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flag Ivory Coast Ivory Coast: Economic and Political Outline

Economic Indicators | Foreign Trade in Figures | Sources of General Economic Information | Political Outline

Economic Indicators

The political impasse experienced by Ivory Coast following the second round of presidential elections on 28 November 2010 turned into armed conflict between supporters of incumbent President Gbagbo and the Republican forces in Ivory Coast loyal to Mr. Ouattara, President-elect recognized by the international community, who evetually took office in April 2011.

Since then the country has been functioning again, helped by the lifting of economic sanctions and financial assistance from the IMF (with 616 million USD) and the Paris Club (78% reduction of debt service). The recovery is significant, even though the stimulus only focuses on urban areas, but growth prospects are not sufficient to ensure continuing stability. The political situation has become stabilized but social tensions and geographic inequalities (rural poverty) remain strong.

Ivory Coast's economy depends largely on exogenous factors, such as weather conditions and the price of raw materials in the international market. The international economic crisis has destabilized the Ivorian economy, which entered into recession in 2011.  

The country's return to peace and security is one of the government's priorities for 2012.

 
Main Indicators 2009201020112012 (e)2013 (e)
GDP (billions USD) 22.5022.9623.80e26.6628.83
GDP (Constant Prices, Annual % Change) 3.8e2.4-5.8e8.56.0
GDP per Capita (USD) 1,052e1,0431,049e1,1411,198
General Government Gross Debt (in % of GDP) 67.066.893.3e54.852.4
Inflation Rate (%) 1.01.4e3.0e2.52.5
Current Account (billions USD) 1.66e1.15e0.25-0.11-0.54
Current Account (in % of GDP) 7.4e5.01.0e-1.9-

Source: IMF - World Economic Outlook Database , Last Available Data

Note: (e) Estimated Data

Main Sectors of Industry

Ivory Coast's economy is mainly based on agriculture. The sector contributes to almost one fourth of the GDP and employs two-thirds of the country's active population. Ivory Coast is one of the world's largest producers of cocoa and it is one of the world's biggest exporters of cocoa beans, coffee and palm oil. The country's production of rubber has increased substantially in these recent years. Ivory Coast produces oil and gas. The oil sector is beginning have more importance in the economy, with a steady growth rate and major investments. The country has some mining activities, particularly of precious minerals such as gold and diamonds, but also minerals such as nickel.

The industrial sector contributes to nearly one fourth of the GDP. The country's main industrial sectors are food-processing, textiles, construction materials, fertilizers, tuna canning, and assembling motorbikes, vehicles and bicycles.

As in many other African countries, the tertiary sector has been experiencing a rapid growth in the last several years. Services contribute to half of the GDP of the economy. The telecommunications sector is booming, and together with other sectors acts as a driver of the growth of services.

 
Breakdown of Economic Activity By Sector Agriculture Industry Services
Value Added (in % of GDP) 22.9 27.4 49.7
Value Added (Annual % Change) 4.7 4.5 1.5

Source: World Bank - Last Available Data.

 

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Monetary Indicators 20062007200820092010
CFA Franc BCEAO (XOF) - Average Annual Exchange Rate For 1 USD 522.89479.27447.81472.19495.28

Source: World Bank - Last Available Data.

 

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Learn more about Market Analyses about the Côte d'Ivoire on Globaltrade.net, the Directory for International Trade Service Providers.
 

Indicator of Economic Freedom

Score:
55.4/100
Position:
Mostly unfree
World Rank:
117/179
Regional Rank:
23/45

Distribution of Economic freedom in the world
Source: 2011 Index of Economic freedom, Heritage Foundation

Note: 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, labor 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.

 

Country Risk

See the Country Risk Analysis Provided By Ducroire.

 

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Foreign Trade in Figures

Ivory Coast is the hub of commercial activities in West Africa. The share of foreign trade in the country's GDP is around 90%. 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, Ivory Coast also signed a stepping stone economic partnership agreement (EPA) with the European Union (EU), which continues to help the country during its reconstruction phase. This agreement essentially aims to maintain the preferential trade system which exists between the EU and Ivory Coast.

The three main export partners are the Netherlands (over 14% of exports), France, the United States and germany. The country mainly exports cocoa (40% of its exports revenue), mineral fuels and oil, vehicles, wood, ships and boats.

Ivory Coast's three main import suppliers are Nigeria (more than 20% of imports), France and China. The main import commodities are mineral fuels and oil, vehicles, ships, boats, cereals, and machinery.

In 2011, both imports and exports collapsed due to the armed conflict. The situation should improve in 2012 thanks to the country's return to peace and stablity.

