Cote d'Ivoire Economy 2008

Economy - overview:
Cote d'Ivoire is among the world's largest producers and exporters of coffee, cocoa beans, and palm oil. Consequently, the economy is highly sensitive to weather conditions and to fluctuations in international prices for these products. Despite government attempts to diversify the economy, it is still heavily dependent on agriculture and related activities, engaging roughly 68% of the population. Growth was negative in 2000-03 because of civil war. Political turmoil has continued to damage the economy since 2004, resulting in the loss of foreign investment. Cocoa remains the economy's dominate sector, but the government remains hopeful that ongoing exploration of Cote d'Ivoire's offshore oil reserves will result in significant production that could boost daily crude output from roughly 58,000 barrels per day (b/d) to more than 200,000 b/d by the end of the decade.

GDP (purchasing power parity):
$32.86 billion (2007 est.)

GDP (official exchange rate):
$17.81 billion (2007 est.)

GDP - real growth rate:
1.4% (2007 est.)

GDP - per capita (PPP):
$1,800 (2007 est.)

GDP - composition by sector:
agriculture: 27.6%
industry: 22.2%
services: 50.3% (2007 est.)

Labor force:
6.907 million (68% agricultural) (2007 est.)

Unemployment rate:
13% in urban areas (1998)

Population below poverty line:
37% (1995)

Household income or consumption by percentage share:
lowest 10%: 2%
highest 10%: 34% (2002)

Distribution of family income - Gini index:
44.6 (2002)

Inflation rate (consumer prices):
1.8% (2007 est.)

Investment (gross fixed):
8.6% of GDP (2007 est.)

Budget:
revenues: $3.196 billion
expenditures: $3.806 billion (2007 est.)

Public debt:
81% of GDP (2007 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, truck and bus assembly, textiles, fertilizer, building materials, electricity, ship construction and repair

Industrial production growth rate:
1% (2007 est.)

Electricity - production:
5.305 billion kWh (2005)

Electricity - consumption:
2.9 billion kWh (2005)

Electricity - exports:
1.397 billion kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
57,700 bbl/day (2005 est.)

Oil - consumption:
27,000 bbl/day (2005 est.)

Oil - exports:
85,780 bbl/day (2004)

Oil - imports:
76,730 bbl/day (2004)

Oil - proved reserves:
100 million bbl (1 January 2006 est.)

natural gas - production:
1.247 billion cu m (2005 est.)

natural gas - consumption:
1.247 billion cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
27.16 billion cu m (1 January 2006 est.)

Current account balance:
$1.056 billion (2007 est.)

Exports:
$9.681 billion f.o.b. (2007 est.)

Exports - commodities:
cocoa, coffee, timber, petroleum, cotton, bananas, pineapples, palm oil, fish

Exports - partners:
France 18.3%, Netherlands 9.7%, US 9.1%, Nigeria 7.2%, Germany 4.2% (2006)

Imports:
$6.03 billion f.o.b. (2007 est.)

Imports - partners:
Nigeria 27.6%, France 25.4%, China 4.3% (2006)

Economic aid - recipient:
ODA, $119.1 million (2005 est.)

Reserves of foreign exchange and gold:
$2.5 billion (31 December 2007 est.)

Debt - external:
$10.91 billion (31 December 2007 est.)

Stock of direct foreign investment - at home:
$NA

Stock of direct foreign investment - abroad:
$NA

Market value of publicly traded shares:
$4.155 billion (2006)

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 - 481.83 (2007), 522.89 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)