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Liberia vs. Cote d'Ivoire

Economy

LiberiaCote d'Ivoire
Economy - overview

Liberia is a low-income country that relies heavily on foreign assistance and remittances from the diaspora. It is richly endowed with water, mineral resources, forests, and a climate favorable to agriculture. Its principal exports are iron ore, rubber, diamonds, and gold. Palm oil and cocoa are emerging as new export products. The government has attempted to revive raw timber extraction and is encouraging oil exploration.

In the 1990s and early 2000s, civil war and government mismanagement destroyed much of Liberia's economy, especially infrastructure in and around the capital. Much of the conflict was fueled by control over Liberia's natural resources. With the conclusion of fighting and the installation of a democratically elected government in 2006, businesses that had fled the country began to return. The country achieved high growth during the period 2010-13 due to favorable world prices for its commodities. However, during the 2014-2015 Ebola crisis, the economy declined and many foreign-owned businesses departed with their capital and expertise. The epidemic forced the government to divert scarce resources to combat the spread of the virus, reducing funds available for needed public investment. The cost of addressing the Ebola epidemic coincided with decreased economic activity reducing government revenue, although higher donor support significantly offset this loss. During the same period, global commodities prices for key exports fell and have yet to recover to pre-Ebola levels.

In 2017, gold was a key driver of growth, as a new mining project began its first full year of production; iron ore exports are also increased as Arcelor Mittal opened new mines at Mount Gangra. The completion of the rehabilitation of the Mount Coffee Hydroelectric Dam increased electricity production to support ongoing and future economic activity, although electricity tariffs remain high relative to other countries in the region and transmission infrastructure is limited. Presidential and legislative elections in October 2017 generated election-related spending pressures.

Revitalizing the economy in the future will depend on economic diversification, increasing investment and trade, higher global commodity prices, sustained foreign aid and remittances, development of infrastructure and institutions, combating corruption, and maintaining political stability and security.

For the last 5 years Cote d'Ivoire's growth rate has been among the highest in the world. Cote d'Ivoire is heavily dependent on agriculture and related activities, which engage roughly two-thirds of the population. Cote d'Ivoire is the world's largest producer and exporter of cocoa beans and a significant producer and exporter of coffee and palm oil. Consequently, the economy is highly sensitive to fluctuations in international prices for these products and to climatic conditions. Cocoa, oil, and coffee are the country's top export revenue earners, but the country has targeted agricultural processing of cocoa, cashews, mangoes, and other commodities as a high priority. Mining gold and exporting electricity are growing industries outside agriculture.

Following the end of more than a decade of civil conflict in 2011, Cote d'Ivoire has experienced a boom in foreign investment and economic growth. In June 2012, the IMF and the World Bank announced $4.4 billion in debt relief for Cote d'Ivoire under the Highly Indebted Poor Countries Initiative.

GDP (purchasing power parity)$7.049 billion (2019 est.)

$7.214 billion (2018 est.)

$7.126 billion (2017 est.)

note: data are in 2010 dollars
$134.048 billion (2019 est.)

$126.185 billion (2018 est.)

$118.051 billion (2017 est.)

note: data are in 2017 dollars
GDP - real growth rate2.5% (2017 est.)

-1.6% (2016 est.)

0% (2015 est.)
7.8% (2017 est.)

8.3% (2016 est.)

8.8% (2015 est.)
GDP - per capita (PPP)$1,428 (2019 est.)

$1,497 (2018 est.)

$1,516 (2017 est.)

note: data are in 2010 dollars
$5,213 (2019 est.)

$5,033 (2018 est.)

$4,831 (2017 est.)

note: data are in 2017 dollars
GDP - composition by sectoragriculture: 34% (2017 est.)

industry: 13.8% (2017 est.)

services: 52.2% (2017 est.)
agriculture: 20.1% (2017 est.)

industry: 26.6% (2017 est.)

services: 53.3% (2017 est.)
Population below poverty line50.9% (2016 est.)39.5% (2018 est.)
Household income or consumption by percentage sharelowest 10%: 2.4%

highest 10%: 30.1% (2007)
lowest 10%: 2.2%

highest 10%: 31.8% (2008)
Inflation rate (consumer prices)12.4% (2017 est.)

8.8% (2016 est.)
-1.1% (2019 est.)

0.3% (2018 est.)

0.6% (2017 est.)
Labor force1.677 million (2017 est.)8.747 million (2017 est.)
Labor force - by occupationagriculture: 70%

industry: 8%

services: 22% (2000 est.)
agriculture: 68% (2007 est.)
Unemployment rate2.8% (2014 est.)9.4% (2013 est.)
Distribution of family income - Gini index35.3 (2016 est.)

38.2 (2007)
41.5 (2015 est.)