 
Foreign Trade Indicators 20072008200920102011
Imports of Goods (million USD) 6,6837,8846,9607,8306,680
Exports of Goods (million USD) 8,66910,39010,50310,47011,130
Imports of Services (million USD) 2,2632,4872,3242,181-
Exports of Services (million USD) 775856816742-
Imports of Goods and Services (Annual % Change) 3.8-5.411.07.6-
Exports of Goods and Services (Annual % Change) -7.5-8.19.3-0.5-
Imports of Goods and Services (in % of GDP) 41.938.834.136.3-
Exports of Goods and Services (in % of GDP) 47.846.542.240.9-
Trade Balance (million USD) 2,5643,3214,185--
Trade Balance (Including Service) (million USD) 1,0141,727---
Foreign Trade (in % of GDP) 89.885.376.377.2-

Source: WTO - World Trade Organization ; World Bank , Last Available Data

 

Main Partner Countries

Main Customers
(% of Exports)
2010
Netherlands 14.2%
United States 10.3%
Ghana 7.6%
France 7.0%
Nigeria 6.5%
See More Countries 54.4%
Main Suppliers
(% of Imports)
2009
Nigeria 20.6%
France 14.2%
China 7.2%
Thailand 5.1%
United States 3.3%
See More Countries 49.6%

Source: Comtrade, Last Available Data

 

Main Products

Main Exports
(% of Exports)
2010
Cocoa beans, whole or broken, raw or roastedCocoa beans, whole or broken, raw or roasted 24.2%
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 11.7%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 10.6%
Light-vessels, fire-floats, dredgers, floating...Light-vessels, fire-floats, dredgers, floating cranes, and other vessels the navigability of which is subsidiary to their main function; floating docks, floating or submersible drilling or production platforms (excl. fishing vessels and warships) 7.1%
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 6.6%
See More Products 39.7%
Main Imports
(% of Imports)
2009
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 23.3%
RiceRice 8.6%
Frozen fish (excl. fish fillets and other fish...Frozen fish (excl. fish fillets and other fish meat of heading 0304) 5.1%
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) 3.1%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 2.5%
See More Products 57.5%

Source: Comtrade, Last Available Data

 
 

To go further, check out our service Import export flows.

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Sources of General Economic Information

Ministries
Ministry of Economy and Finance
Statistical Office
Côte d'Ivoire National Institute of Statistics
Central Bank
Central Bank of West African States
Stock Exchange
BRVM (English version)
Search Engines
WoYaa
Abidjan.net
Africaonline
Economic Portals
Ivory Cost Economic Portal

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Political Outline

Executive Power
The President enjoys most of the executive powers which include implementation of the law in the country and running the day-to-day affairs. The Prime Minister is the head of government and is appointed by the President to serve a term of five years. The Prime Minister works under the President. The Council of Ministers (cabinet) is also appointed by the President.
Legislative Power
The legislature in Côte d'Ivoire is unicameral. The parliament, called National Assembly, consists of 225 seats, with its members elected in single- and multi-vote district elections by direct popular vote to serve five-year terms. The people of the country enjoy very limited political rights. The President can dissolve the parliament or can veto its enactments.
Main Political Parties
There are more than 100 hundred legal political parties in Côte d'Ivoire, but very few have national support. The main political parties in Côte d'Ivoire are:

- FN - MPCI (New Forces - Patriotic Movement of Cote d'Ivoire) - A political and armed movement mainly from the northern part of the territory, which advocates an ideology inspired by the first President of Cote d'Ivoire: Felix Houphouet Boigny.

- PDCI (Democratic Party of Côte d'Ivoire) – the oldest political party, advocates democratic values;

- FPI (Ivorian Popular Front) – a democratic socialist party, politically inspired by the Socialist Party of France

- PIT (Ivorian Worker's Party) – draws support from trade unions and industrial workers; - RDR (Rally of the Republicans) – advocates liberal ideology.

Current Political Leaders
President: Alassane Dramane OUATTARA (since 4 December 2010) – RDR
Prime Minister: Jeannot Kouadio-AHOUSSOU (since 13 March 2012) - Democratic Party of Côte d'Ivoire (PDCI)
Next Election Dates
Presidential elections: 2015
 

Indicator of Freedom of the Press

World Rank:
159/179
Evolution:
41 places down compared to 2010

Source: Worldwide Press Freedom Index 2011, Reporters Without Borders

Note: The world rankings, published annually, measures the 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 is assigned to each country. To compile this index, Reporters Without Borders (RWB) prepared a questionnaire sent to partner organizations,150 RWB correspondents, journalists, researchers, jurists and activists of human rights, including the main criteria - 44 in total - to assess the situation of press freedom in a given country. 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.).

 

Indicator of Political Freedom

Ranking:
Not Free
Political Freedom:
6/7
Civil Liberties:
5/7

Map of freedom 2010
Source: Freedom House

Note: 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.

 

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