Front Matter Page
©2000 International Monetary Fund
August 2000
IMF Staff Country Report No. 00/107
Côte d’Ivoire: Selected Issues and Statistical Appendix
This Selected Issues and Statistical Appendix report on Côte d’Ivoire was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. As such, the views expressed in this document are those of the staff team and do not necessarily reflect the views of the Government of Côte d’Ivoire or the Executive Board of the IMF.
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Front Matter Page
INTERNATIONAL MONETARY FUND
CÔTE D’IVOIRE
Selected Issues and Statistical Appendix
Prepared by a staff team consisting of Mr. A. Tahari (head), Mr. M. Lewis, Mr. N. Tsaveas (all AFR), Mr. J. Fournel (FAD), Mr. N. Blancher (PDR), and Mr. P. Ewenczyk (Resident Representative)
Approved by the African Department
June 20, 2000
Contents
Basic Data
I. Recent Economic Developments
A. Introduction
B. Growth, Investment, and Savings
Recent developments in output
Investment, savings, and consumption
Inflation and labor market
C. Fiscal Developments and Policy
Overview of fiscal policy
Revenue collection, tax policy and WAEMU integration
Expenditure policy and management
D. Monetary and Credit Developments
E. External Sector Developments
F. Structural Policies
G. Conclusion
II. Recent Developments in the Cocoa and Coffee Sectors
A. Background
B. The Liberalization of the Cocoa and Coffee Sectors
Completing a decade of reforms (1989-1999)
Remaining reforms
C. Recent Output and Market Developments
Trends on cocoa world markets
Impact of developments in Côte d’Ivoire on the market
Impact of world price developments on Côte d’Ivoire
D. Raising the Farmers’ Share of Export Prices
E. Conclusion
III. The Financial Sector
A. Overview
B. The Banking Sector
C. The Insurance Sector
D. The Regional Stock Exchange
E. Conclusion
Boxes
1. Fiscal Management—DENOs and Arrears
2. WAEMU Harmonization on Customs and the VAT
3. Introduction of a Computerized Expenditure Management System (SIGFIP)
Text Tables
1. Selected Economic and Financial Indicators, 1991-99
2. Key Fiscal Indicators, 1993-99
3. Key External Indicators, 1991-99
4. Customs Tariff Rates, 1997-2000
5. World Cocoa Balance, 1990/91 and 1996/97-1999/2000
Text Figures
1. Growth of Real GDP, 1993-99
2. Investment and Savings, 1993-99
3. Central Government Fiscal Balance, 1975-99
4. Total Public External and Domestic Debt Outstanding, 1970-99
5. Composition of M2, 1993-99
6. Net Credit to the Government as a Share of Domestic Credit, 1993-99
7. Cocoa World Prices, 1979:01-1999:04
8. Evolution of Cocoa Exports, 1993-2000
9. Structure of Cocoa Prices, 1993-98
Statistical Appendix Tables
1. Selected National Accounts Indicators, 1993-99
2. GDP by Origin, 1993-99
3. Supply and Use of Resources, 1993-99 (In billions of CFA francs)
4. Supply and Use of Resources, 1993-99 (In percent of GDP)
5. Deflators of Sectoral Output, 1993-99
6. Consumer Price Inflation in Abidjan, 1990-99
7. Decomposition of Consumer Price Index, 1997-99
8. Price Structure of Oil and Gas Products, 1997-99
9. Estimates of Food Crop Production, 1993-99
10. Production and Exports of Cash Crops, 1993-99
11. Export Prices and Costs of Cocoa and Coffee, 1993-99
12. Production and Exports of Lumber, 1992-98
13. Production, Imports, and Exports of Fisheries, 1993-99
14. Producer Prices in Agriculture, 1993-99
15. Indices of Industrial Production by Category, 1993-99
16. Production and Consumption of Electrical Energy, 1993-99
17. Indices of Turnover in Commerce, 1993-99
18. Evolution of the Minimum Wage Rates, 1978-99
19. Central Government Financial Operations, 1993-99
20. Central Government Revenue, 1993-99
21. Public Investment Program, 1995-2001
22. Education Expenditure, 1993-99
23. Health Expenditure, 1993-99
24. Financial Operations of the Agricultural Price Stabilization Fund (CSSPPA), 1993-99
25. Financial Operations of the Social Security Funds, 1993-99
26. Domestic Debt of the Central Government, 1993-99
27. Privatizations, 1992-2000
28. Average Number of Staff and Wages in Central Government and National Public Agencies, 1993-99
29. Monetary Survey, 1993-99
30. Summary Accounts of the Central Bank, 1993-99
31. Summary Accounts of the Deposit Money Banks, 1993-99
32. Credit to the Government, 1993-99
33. Distribution of Credit to the Economy, 1993-99
34. Central Bank Lending Rates, 1989-2000
35. Commercial Bank Interest Rates, 1992-2000
36. Stock Exchange Operations, 1993-99
37. Balance of Payments, 1993-99 (In billions of CFA francs)
38. Balance of Payments, 1993-99 (In millions of U.S. dollars)
39. Value, Volume, and Unit Price of Major Exports, 1993-99
40. Direction of Exports, f.o.b., 1993-99
41. Merchandise Imports, c.i.f., 1993-99
42. Origin of Imports, c.i.f., 1993-99
43. External Trade Indices, 1993-99
44. Services and Transfers, 1993-99
45. Movements of Capital, 1993-99
46. External Public Debt-Service Operations, 1993-99
47. External Debt Arrears, 1993-99
48. Total External Debt Outstanding, 1993-99
49. Public External Debt and Debt-Service Indicators, 1993-99
50. Exchange Rate Developments, 1991-99
51. Bilateral and Multilateral Nominal Effective Exchange Rates, 1983-99
52. Bilateral and Multilateral Real Effective Exchange Rates, 1983-99
53. Nominal and Real Effective Exchange Rates, 1993-2000
Summary of the Tax System
References
Côte d’Ivoire: Basic Data
Area, population, and GDP per capita
Including reporting differences on external trade in the compilation of the national accounts and balance of payments.
