USA (4%).
The Ivory Coast has a structurally positive trade balance and this trend should continue in the upcoming years. In 2021, the country exported USD 14.99 billion worth of goods while it imported USD 14 billion of goods (WTO). Exports of services amounted to USD 871 million, while imports reached USD 3.65 billion (WTO). Port strikes negatively impacted exports in 2022 (Focus Economics).
|Foreign Trade Indicators||2017||2018||2019||2020||2021|
|Imports of Goods (million USD)||9,605||10,970||10,483||10,650||14,007|
|Exports of Goods (million USD)||11,853||11,912||12,629||11,922||14,994|
|Imports of Services (million USD)||3,180||3,385||3,331||3,119||3,648|
|Exports of Services (million USD)||869||1,130||1,121||1,017||871|
|Imports of Goods and Services (Annual % Change)||11.0||13.4||1.2||1.4||12.7|
|Exports of Goods and Services (Annual % Change)||10.0||-0.1||17.8||-6.5||3.7|
|Imports of Goods and Services (in % of GDP)||23.6||23.4||22.6||20.6||22.8|
|Exports of Goods and Services (in % of GDP)||24.9||22.6||23.8||21.6||23.0|
|Trade Balance (million USD)||3,374||2,203||3,151||2,982||n/a|
|Trade Balance (Including Service) (million USD)||1,007||-99||910||572||n/a|
|Foreign Trade (in % of GDP)||48.5||46.1||46.4||42.2||45.7|
Source: WTO – World Trade Organisation ; World Bank , Latest Available Data
(% of Exports)
|See More Countries||65.0%|
(% of Imports)
|See More Countries||52.0%|
Source: Comtrade, Latest Available Data
|12.5 bn USD of products exported in 2020|
|Cocoa beans, whole or broken, raw or roastedCocoa beans, whole or broken, raw or roasted||29.1%|
|Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form||11.8%|
|Natural rubber, balata, gutta-percha, guayule,...Natural rubber, balata, gutta-percha, guayule, chicle and similar natural gums, in primary forms or in plates, sheets or strip||8.3%|
|Coconuts, brazil nuts and cashew nuts, fresh or...Coconuts, brazil nuts and cashew nuts, fresh or dried, whether or not shelled or peeled||7.4%|
|Cocoa paste, whether or not defattedCocoa paste, whether or not defatted||5.7%|
|See More Products||37.6%|
|10.5 bn USD of products imported in 2020|
|Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude||13.6%|
|Frozen fish (excl. fish fillets and other fish...Frozen fish (excl. fish fillets and other fish meat of heading 0304)||5.4%|
|Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals||3.8%|
|Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006)||3.3%|
|See More Products||68.6%|
Source: Comtrade, Latest Available Data
To go further, check out our service Import Export Flows.
The new Constitution of 2016 provides for the creation of a new vice-presidential position.
The world rankings, published annually, measures violations of press freedom worldwide. It reflects the degree of freedom enjoyed by journalists, the media and digital citizens of each country and the means used by states to respect and uphold this freedom. Finally, a note and a position are assigned to each country. To compile this index, Reporters Without Borders (RWB) prepared a questionnaire incorporating the main criteria (44 in total) to assess the situation of press freedom in a given country. This questionnaire was sent to partner organisations,150 RWB correspondents, journalists, researchers, jurists and human rights activists. It includes every kind of direct attacks against journalists and digital citizens (murders, imprisonment, assault, threats, etc.) or against the media (censorship, confiscation, searches and harassment etc.).
The Indicator of Political Freedom provides an annual evaluation of the state of freedom in a country as experienced by individuals. The survey measures freedom according to two broad categories: political rights and civil liberties. The ratings process is based on a checklist of 10 political rights questions (on Electoral Process, Political Pluralism and Participation, Functioning of Government) and 15 civil liberties questions (on Freedom of Expression, Belief, Associational and Organizational Rights, Rule of Law, Personal Autonomy and Individual Rights). Scores are awarded to each of these questions on a scale of 0 to 4, where a score of 0 represents the smallest degree and 4 the greatest degree of rights or liberties present. The total score awarded to the political rights and civil liberties checklist determines the political rights and civil liberties rating. Each rating of 1 through 7, with 1 representing the highest and 7 the lowest level of freedom, corresponds to a range of total scores.
Any Comment About This Content? Report It to Us.
© eexpand, All Rights Reserved.
Latest Update: September 2023