Cote d'Ivoire Economic Forecast

Cote d'Ivoire Economic Outlook

January 25, 2022

Economic growth slowed in the third quarter, with GDP expanding 6.8% year-on-year after increasing 8.1% in the prior period. Although a detailed breakdown is not available, data suggests that both private-sector activity and household spending lost steam. Within the industrial sector, output growth cooled to a one-year low in the quarter. Similarly, retail trade turnover increased at a softer pace in the third quarter compared to the second. Turning to Q4, an uptick in inflation in October–November likely dampened household spending in the period, with inflation in November hitting the highest level since at least July 2012. On the other hand, business confidence rose further in October. Turning to the new year, the country has been experiencing a fourth Covid-19 wave since early January. Restrictions to combat the spread of Omicron are unlikely to be reimposed, however.

Cote d'Ivoire Economic Growth

Economic growth is forecast to accelerate this year on the back of healthy foreign demand, boosting the external sector amid normalizing global economic conditions. Exploration of recently discovered oil and gas deposits, poised to commence in 2023, is expected to further buoy activity. However, the country remains susceptible to Covid-19 amid a low vaccination rate. FocusEconomics panelists project GDP to expand 6.7% in 2022, which is up 0.1 percentage points from last month’s forecast, and 6.5% in 2023.

Cote d'Ivoire Economy Data

2015 2016 2017 2018 2019
Population (million)23.724.325.025.626.3
GDP per capita (USD)1,3971,4511,5251,6791,686
GDP (USD bn)33.135.338.143.044.3
Economic Growth (GDP, annual variation in %)8.88.07.77.47.5
Consumption (annual variation in %)-  -  -  -  -  
Investment (annual variation in %)14.62.911.914.4-  
Industrial Production (annual variation in %)-  -  -  -  -  
Unemployment Rate3.12.63.33.23.3
Fiscal Balance (% of GDP)-2.0-3.0-3.3-4.0-  
Public Debt (% of GDP)47.348.449.853.2-  
Money (annual variation in %)18.211.09.213.410.8
Inflation Rate (CPI, annual variation in %)1.20.70.70.40.8
Policy Interest Rate (%)3.504.504.504.504.50
Exchange Rate (vs USD)603.9621.9546.3573.8584.4
Exchange Rate (vs USD, aop)591.4593.1581.7556.0586.0
Current Account (% of GDP)-0.6-1.2-2.8-4.8-4.9
Current Account Balance (USD bn)-0.2-0.4-1.0-2.1-2.2
Trade Balance (USD billion)3.23.13.42.52.3
Exports (USD billion)11.710.911.911.911.7
Imports (USD billion)8.67.88.59.59.4
Exports (annual variation in %)-9.5-7.39.10.4-1.7
Imports (annual variation in %)-5.8-8.88.811.3-0.3
International Reserves (USD)4.74.65.75.76.7
External Debt (% of GDP)34.432.435.336.4-  

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Cote d'Ivoire Facts

Value Change Date
Exchange Rate585.3-1.11 %Jan 01
Stock Market0.70.0 %Jan 07

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