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 fluctuations in international prices for these
products and weather conditions. 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 the difficulty of meeting
the conditions of international donors, continued low prices of key
exports, and severe civil war. In November 2004, the situation
deteriorated when President GBAGBO's troops attacked and killed nine
French peacekeeping forces, and the UN imposed an arms embargo.
Political turmoil damaged the economy in 2005, with fear among
Ivorians spreading, foreign investment shriveling, French businesses
and expats fleeing, travel within the country falling, and criminal
elements that traffic in weapons and diamonds gaining ground. The
government will continue to survive financially off of the sale of
cocoa, which represents 90% of foreign exchange earnings. Though the
2005 harvest was largely unaffected by past fighting, the government
will likely lose between 10% and 20% of its cocoa harvest to
northern rebels, who smuggle the cocoa they control to neighboring
countries where cocoa prices are higher. 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 33,000 barrels per day (b/d) to over
200,000 b/d by the end of the decade.
GDP (purchasing power parity):
$27.58 billion (2005 est.)
GDP (official exchange rate):
$16.57 billion (2005 est.)
GDP - real growth rate:
1% (2005 est.)
GDP - per capita (PPP):
$1,600 (2005 est.)
GDP - composition by sector: agriculture: 27.9% industry: 17.1% services: 55% (2005 est.)
Labor force:
6.95 million (68% agricultural) (2005 est.)
Unemployment rate:
13% in urban areas (1998)
Population below poverty line:
37% (1995)
Household income or consumption by percentage share: lowest 10%: 3.1% highest 10%: 28.8% (1995)