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Ivory Coast: Economic and Political Outline
Economic Indicators | Foreign Trade in Figures | Sources of General Economic Information | Political Outline
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 | 2009 | 2010 | 2011 | 2012 (e) | 2013 (e) |
| GDP (billions USD) | 22.50 | 22.96 | 23.80e | 26.66 | 28.83 |
| GDP (Constant Prices, Annual % Change) | 3.8e | 2.4 | -5.8e | 8.5 | 6.0 |
| GDP per Capita (USD) | 1,052e | 1,043 | 1,049e | 1,141 | 1,198 |
| General Government Gross Debt (in % of GDP) | 67.0 | 66.8 | 93.3e | 54.8 | 52.4 |
| Inflation Rate (%) | 1.0 | 1.4e | 3.0e | 2.5 | 2.5 |
| Current Account (billions USD) | 1.66e | 1.15e | 0.25 | -0.11 | -0.54 |
| Current Account (in % of GDP) | 7.4e | 5.0 | 1.0e | -1.9 | - |
Source: IMF - World Economic Outlook Database , Last Available Data
Note: (e) Estimated Data
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 | 2006 | 2007 | 2008 | 2009 | 2010 |
| CFA Franc BCEAO (XOF) - Average Annual Exchange Rate For 1 USD | 522.89 | 479.27 | 447.81 | 472.19 | 495.28 |
Source: World Bank - Last Available Data.
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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.
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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 | 2007 | 2008 | 2009 | 2010 | 2011 |
| Imports of Goods (million USD) | 6,683 | 7,884 | 6,960 | 7,830 | 6,680 |
| Exports of Goods (million USD) | 8,669 | 10,390 | 10,503 | 10,470 | 11,130 |
| Imports of Services (million USD) | 2,263 | 2,487 | 2,324 | 2,181 | - |
| Exports of Services (million USD) | 775 | 856 | 816 | 742 | - |
| Imports of Goods and Services (Annual % Change) | 3.8 | -5.4 | 11.0 | 7.6 | - |
| Exports of Goods and Services (Annual % Change) | -7.5 | -8.1 | 9.3 | -0.5 | - |
| Imports of Goods and Services (in % of GDP) | 41.9 | 38.8 | 34.1 | 36.3 | - |
| Exports of Goods and Services (in % of GDP) | 47.8 | 46.5 | 42.2 | 40.9 | - |
| Trade Balance (million USD) | 2,564 | 3,321 | 4,185 | - | - |
| Trade Balance (Including Service) (million USD) | 1,014 | 1,727 | - | - | - |
| Foreign Trade (in % of GDP) | 89.8 | 85.3 | 76.3 | 77.2 | - |
Source: WTO - World Trade Organization ; World Bank , Last Available Data
| 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
Source: Comtrade, Last Available Data
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- 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.
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.).
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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Last Updates: May 2012