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Economic Overview

Over the past decade, Côte d’Ivoire has steadily transformed its economy, achieving one of Sub-Saharan Africa’s fastest growth rates. As the world’s top cocoa producer, it maintained strong GDP growth, averaging 8.2% from 2012 to 2019, and effectively managed the COVID-19 pandemic. Despite global challenges and tighter financial conditions, growth remained strong at 6.2% in 2023 and rose to 6.5% in 2024, driven by robust public and private investment and private consumption. Growth is expected to average 6.5% in 2025-2026, driven by sound policies, a growing extractive sector, and investment in infrastructure and agriculture. The "Calao" oil field could further enhance prospects, attract investors, and improve financing conditions.

Fiscal data for the first ten months of 2024 indicates that consolidation remained on track, with revenues, including grants, rising by 10.2% year-on-year, while expenditure grew by 5.9%. Therefore, the central government deficit for the year aligned with the 4% of GDP target, driven by ongoing tax reforms and administration measures. Controlled spending and under-execution of capital expenditure kept expenditure growth low. Fitch expects the deficit to reach 3% of GDP in 2025 and remain stable in the following years. Government debt remained stable at 58% in 2024 and is projected to decline to 52.7% by 2026. WAEMU fiscal convergence criteria remain suspended, with new ones under development. Although WAEMU's inflation has declined from its 2022 peak, it remained above target at 3.5% in 2024. Regional inflation is expected to reach its target by 2025, while reserves should gradually increase, driven by resumed bond issuances, recovering exports, and Euro Area monetary easing.

Extreme poverty fell to 10.3% in 2024, down 0.4 percentage points from 2023, marking a reversal after three years of increase. Higher cocoa farmgate prices boosted agricultural incomes, benefiting a large share of the workforce, particularly rural workers and the poor. Lower food inflation and growth in industry and services also contributed to poverty reduction (World Bank). The unemployment rate was estimated by the World Bank at 2.3% in 2023 (latest data available); however, around 40% of the workforce is employed in the informal sector. Finally, it has to be noted that the country’s GDP per capita (PPP) is still very low, estimated at USD 7,648 in 2024 by the IMF.

 
Main Indicators 2023 (E)2024 (E)2025 (E)2026 (E)2027 (E)
GDP (billions USD) 78.8986.9995.46103.94113.76
GDP (Constant Prices, Annual % Change) 6.26.56.46.47.5
GDP per Capita (USD) 2,5372,7202,9023,0723,268
General Government Gross Debt (in % of GDP) 58.159.355.954.152.4
Inflation Rate (%) 4.43.83.02.22.0
Current Account (billions USD) -6.34-4.69-1.21-1.68-2.21
Current Account (in % of GDP) -8.0-5.4-1.3-1.6-1.9

Source: IMF – World Economic Outlook Database , October 2021

Country Risk

See the country risk analysis provided by La Coface.

 

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Main Sectors of Industry

Côte d'Ivoire is the world’s largest producer and exporter of cocoa (30% of the world's production), one of the three biggest producers and exporters of cashew, and a major exporter of palm oil, coffee and oil. Furthermore, it is one of West Africa's leading cotton producers, with its seed cotton production for the 2024/2025 season anticipated to increase by 6%. The country’s economy is mainly based on agriculture: the primary sector contributes to 14.4% of the GDP and employs 45.2% of the country's active population (World Bank). The government is trying to maximise agricultural output by developing raw material processing units. In recent years, rubber output has increased substantially. Moreover, the country has some mining activities, particularly of precious minerals, such as gold and diamonds, but also others like nickel. According to the FAO, total cereal production in 2024 was estimated at 3.3 million tonnes, roughly 7% above the average of the previous five years.

