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Côte d'Ivoire:
Economy

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Economy - overview
Definition
Cote d'Ivoire is the world's largest producer and exporter of cocoa beans and a significant producer and exporter of coffee and palm oil. Consequently, the economy is highly sensitive to fluctuations in international prices for these products, and, to a lesser extent, in climatic conditions. Despite government attempts to diversify the economy, it is still heavily dependent on agriculture and related activities, engaging roughly 68% of the population. Since 2006, oil and gas production have become more important engines of economic activity than cocoa. According to IMF statistics, earnings from oil and refined products were $1.3 billion in 2006, while cocoa-related revenues were $1 billion during the same period. Cote d'Ivoire's offshore oil and gas production has resulted in substantial crude oil exports and provides sufficient natural gas to fuel electricity exports to Ghana, Togo, Benin, Mali and Burkina Faso. Oil exploration by a number of consortiums of private companies continues offshore, and President GBAGBO has expressed hope that daily crude output could reach 200,000 barrels per day (b/d) by the end of the decade. Since the end of the civil war in 2003, political turmoil has continued to damage the economy, resulting in the loss of foreign investment and slow economic growth. GDP grew by 1.8% in 2006 and 1.7% in 2007. Per capita income has declined by 15% since 1999.
GDP (purchasing power parity)
Definition - World rank and map
$32.18 billion (2007 est.)
GDP (official exchange rate)
Definition
$19.6 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
1.6% (2007 est.)
GDP - per capita
Definition - World rank and map
$1,700 (2007 est.)
GDP - composition by sector
Definition
agriculture: 27.5%
industry: 22.2%
services: 50.2% (2007 est.)
Labor force
Definition
6.907 million (68% agricultural) (2007 est.)
Labor force - by occupation
Definition
agriculture: 68%
industry and services: NA (2007 est.)
Unemployment rate
Definition - World rank and map
unemployment may have climbed to 40-50% as a result of the civil war
Population below poverty line
Definition
42% (2006 est.)
Household income or consumption by percentage share
Definition
lowest 10%: 2%
highest 10%: 34% (2002)
Distribution of family income - Gini index
Definition - World rank and map
44.6 (2002)
Inflation rate (consumer prices)
Definition - World rank and map
2.1% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
9.6% of GDP (2007 est.)
Budget
Definition
revenues: $3.213 billion
expenditures: $3.826 billion (2007 est.)
Public debt
Definition - World rank and map
81.1% of GDP (2007 est.)
Agriculture - products
Definition
coffee, cocoa beans, bananas, palm kernels, corn, rice, manioc (tapioca), sweet potatoes, sugar, cotton, rubber; timber
Industries
Definition
foodstuffs, beverages; wood products, oil refining, truck and bus assembly, textiles, fertilizer, building materials, electricity, ship construction and repair
Industrial production growth rate
Definition - World rank and map
1.5% (2007 est.)
Electricity - production
Definition - World rank and map
5.305 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
2.9 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
157.9 kWh (2005)
Electricity - exports
Definition
1.397 billion kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
57,700 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
27,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
1.5 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
85,780 bbl/day (2004)
Oil - imports
Definition - World rank and map
76,730 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
250 million bbl (2007 est.)
Natural gas - production
Definition - World rank and map
1.247 billion cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
1.247 billion cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
68 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
27.16 billion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
$265 million (2007 est.)
Exports
Definition - World rank and map
$18.5 billion f.o.b. (2007 est.)
Exports - commodities
Definition
cocoa, coffee, timber, petroleum, cotton, bananas, pineapples, palm oil, fish
Exports - partners
Definition
Germany 9.7%, Nigeria 9.1%, Netherlands 8.4%, France 7.3%, US 7%, Burkina Faso 4.4% (2006)
Imports
Definition - World rank and map
$6.137 billion f.o.b. (2007 est.)
Imports - commodities
Definition
fuel, capital equipment, foodstuffs
Imports - partners
Definition
Nigeria 30.5%, France 16.4%, China 6.7% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$2.519 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$13.99 billion (31 December 2007 est.)
Stock of direct foreign investment - at home
Definition
$NA
Stock of direct foreign investment - abroad
Definition
$NA
Market value of publicly traded shares
Definition
$4.155 billion (2006)
Economic aid - recipient
Definition
ODA, $60 million (2007 est.)
Currency (code)
Definition
Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States
Exchange rates
Definition
Communaute Financiere Africaine francs (CFA) per US dollar - 481.83 (2007), 522.89 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)
note: since 1 January 1999, the XOF franc has been pegged to the euro at a rate of 655.957 XOF francs per euro
Fiscal year
Definition
calendar year


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