Ivory-coastEconomy—overview: Cote d'Ivoire is among the world's largest producers and exporters of coffee cocoa beans and palm oil. Cocoa and coffee are the largest exports from the Ivory Coast and the rockbeds of the country's economy. The production of cocoa on the Ivory coast is one of the main reasons the country has been able to see a relative period of peace. Consequently the economy is highly sensitive to fluctuations in international prices for these products and to weather conditions. Despite attempts by the government to diversify the economy it is still largely dependent on agriculture and related activities which engage roughly 85% of the population. After several years of lagging performance the Ivorian economy began a comeback in 1994 due to improved prices for cocoa and coffee growth in nontraditional 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 to 7% in 1996 and an estimated 3.4% in 1997. Moreover government adherence to donor-mandated reforms led to a jump in growth rates—6.5% in GDP in 1996 and again in 1997. GDP: purchasing power parity—$25.8 billion (1997 est.) GDP—real growth rate: 6.5% (1997 est.) GDP—per capita: purchasing power parity—$1 700 (1997 est.) GDP—composition by sector: agriculture: 31% industry: 20% services: 49% (1995) Inflation rate—consumer price index: 3.4% (1997 est.) Labor force: NA Unemployment rate: NA% Budget: revenues: $2.4 billion expenditures: $2.7 billion including capital expenditures of $600 million (1996 est.) Industries: foodstuffs beverages; wood products oil refining automobile assembly textiles fertilizer construction materials electricity Industrial production growth rate: 9% (first half of 1996) Electricity—capacity: 1.173 million kW (1995) Electricity—production: 1.875 billion kWh (1995) Electricity—consumption per capita: 127 kWh (1995) Agriculture—products: coffee cocoa beans bananas palm kernels corn rice manioc (tapioca) sweet potatoes sugar; cotton rubber; timber Exports: total value: $4.2 billion (f.o.b. 1996) commodities: cocoa 36% coffee 22%; tropical woods 4% petroleum cotton bananas pineapples palm oil cotton fish partners: France 18% Germany 8% Italy 8% Netherlands 8% Burkina Faso Mali US UK Imports: total value: $3.2 billion (f.o.b. 1996) commodities: food consumer goods; capital goods fuel transport equipment partners: France 32% Nigeria 20% US 6% Ghana Germany Italy Debt—external: $16.1 billion (1996 est.) Economic aid: recipient: ODA $552 million (1993) Currency: 1 Communaute Financiere Africaine franc (CFAF) = 100 centimes Exchange rates: CFA francs (CFAF) per US$1—608.36 (January 1998) 583.67 (1997) 511.55 (1996) 499.15 (1995) 555.20 (1994) 283.16 (1993) note: beginning 12 January 1994 the CFA franc was devalued to CFAF 100 per French franc from CFAF 50 at which it had been fixed since 1948 Fiscal year: calendar year
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