The industrial sector contributes to 23.9% of the GDP and employs only 10.4% of the active population (World Bank). Key sectors include agro-processing, petroleum refining, and manufacturing. Agro-processing is a cornerstone of the Ivorian industrial landscape, with cocoa processing being particularly significant due to Cote d'Ivoire's status as the world's largest producer of cocoa beans. Additionally, the country's oil refining industry benefits from its status as a regional hub for petroleum products and the sector has been gaining weight, leveraging a steady growth rate and major investments. Manufacturing, including textiles, chemicals, and food processing, is also an important sector, driven by government efforts to diversify the economy and promote industrialization, and is estimated to account for 14% of GDP (World Bank). Compared to the same period in 2023, the country's industrial production volume increased by 6.1% in the first nine months of 2024 (data INS).

The services sector contributes to 54.6% of the GDP and employs 44.4% of the workforce (World Bank). Like in many other African countries, the tertiary sector has grown at a relatively rapid rate in the last several years. The telecommunications sector is booming and is one of the key drivers of services. Côte d’Ivoire has the most developed banking sector in the WAMU area. The banking sector comprises 28 banks and four financial establishments (data Central Bank of West African States). The tourism sector is also growing, with the country welcoming over 2.1 million tourists in the first half of 2024.

 
Breakdown of Economic Activity By Sector Agriculture Industry Services
Employment By Sector (in % of Total Employment) 45.2 10.4 44.4
Value Added (in % of GDP) 14.4 23.9 54.6
Value Added (Annual % Change) -1.7 6.1 9.4

Source: World Bank - Latest available data.

 
Monetary Indicators 20162017201820192020
CFA Franc BCEAO (XOF) - Average Annual Exchange Rate For 1 USD 593.01582.09555.72585.90575.59

Source: World Bank - Latest available data.

 

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Foreign Trade

The Ivory Coast is the hub of commercial activities in West Africa. The share of foreign trade in the country's GDP is 53% (World Bank, latest available data). Exports are mainly composed of primary products, including industrial and export-oriented agricultural goods (37.8% of total exports) and extractive products (17.2%), along with manufactured goods (22.3%) and semi-processed products (19.6%). Specifically, exports are dominated by cocoa (both processed and unprocessed, accounting for 31.6% of total sales), petroleum products and crude oil (14.8%), gold (12.8%), natural rubber (11.2%), and cashew nuts (6.8%). The largest category of imports consists of intermediate goods (31.5% of total imports), followed by non-food consumer goods (26.5%), capital goods (20%), and food products (17.2%). Specifically, the main imported products are petroleum products and crude oil (25.5%), machinery (10.8%), transport equipment (9.5%), and cereals (5.3% - data French Ministry of Economy for 2023).

The Ivory Coast is a member of the UEMOA (West African Economic and Monetary Union), which enforces a Common External Tariff (CET). It also belongs to the Free Trade Zone. In 2008, the Ivory Coast signed a stepping stone economic partnership agreement (EPA) with the European Union (EU). This agreement entered into provisional application on 3 September 2016 and essentially aims at maintaining the preferential trade system that exists between the EU and the Ivory Coast (Nigeria is the only country in the region that has is yet to sign the EPA, which is why the agreement is not yet applied). It will be replaced by the regional EU-West Africa EPA. Ivory Coast is also a signatory to the African Continental Free Trade Agreement. Data from the French Ministry of Economy show that, after losing the top spot in 2022, the Netherlands regained its position as Ivory Coast's largest export partner in 2023, with its share rising significantly to 11.5% (up from 8.7% in 2022). Switzerland ranked second, also seeing an increase in its share to 10.6% (from 8.1% in 2022). Mali followed with a share of 8.7%, while Malaysia and Vietnam each hold 5%. China remained Ivory Coast's largest supplier (since 2016), with a 14.8% market share in 2023, an increase of 0.4 percentage points from the previous year. Nigeria followed with a 14% share (up from 12.1% in 2022). France, India, and the United States completed the top five, with respective shares of 5.6%, 5.2%, and 3.9%.

