Economy of Ivory Coast

By | April 29, 2022

A distinctive feature of the development of the economy of Côte d’Ivoire in the 1960s and 70s. its growth rates were high: the average annual GDP growth rate (in real terms) was 11%; in 1970-80s. – 6-7%. GDP per capita increased from $150 to $1,000. In con. 1970s there was a slight decline, and in the 1980s and before the beginning. 1990s the country experienced serious economic difficulties associated with the consequences of the world economic crisis of 1978, a sharp drop in the prices of coffee and cocoa (by 3 and 4.5 times, respectively) – the main items of Ivorian exports, and an increase in payments to service external debt. The consequences of the military coup also seriously affected the country’s economy and GDP growth rates: in 1997 – 6.6%, in 1998 – 4.5%, in 1999 – 1.5%, in 2000 – minus 0.3%. GDP in 2001 was $10.4 billion, or $630 per capita. In 2000–01, GDP decreased by an average of 2.75% annually. Inflation 2.5% (2000). In urban areas, unemployment was approx. thirteen%.

Although the economy of Côte d’Ivoire is relatively diversified, it is still dependent on agriculture, which generates 28% of GDP and employs approx. 70% of the economically active population. The agricultural sector provides up to 3/4 of the country’s export earnings.

According to businesscarriers, Côte d’Ivoire is one of the world’s largest producers and exporters of coffee (in 2000–02, the average annual production was 269,000 tons), cocoa beans (1.1 million tons), and palm oil (257,000 tons in 1996–98). ), cotton (about 250-337 thousand), rubber (116 thousand tons per year), bananas (224 thousand tons) and pineapples (160 thousand tons). Côte d’Ivoire fully satisfies domestic needs in corn, cassava, yams, plantain, but imports significant amounts of rice.

Côte d’Ivoire is one of the major suppliers of timber and valuable tropical timber. In 2000, logging amounted to 14.5 million m3. The number of livestock is insignificant; the meat products produced meet only 1/3 of the national demand for meat. The fishing industry is actively developing: 65-70 thousand tons of fish per year.

In industry, approx. 29% of GDP. In the manufacturing industry – 13% of GDP. It is represented by food (coffee and cocoa bean processing, cotton, palm oil production, pineapple and fish processing), textile, footwear, woodworking, chemical and metalworking industries.

Mining industry: up to 15 thousand carats of diamonds are mined annually, in a small amount of gold, oil (about 1 million tons).

The energy capacity of Côte d’Ivoire has increased to 675 MW. Approx. 4 billion kWh.

Côte d’Ivoire has an extensive transport network, concentrated mainly in the southern regions of the country and connecting the coast with the mainland and neighboring states. The length of railways is 660 km, roads 50,400 km (4889 km with hard surface), waterways 980 km. Major ports are Abidjan, San Pedro, Dabu, Aboiso. There are 36 airports, 7 of which are international.

Tourism has developed. Every year 200-300 thousand foreign citizens come to the country.

External debt 10.6 billion US dollars, payments on account of its repayment – 13.5% of the country’s export earnings (2001).

One of the main directions of the national economic strategy was the expansion and activation of privatization. Particular attention is paid to achieving full food self-sufficiency.

Foreign trade turnover of 6 billion US dollars: exports of 3.6 billion dollars (cocoa – 33%, coffee, timber, oil, cotton, bananas, pineapples, palm oil, fish); imports $2.4 billion (food, consumer goods, capital-intensive goods, fuel, vehicles, raw materials) (2001). Main trading partners: in terms of exports – France (13%), USA (8%), the Netherlands (7%), Germany (7%), Italy (6%); imports – France (26%), Nigeria (10%), China (7%), Italy (5%), Germany (4%).

Free education introduced in Côte d’Ivoire. Primary six years of education is compulsory. The largest educational institution in the country is the National University of Abidjan (6 faculties) and a branch of the university in Yamoussoukro.

Economy of Ivory Coast