The
economy of Ivory Coast is stable and currently growing, in the
aftermath of political instability in recent decades. It is largely market-based
and depends heavily on the agricultural sector. Almost 70% of the Ivorian people
are engaged in some form of agricultural activity.
GDP per capita grew 82% in the 1960s, reaching a peak growth of
360% in the 1970s. But this proved unsustainable and it shrank by 28% in the
1980s and a further 22% in the 1990s. This coupled with high
population growth
resulted in a steady fall in
living standards.
Gross national product per
capita, now rising again, was about US$ $727 in 1996. (It was substantially
higher two decades ago.) After several years of lagging performance, the Ivorian
economy began a comeback in 1994, due to the devaluation of the
CFA franc and improved prices for
cocoa and coffee, growth in
non-traditional primary exports such as
pineapples and
rubber, limited trade and banking liberalization,
offshore oil and gas discoveries, and generous external financing and debt
rescheduling by multilateral lenders and France. The 50%
devaluation of franc zone currencies on 12 January
1994 caused a one-time jump in the inflation rate to 26% in 1994, but the rate
fell sharply in 1996-1999. Moreover, government adherence to donor-mandated
reforms led to a jump in growth to 5% annually in 1996-99. A majority of the
population remains dependent on smallholder
cash crop production. Principal exports are cocoa,
coffee, and
tropical woods.
Principal U.S. exports to Ivory Coast are rice and wheat, plastic materials and
resins,
Kraft paper, agricultural chemicals,
telecommunications, and oil and gas equipment. Principal U.S. imports are cocoa
and cocoa products, petroleum, rubber, and coffee
The economy of Ivory Coast is stable and currently growing, in the
aftermath of political instability in recent decades. It is largely market-based
and depends heavily on the agricultural sector. Almost 70% of the Ivorian people
are engaged in some form of agricultural activity. GDP per capita grew 82% in the 1960s, reaching a peak growth of
360% in the 1970s. But this proved unsustainable and it shrank by 28% in the
1980s and a further 22% in the 1990s. This coupled with high population growth
resulted in a steady fall in living standards. Gross national product per
capita, now rising again, was about US$ $727 in 1996. (It was substantially
higher two decades ago.) After several years of lagging performance, the Ivorian
economy began a comeback in 1994, due to the devaluation of the CFA franc and improved prices for
cocoa and coffee, growth in
non-traditional primary exports such as pineapples and rubber, limited trade and banking liberalization,
offshore oil and gas discoveries, and generous external financing and debt
rescheduling by multilateral lenders and France. The 50% devaluation of franc zone currencies on 12 January
1994 caused a one-time jump in the inflation rate to 26% in 1994, but the rate
fell sharply in 1996-1999. Moreover, government adherence to donor-mandated
reforms led to a jump in growth to 5% annually in 1996-99. A majority of the
population remains dependent on smallholder cash crop production. Principal exports are cocoa,
coffee, and tropical woods.
Principal U.S. exports to Ivory Coast are rice and wheat, plastic materials and
resins, Kraft paper, agricultural chemicals,
telecommunications, and oil and gas equipment. Principal U.S. imports are cocoa
and cocoa products, petroleum, rubber, and coffee