According to the WTO, Colombia exported USD 20.2 billion worth of goods while it imported USD 18.8 billion in 2023 (+23.3% and +18.5% y-o-y, respectively). The increase in exports was mainly driven by higher sales of processed cocoa, gold, and cashew nuts. Including services, the World Bank estimated the trade deficit at 4.8% of GDP (from 7.6% one year earlier). Preliminary government figures show that, in the last quarter of 2024, the Customs Directorate achieved 96.5% of its annual target, with customs revenue amounting to XOF 2,728.67 billion, reflecting a growth rate of 9.56% compared to the previous year. For 2025, the target set is XOF 3,325 billion.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 10,48310,52713,96617,88918,887
Exports of Goods (million USD) 12,71812,45415,33416,42920,263
Imports of Services (million USD) 3,4033,1423,9243,858n/a
Exports of Services (million USD) 1,162732910958n/a

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20192020202120222023
Foreign Trade (in % of GDP) 44.741.945.153.452.6
Trade Balance (million USD) 3,1512,9823,0531,075n/a
Trade Balance (Including Service) (million USD) 91057240-2,738n/a
Imports of Goods and Services (Annual % Change) 3.97.015.958.410.5
Exports of Goods and Services (Annual % Change) 9.8-8.217.349.48.6
Imports of Goods and Services (in % of GDP) 22.020.922.828.928.1
Exports of Goods and Services (in % of GDP) 22.721.022.324.524.5

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 0.16.78.310.36.8
Volume of imports of goods and services (Annual % change) 7.18.57.07.77.2

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Côte d'Ivoire is a member of the Economic Commmunity of West African States (ECOWAS), and of the West African Economic and Monetary Union (UEMOA).
 

Main Partner Countries

Main Customers
(% of Exports)
2023
Netherlands 11.5%
Switzerland 10.6%
Mali 8.7%
Malaysia 5.0%
Vietnam 5.0%
See More Countries 59.3%
Main Suppliers
(% of Imports)
2023
China 14.8%
France 5.6%
India 5.2%
United States 3.9%
Belgium 3.4%
See More Countries 67.0%

Source: Comtrade, Latest Available Data

 

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Political Outline

Current Political Leaders
President: Alassane Dramane OUATTARA (since 4 December 2010)
Prime Minister: Robert BREUGRE MAMBE (since 17 October 2023)
Next Election Dates
Presidential: October 2025
Senate: September 2028
National Assembly: March 2026
Main Political Parties
There are many legal political parties in the Ivory Coast, but very few have secured national support. The Rally of Houphouetists for Democracy and Peace (RHDP) currently holds more than half of parliamentary seats. The main political parties are:

- Rally of Houphouetists for Democracy and Peace (RHDP): party to the ruling coalition
- Democratic Party of Ivory Coast-African Democratic Rally (PDCI-RDA): centre-right, the oldest political party, advocates democratic values. It is the main opposition party
- African Peoples' Party - Ivory Coast (PPA-CI): left-wing

Other parties include:

- Together to Build (UDPCI, FPI, and allies)
- Ivorian Popular Front (FPI)
- Liberty and Democracy for the Republic (LIDER)
Movement of Forces of the Future (MFA)
- Pan-African Congress for People's Justice and Equality (COJEP)
- Together for Democracy and Sovereignty (EDS)
- Union for Cote d'Ivoire (UPCI)
- Union for Democracy and Peace in Côte d'Ivoire (UDPCI).
Executive Power

The President, elected by universal suffrage for a five-year term, holds most executive powers, including the implementation of laws and the management of day-to-day affairs. The Prime Minister, appointed by the President, serves as the Head of Government and works under the President. The Council of Ministers (cabinet) is also appointed by the President.

The 2016 Constitution introduced the position of Vice President.

Legislative Power
Until the end of 2016 and the approval of a new Constitution, the legislative power in Côte d'Ivoire was unicameral. The parliament, called the National Assembly, consisted of 255 seats. Its members were elected in single or multi-member district elections by direct universal suffrage for five years. Since April 2018, the legislature has been bicameral with the creation of a Senate, whose 99 members are elected for five years. They are two-thirds elected by direct universal suffrage, while the president appoints the remaining third "among the former presidents of institutions, former prime ministers and national personalities and skills". The conditions for revision of the Constitution will be facilitated while the House of Kings and Traditional Chiefs will be constitutionalized.
Ivorian citizens enjoy very limited political rights. The president can dissolve parliament or veto its provisions.
 

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