Côte d’Ivoire

Macroeconomic Performance

Table 1: Overview of some macroeconomic indicators

Côte d’Ivoire recorded an average growth rate of 5.5 per cent over the last five years. Despite a slight loss of growth of 0.3 percentage points compared to 2021, Côte d’Ivoire recorded a healthy growth rate of 6.7 per cent in 2022, making this the third highest in ECOWAS. This performance was driven by private consumption, public investment and wage increases in the civil service.

In 2022, inflation averaged 5.2 per cent, representing an increase from 4.2 per cent in 2021. This rise in inflation can be attributed to higher prices in essential sectors such as. food, transport and energy. Fiscal deficit deteriorated to 6.7 per cent of GDP in 2022, from 4.8 per cent of GDP in 2021. Although gross debt increased from 50.9 per cent of GDP in 2021 to 56.8 per cent of GDP in 2022, debt is within sustainable limits. The current account deficit deteriorated further to 6.5 per cent of GDP in 2022 from 4 per cent of GDP in 2021.


GDP growth is expected to decline slightly to 6.1 per cent in 2023 before rising slightly to 6.4 per cent in 2024. Economic growth over the next few years is expected to be driven by the construction, agribusiness, oil and gas extraction from the recent discoveries in 2021, other manufacturing and services (telecommunications and transport). Inflation is expected to fall to 4.7 per cent in 2023 and 3.2 per cent in 2024. The fiscal deficit is expected to decline gradually to 5.1 per cent of GDP in 2023 and 4 per cent of GDP in 2024. Debt is expected to continue to rise, reaching 63.3 per cent of GDP in 2023 and 60.6 per cent of GDP in 2024. The current account deficit is expected to gradually decline from 6.1 per cent of GDP in 2023 to 5.5 per cent of GDP in 2024.

Probable Headwinds

Inflation remains a risk in the sub-region, and Côte d’Ivoire is no exception. Unless this global inflationary pressure subsides, the country will face higher financing costs both domestically and in regional financial markets. A tightening of global financial conditions would increase the country’s borrowing costs and debt vulnerability. In addition, a steady rise in domestic inflation could foster food insecurity and exacerbate poverty levels. Any deterioration in the political situation in the Sahel could negatively affect demand for Ivorian exports and intensify security pressures on public spending. Electoral violence should be kept under control during the October 2023 municipal and regional elections to preempt a reversal of recent political and economic gains.

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