36.7 (1995)
Budgetrevenues: 553.6 million (2017 est.)

expenditures: 693.8 million (2017 est.)
revenues: 7.749 billion (2017 est.)

expenditures: 9.464 billion (2017 est.)
Industriesmining (iron ore and gold), rubber processing, palm oil processing, diamondsfoodstuffs, beverages; wood products, oil refining, gold mining, truck and bus assembly, textiles, fertilizer, building materials, electricity
Industrial production growth rate9% (2017 est.)4.2% (2017 est.)
Agriculture - productscassava, sugar cane, oil palm fruit, rice, bananas, vegetables, plantains, rubber, taro, maizeyams, cassava, cocoa, oil palm fruit, sugar cane, rice, plantains, maize, cashew nuts, rubber
Exports$330 million (2019 est.)

$362 million (2018 est.)

$359 million (2017 est.)
$16.326 billion (2018 est.)

$16.274 billion (2017 est.)
Exports - commoditiesships, iron, gold, rubber, crude petroleum (2019)cocoa beans, gold, rubber, refined petroleum, crude petroleum (2019)
Exports - partnersGuyana 32%, Poland 10%, Switzerland 8%, Japan 7%, China 5% (2019)Netherlands 10%, United States 6%, France 6%, Spain 5%, Malaysia 5%, Switzerland 5%, Germany 5%, Vietnam 5% (2019)
Imports$1.82 billion (2019 est.)

$1.956 billion (2018 est.)

$2.118 billion (2017 est.)
$14.248 billion (2018 est.)

$13.486 billion (2017 est.)
Imports - commoditiesships, refined petroleum, iron structures, boat propellers, centrifuges (2019)crude petroleum, rice, frozen fish, refined petroleum, packaged medicines (2019)
Imports - partnersChina 41%, Japan 21%, South Korea 18% (2019)China 18%, Nigeria 13%, France 11% (2019)
Debt - external$826 million (2019 est.)

$679 million (2018 est.)
$13.07 billion (31 December 2017 est.)

$11.02 billion (31 December 2016 est.)
Exchange ratesLiberian dollars (LRD) per US dollar -

109.4 (2017 est.)

93.4 (2016 est.)

93.4 (2015 est.)

85.3 (2014 est.)

83.893 (2013 est.)
Communaute Financiere Africaine francs (XOF) per US dollar -

594.3 (2017 est.)

593.01 (2016 est.)

593.01 (2015 est.)

591.45 (2014 est.)

494.42 (2013 est.)
Fiscal yearcalendar yearcalendar year
Public debt34.4% of GDP (2017 est.)

28.3% of GDP (2016 est.)
47% of GDP (2017 est.)

47% of GDP (2016 est.)
Reserves of foreign exchange and gold$459.8 million (31 December 2017 est.)

$528.7 million (31 December 2016 est.)
$6.257 billion (31 December 2017 est.)

$4.935 billion (31 December 2016 est.)
Current Account Balance-$627 million (2017 est.)

-$464 million (2016 est.)
-$1.86 billion (2017 est.)

-$414 million (2016 est.)
GDP (official exchange rate)$3.071 billion (2019 est.)$42.498 billion (2018 est.)
Ease of Doing Business Index scoresOverall score: 43.2 (2020)

Starting a Business score: 88.9 (2020)

Trading score: 19.2 (2020)

Enforcement score: 35.2 (2020)
Overall score: 60.7 (2020)

Starting a Business score: 93.7 (2020)

Trading score: 52.4 (2020)

Enforcement score: 57.6 (2020)
Taxes and other revenues16.9% (of GDP) (2017 est.)19.1% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)-4.3% (of GDP) (2017 est.)-4.2% (of GDP) (2017 est.)
Unemployment, youth ages 15-24total: 2.3%

male: 2.4%

female: 2.2% (2016 est.)
total: 5.5%

male: 4.7%

female: 6.5% (2017 est.)
GDP - composition, by end usehousehold consumption: 128.8% (2016 est.)

government consumption: 16.7% (2016 est.)

investment in fixed capital: 19.5% (2016 est.)

investment in inventories: 6.7% (2016 est.)

exports of goods and services: 17.5% (2016 est.)

imports of goods and services: -89.2% (2016 est.)
household consumption: 61.7% (2017 est.)

government consumption: 14.9% (2017 est.)

investment in fixed capital: 22.4% (2017 est.)

investment in inventories: 0.3% (2017 est.)

exports of goods and services: 30.8% (2017 est.)

imports of goods and services: -30.1% (2017 est.)
Gross national saving-58.3% of GDP NA% (2018 est.)

-48.8% of GDP (2017 est.)

-21.9% of GDP (2016 est.)
15.7% of GDP (2018 est.)

17.4% of GDP (2017 est.)

19.5% of GDP (2015 est.)

Source: CIA Factbook