Côte d’Ivoire is bounded to the north by Mali and Burkina Faso, to the east by Ghana, to the south by the Gulf of Guinea, to the southwest by Liberia, and to the northwest by Guinea. Its capital city of Yamoussoukro is located in the centre of the country, while its largest city and economic centre is the port city of Abidjan.
Côte d’Ivoire‘s economy has grown faster than that of most other African countries since independence. One possible reason for this might be taxes on exported agriculture. Ivory Coast, Nigeria, and Kenya were exceptions as their rulers were themselves large cash-crop producers, and the newly independent countries desisted from imposing penal rates of taxation on exported agriculture. As such, their economies did well. Côte d’Ivoire had a good financial reputation for many years. A significant fall in cocoa and coffee prices at the end of the 20th century, however, interrupted the recovery. Political instability from the late 1990s and during the first decade of the 2000s also hindered the process.
The country experienced strong economic growth during the 2010s, but growth slowed significantly in 2020 due to the disrupting impact of the COVID-19 pandemic on economic sectors. Ivoirian financial policy is fundamentally liberal, and investments are welcomed through tax exemptions and legal protection against nationalization. Increased privatization became government policy in the mid-1980s, partly in response to the government’s previous participation in too many specialized undertakings in its attempt to diversify the economy. The Ivoirian government successfully met international lender conditions for debt repayment, but it is still struggling to enact reforms in the management of its public finances and to reduce serious inequalities in the distribution of income.
Ivory Coast, the world’s leading cocoa and cashew producer, is experiencing one of the fastest sustained economic growth rates in Sub-Saharan Africa in over a decade. With real GDP growth averaging 8.2% between 2012-2019, Côte d’Ivoire successfully contained the COVID-19 pandemic and maintained a 2% rate in 2020. In 2021, the country returned to its high-growth trajectory and continues to play a central role as a regional economic hub and host country for many nationals from the Economic Community of West African States (ECOWAS) and elsewhere.
In 2022, Cote d’Ivoire was the number 82 economy in the world in terms of GDP (current US$), the number 81 in total exports, the number 90 in total imports, the number 137 economy in terms of GDP per capita (current US$) and the number 117 most complex economy according to the Economic Complexity Index (ECI). In 2023, Ivorian economic activity remained robust, helping to reduce poverty to some extent, although regional disparities widened. Economic activity was vigorous in 2023, with real GDP growth estimated at 6.5%, up from 6.2% in 2022, driven by investment (public and private) and domestic consumption. Despite a 22.7% drop in cocoa production, economic growth was sustained by the dynamism of food-producing agriculture, construction and public works, manufacturing and extractive industries, trade, and transport. Inflation decelerated from 5.2% in 2022 to 4.4% in 2023 responding to restrictive monetary policy by the Central Bank of West African States, as well as government measures to combat the high cost of living.
Continued reforms to increase domestic revenue and improve budget management helped reduce the budget deficit from 6.8% of GDP in 2022 to 5.2% in 2023, enabling the debt ratio to stabilize at 56.8% of GDP in 2023 (compared with 56.7% in 2022). The current account deficit widened from 7.7% of GDP in 2022 to 8.2% in 2023 due to deficits in services and income. Financial sector performance remains satisfactory, with credit to the economy up 16.2% between 2022 and 2023 and nonperforming loans down 7.2% between December 2022 and June 2023. According to the second Harmonized Survey of Household Living Conditions, the poverty rate fell from 39.4% in 2018 to 37.5% in 2021. Although the youth (ages 15–24) unemployment rate declined from 5.4% in 2020 to 4.9% in 2023, it remains a major challenge to social cohesion. Strengthening the inclusiveness of growth and enabling the creation of more jobs for young people are at the heart of the government’s 2022–24 social program and 2023–25 youth program.
Exports
The top exports of Cote d’Ivoire are Cocoa Beans ($3.33B), Gold ($2.12B), Rubber ($2.11B), Refined Petroleum ($1.88B), and Cocoa Paste ($1.08B), exporting mostly to Switzerland ($1.6B), Mali ($1.46B), Netherlands ($1.43B), United States ($1.08B), and France ($940M). In 2022, Cote d’Ivoire was the world’s biggest exporter of Cocoa Beans ($3.33B), Cocoa Paste ($1.08B), and Cocoa Shells ($195M).
Imports
The top imports of Cote d’Ivoire are Crude Petroleum ($2.28B), Refined Petroleum ($1.39B), Rice ($821M), Non-fillet Frozen Fish ($680M), and Special Purpose Ships ($637M), importing mostly from China ($3.31B), Nigeria ($1.97B), France ($1.44B), India ($965M), and Belgium ($812M).
Overall, inflation eased somewhat from its decade-high level of 5.2% to 4.4%, driven by higher transport and energy prices. Nevertheless, the short- and medium-term economic outlook remains positive, albeit slightly below pre-Pandemic COVID-19 levels. This optimism is underpinned by a strong commitment to macroeconomic stability and ongoing structural reforms in line with the National Development Plan (NDP) 2021-2025. The economic outlook remains favorable, with real GDP growth projected to average 7% in 2024–25, driven by increased cocoa production in response to higher cocoa prices, investment in infrastructure, the development of agro-industrial value chains, and the exploitation of the Baleine field, whose potential is estimated at 2.5 billion barrels of oil and 3,300 cubic feet of natural gas. Inflation is projected to fall below the West African economic and Monetary Union target of 3% in 2025 thanks to an increase in the local supply of food products. Fiscal consolidation is projected to contain the budget deficit at 4.2% of GDP in 2024 and 3% in 2025. The current account deficit is projected to narrow to 6.9% of GDP in 2024 and 6.1% in 2025, supported by improvements in the terms of trade.
However, this outlook could be jeopardized by a deterioration of the security situation in the north, worsened by high youth unemployment; the impact of Russia’s invasion of Ukraine; tighter international financial conditions; and climate hazards. Strengthening macroeconomic stability, the inclusiveness and sustainability of growth, and security and institutional stability should make it possible to contain these risks. Looking ahead, real GDP growth should average 6.5% in 2024-2026. Continued investment in network infrastructure, particularly in the digital and transport sectors, and the exploitation of recent oil discoveries, combined with prudent macroeconomic policies, should boost business confidence and productivity. Projects aimed at developing value chains can improve agricultural productivity and stimulate processing, supporting long-term growth prospects. The GDP is estimated to reach 128.31 billion U.S. dollars and therefore a new peak in 2029.
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