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Cote d'Ivoire Economy 1996

Overview:

Cote d'Ivoire is among the world's largest producers and exporters of coffee, cocoa beans, and palm-kernel oil. Consequently, the economy is highly sensitive to fluctuations in international prices for coffee and cocoa and to weather conditions. Despite attempts by the government to diversify, the economy is still largely dependent on agriculture and related industries. After several years of lagging performance, the Ivorian economy began a comeback in 1994, due to improved prices for cocoa and coffee, growth in non-traditional primary exports such as pineapples and rubber, trade and banking liberalization, offshore oil and gas discoveries, and generous external financing and debt rescheduling by multilateral lenders and France. The 50% devaluation in January 1994 caused a one time jump in the inflation rate. Government adherence to a renewed structural adjustment program has led to a budget surplus for the first time in several years, a smaller personnel budget, and an increase in public investment. While real growth in 1994 was only 1.5%, the IMF and World Bank expect it will surpass 6% in 1995.

National product:

GDP - purchasing power parity - $20.5 billion (1994 est.)

National product real growth rate:

1.5% (1994 est.)

National product per capita:

$1,430 (1994 est.)

Inflation rate (consumer prices):

NA%

Unemployment rate:

14% (1985)

Budget:

revenues:

$1.9 billion

expenditures:

$3.4 billion, including capital expenditures of $408 million (1993)

Exports:

$2.7 billion (f.o.b., 1993)

commodities:

cocoa 30%, coffee 20%, tropical woods 11%, petroleum, cotton, bananas, pineapples, palm oil, cotton

partners:

France, Netherlands, Germany, Italy, Burkina, US, Belgium, UK (1992)

Imports:

$1.6 billion (f.o.b., 1993)

commodities:

food, capital goods, consumer goods, fuel

partners:

France, Nigeria, Japan, Netherlands, US (1992)

External debt:

$17.3 billion (1993 est.)

Industrial production:

growth rate 0% (1993 est.); accounts for 20% of GDP, including petroleum

Electricity:

capacity:

1,170,000 kW

production:

1.8 billion kWh

consumption per capita:

123 kWh (1993)

Industries:

foodstuffs, wood processing, oil refining, automobile assembly, textiles, fertilizer, beverages

Agriculture:

most important sector, contributing one-third to GDP and 80% to exports; cash crops include coffee, cocoa beans, timber, bananas, palm kernels, rubber; food crops - corn, rice, manioc, sweet potatoes; not self-sufficient in bread grain and dairy products

Illicit drugs:

illicit producer of cannabis; mostly for local consumption; some international drug trade; transshipment point for Southwest and Southeast Asian heroin to Europe and occasionally to the US

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-89), $356 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $5.2 billion

Currency:

1 CFA franc (CFAF) = 100 centimes

Exchange rates:

Communaute Financiere Africaine francs (CFAF) per US$1 - 529.43 (January 1995), 555.20 (1994), 283.16 (1993), 264.69 (1992), 282.11 (1991), 272.26 (1990)

note:

beginning 12 January 1994, the CFA franc was devalued to CFAF 100 per French franc from CFAF 50 at which it had been fixed since 1948

Fiscal year:

calendar year

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