Including grants.
Area, population, and GDP per capita
| Area | 322,463 sq. kilometers | ||||||
| Resident population | |||||||
| Total (1999 est.) | 16.4 million | ||||||
| Annual growth rate | 3.8 percent | ||||||
| GDP per capita (1999) | CFAF 421,200 (equivalent to US$685) | ||||||
| 1996 | 1997 | 1998 | 1999 Est. |
||||
| (In percent of GDP, unless otherwise indicated) | |||||||
| Gross domestic product | |||||||
| Nominal GDP (In billions of CFA francs) | 5,548 | 6,176 | 6,629 | 6,900 | |||
| Real GDP (percent change) | 6.9 | 6.6 | 4.5 | 2.8 | |||
| Primary sector | 28.3 | 27.0 | 27.9 | 26.3 | |||
| Secondary sector | 21.8 | 24.0 | 25.1 | 26.1 | |||
| Tertiary sector | 50.0 | 49.0 | 47.0 | 47.6 | |||
| Consumption | 75.7 | 75.3 | 74.9 | 77.4 | |||
| Total investment | 16.7 | 18.2 | 18.5 | 15.8 | |||
| Fixed investment | 15.6 | 15.5 | 16.0 | 16.3 | |||
| Change in stocks 1/ | 1.1 | 2.7 | 2.5 | -0.5 | |||
| Resource balance | 7.6 | 6.5 | 6.6 | 6.9 | |||
| Gross domestic savings | 24.3 | 24.7 | 25.1 | 22.6 | |||
| Prices | (Percent change) | ||||||
| Implicit GDP deflator | 4.1 | 4.4 | 2.7 | 1.3 | |||
| Consumer price index (annual average) | 2.7 | 5.6 | 4.5 | 0.7 | |||
| Central government finances | (In billions of CFA francs) | ||||||
| Revenue | 1,232 | 1,328 | 1,389 | 1,272 | |||
| Expenditure | 1,397 | 1,514 | 1,600 | 1,514 | |||
| Of which | |||||||
| Current expenditure | 1,093 | 1,142 | 1,144 | 1,186 | |||
| Overall fiscal balance (payment order basis) 2/ | -125 | -142 | -161 | -202 | |||
| Foreign financing (net, excluding arrears) | 163 | -59 | 168 | -18 | |||
| Domestic financing (net) | -55 | 83 | 102 | 68 | |||
| Change in external arrears | 2 | 121 | -121 | 32 | |||
| (In percent of GDP) | |||||||
| Revenue | 22.2 | 21.5 | 20.9 | 18.4 | |||
| Current expenditure | 19.7 | 18.5 | 17.3 | 17.2 | |||
| Capital expenditure | 5.5 | 6.0 | 6.9 | 4.7 | |||
| Overall fiscal balance (payment order basis) 2/ | -2.3 | -2.3 | -2.4 | -2.9 | |||
| Money and credit | (In billions of CFA francs; end of period) | ||||||
| Net foreign assets | 24 | 54 | 40 | -27 | |||
| Net domestic assets | 1,356 | 1,495 | 1,606 | 1,687 | |||
| Credit to the government | 484 | 490 | 534 | 656 | |||
| Credit to the economy | 1,024 | 1,175 | 1,219 | 1,117 | |||
| Other items (net) | -152 | -170 | -147 | -86 | |||
| Money and quasi money | 1,381 | 1,549 | 1,646 | 1,660 | |||
| Balance of payments | (In millions of U.S. dollars) | ||||||
| Exports, f.o.b. | 4,281 | 4,076 | 4,157 | 4,183 | |||
| Of which | |||||||
| Cocoa | 1,595 | 1,406 | 1,540 | 1,485 | |||
| Coffee | 297 | 357 | 379 | 248 | |||
| Imports, f.o.b. | -2,763 | -2,744 | -2,777 | -2,834 | |||
| Trade balance | 1,518 | 1,331 | 1,380 | 1,349 | |||
| Services (net) | -1,609 | -1,451 | -1,427 | -1,390 | |||
| Transfers (net) | -418 | -371 | -398 | -407 | |||
| Current account 2/ | -509 | -490 | -445 | -447 | |||
| Official capital (net) (medium and long term) | -69 | -227 | -70 | -363 | |||
| Other capital and errors and omissions (net) | 262 | 454 | 373 | 330 | |||
| Overall surplus/deficit | -316 | -263 | -142 | -479 | |||
Including reporting differences on external trade in the compilation of the national accounts and balance of payments.
