Ivory Coast Facts and Figures

Situated in West Africa, Ivory Coast shares borders with Liberia, Guinea, Mali, Burkina Faso, and Ghana, with the Atlantic Ocean to the south. Its major urban centers include Abidjan, the economic capital, and Yamoussoukro, the political capital famous for the Basilica of Our Lady of Peace, one of the largest churches globally. Ivory Coast joined the African Union (AU) in 1963, showcasing its early commitment to regional cooperation and integration. Known for its diverse natural resources and agricultural productivity, Ivory Coast is a leading global exporter of cocoa beans, reinforcing its pivotal role in the global commodities market.

Key Historical and Political Events
The Ivorian Civil War (2002-2007) stemmed from political and ethnic tensions, impacting the country's stability and socio-economic development. The aftermath prompted efforts towards national reconciliation and political reforms, fostering a more inclusive governance framework. Economic growth and foreign investment were revitalized following the crisis, highlighting Ivory Coast's resilience and determination to restore stability. The cocoa sector, a cornerstone of the economy, rebounded, contributing to renewed prosperity and international trade partnerships. Today, Ivory Coast continues to navigate challenges while leveraging its rich resources and strategic geographic position to drive sustainable development and regional stability.

Demographics Overview
Ivory Coast, with a population of approximately 28.9 million as of 2023, exhibits a population density of 86 people per square kilometer. The country's annual population growth rate of 2.5% (2023) is fueled by a fertility rate of 4.3 children per woman (2022). The working-age population comprises 56.1%, suggesting a youthful demographic conducive to economic productivity but necessitating investment in education and job creation. With a median age of 18 years (as of 2024), Ivory Coast faces opportunities and challenges in harnessing its youthful workforce. Life expectancy at birth stands at 59 years (as of 2022), reflecting improvements in healthcare despite ongoing health disparities indicated by a crude death rate of 8.8 per 1,000 persons and an infant mortality rate of 52.4 per 1,000 live births (both as of 2022). Urbanization, at 53.1% in 2023, continues to shape regional development dynamics.

Economic Landscape
Ivory Coast's economy, valued at GDP of $78.79 billion in 2023, ranks 78th globally. The country shows a robust GDP growth rate of 6.5%, indicating strong economic expansion. Inflation rates, stable at 4.4% in 2023 and projected at 3.8% for 2024, suggest moderate price stability. The export sector recorded $20.26 billion and imports totaled $18.87 billion in 2023, highlighting a surplus trade balance of $1.38 billion. Unemployment, at 2.4% in 2019, has declined from 3.3% in 2017, reflecting improved labor market conditions. Agriculture contributes 16.7% to GDP, industry 22%, and services 53.7% in 2022, showcasing economic diversification. Businesses can benefit from market research in Ivory Coast to explore opportunities across various sectors in the 82nd-ranked global economy.

Fiscal Stability
In 2022, the Ivory Coast received 2.9% of its Gross National Income (GNI) as Net Official Development Assistance (ODA), reflecting external financial support. The net lending/borrowing balance, at -6.55% of GDP in 2022 and -5.17% in 2023, highlights ongoing fiscal deficits. Central government debt has increased significantly, rising from 24.69% of GDP in 2012 to 56.75% in 2022, indicating substantial borrowing to fund national expenditures.

Defense Structure
Ivory Coast's military personnel in 2016 accounted for 0.11% of the total population, indicating a modest defense force size. Military spending has remained steady at 0.9% of GDP for both 2021 and 2022, reflecting consistent budget allocation towards defense. This steady expenditure underscores the country's balanced approach to maintaining national security while managing fiscal responsibilities.

Conclusion
Ivory Coast's diverse landscape of economic growth, demographic shifts, expanding digital usage, and stable military spending underscores the complexity and potential of its market. Partnering with a market research agency in Ivory Coast is crucial for businesses aiming to understand these multifaceted dynamics. Such partnerships provide valuable insights into consumer behavior, market trends, and competitive strategies, enabling data-driven decisions.