Cote d'Ivoire Economic Forecast

Cote d'Ivoire Economic Outlook

August 25, 2020

Covid-19 seemingly hammered the economy in the second quarter as social-distancing measures dented activity in consumer-facing sectors and derailed ongoing infrastructure projects. In addition, severed global supply chains and subdued external demand will have weighed heavily on key oil, cocoa and cotton exports. However, restrictions have been eased gradually since mid-May, with recreational centers being reopened in the capital district and international flights allowed as of 31 July, which should have supported activity at the tail end of Q2 and heading into Q3. Meanwhile, on 7 August, Moody’s confirmed the country’s sovereign credit rating at Ba3 with a stable outlook, largely reflecting the government’s insistence that it would not seek financial aid from private creditors. Thus, the economy escaped a downgrade.

Cote d'Ivoire Economic Growth

The coronavirus pandemic will deal a heavy blow to the economy this year. Domestic containment measures are set to dent household and capital spending, while disruptions to international trade will weigh heavily on the external sector. Political tensions ahead of the October presidential elections cloud the outlook further. FocusEconomics panelists project GDP to grow 1.7% in 2020, which is unchanged from last month’s forecast. In 2021, the economy is expected to expand 6.9%.

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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