Including grants.
Area, population, and GDP per capita
| Area | 322,463 sq. kilometers | ||||||
| Resident population | |||||||
| Total (1999 est.) | 16.4 million | ||||||
| Annual growth rate | 3.8 percent | ||||||
| GDP per capita (1999) | CFAF 421,200 (equivalent to US$685) | ||||||
| 1996 | 1997 | 1998 | 1999 Est. |
||||
| (In percent of GDP, unless otherwise indicated) | |||||||
| Gross domestic product | |||||||
| Nominal GDP (In billions of CFA francs) | 5,548 | 6,176 | 6,629 | 6,900 | |||
| Real GDP (percent change) | 6.9 | 6.6 | 4.5 | 2.8 | |||
| Primary sector | 28.3 | 27.0 | 27.9 | 26.3 | |||
| Secondary sector | 21.8 | 24.0 | 25.1 | 26.1 | |||
| Tertiary sector | 50.0 | 49.0 | 47.0 | 47.6 | |||
| Consumption | 75.7 | 75.3 | 74.9 | 77.4 | |||
| Total investment | 16.7 | 18.2 | 18.5 | 15.8 | |||
| Fixed investment | 15.6 | 15.5 | 16.0 | 16.3 | |||
| Change in stocks 1/ | 1.1 | 2.7 | 2.5 | -0.5 | |||
| Resource balance | 7.6 | 6.5 | 6.6 | 6.9 | |||
| Gross domestic savings | 24.3 | 24.7 | 25.1 | 22.6 | |||
| Prices | (Percent change) | ||||||
| Implicit GDP deflator | 4.1 | 4.4 | 2.7 | 1.3 | |||
| Consumer price index (annual average) | 2.7 | 5.6 | 4.5 | 0.7 | |||
| Central government finances | (In billions of CFA francs) | ||||||
| Revenue | 1,232 | 1,328 | 1,389 | 1,272 | |||
| Expenditure | 1,397 | 1,514 | 1,600 | 1,514 | |||
| Of which | |||||||
| Current expenditure | 1,093 | 1,142 | 1,144 | 1,186 | |||
| Overall fiscal balance (payment order basis) 2/ | -125 | -142 | -161 | -202 | |||
| Foreign financing (net, excluding arrears) | 163 | -59 | 168 | -18 | |||
| Domestic financing (net) | -55 | 83 | 102 | 68 | |||
| Change in external arrears | 2 | 121 | -121 | 32 | |||
| (In percent of GDP) | |||||||
| Revenue | 22.2 | 21.5 | 20.9 | 18.4 | |||
| Current expenditure | 19.7 | 18.5 | 17.3 | 17.2 | |||
| Capital expenditure | 5.5 | 6.0 | 6.9 | 4.7 | |||
| Overall fiscal balance (payment order basis) 2/ | -2.3 | -2.3 | -2.4 | -2.9 | |||
| Money and credit | (In billions of CFA francs; end of period) | ||||||
| Net foreign assets | 24 | 54 | 40 | -27 | |||
| Net domestic assets | 1,356 | 1,495 | 1,606 | 1,687 | |||
| Credit to the government | 484 | 490 | 534 | 656 | |||
| Credit to the economy | 1,024 | 1,175 | 1,219 | 1,117 | |||
| Other items (net) | -152 | -170 | -147 | -86 | |||
| Money and quasi money | 1,381 | 1,549 | 1,646 | 1,660 | |||
| Balance of payments | (In millions of U.S. dollars) | ||||||
| Exports, f.o.b. | 4,281 | 4,076 | 4,157 | 4,183 | |||
| Of which | |||||||
| Cocoa | 1,595 | 1,406 | 1,540 | 1,485 | |||
| Coffee | 297 | 357 | 379 | 248 | |||
| Imports, f.o.b. | -2,763 | -2,744 | -2,777 | -2,834 | |||
| Trade balance | 1,518 | 1,331 | 1,380 | 1,349 | |||
| Services (net) | -1,609 | -1,451 | -1,427 | -1,390 | |||
| Transfers (net) | -418 | -371 | -398 | -407 | |||
| Current account 2/ | -509 | -490 | -445 | -447 | |||
| Official capital (net) (medium and long term) | -69 | -227 | -70 | -363 | |||
| Other capital and errors and omissions (net) | 262 | 454 | 373 | 330 | |||
| Overall surplus/deficit | -316 | -263 | -142 | -479 | |||
Including reporting differences on external trade in the compilation of the national accounts and balance of payments.
Including grants.