Côte d’Ivoire : Balance of payments surplus of CFAF 477.7 billion in 2019

After a positive overall balance of CFAF 284.6 billion (€ 426.900 million) in 2018, Côte d’Ivoire’s balance of external payments ended in 2019 with a surplus of CFAF 477.7 billion. FCFA (716.550 million euros), according to data established by the Central Bank of West African States (BCEAO) validated by the Balance of Payments Committee of this country.
This performance was achieved in a context marked by growth in economic activity which was less strong than in 2018. Indeed, the gross domestic product (GDP) recorded, in real terms, an increase of 6.2 %, after 6.9% in 2018. As for the current account, it recorded a deficit of CFAF 790.3 billion (-2.3% of GDP), lower than that of 2018 which was CFAF 1,268.9 billion (-3 , 9% of GDP), in relation to the improvement of the trade balance of goods. The surplus balance of the goods balance thus increased by 50.9%, in line with the increase in value of exports (+779.5 billion) greater than that of imports (+156.6 billion). The services deficit, for its part, widened by 2.7% in 2019, in relation, in particular, to the increase in freight freight, technical services, trade-related and other business and construction services. Regarding the primary income deficit, the BCEAO reports that it worsened by 8.9%, from 904.9 billion FCFA in 2018 to 985.8 billion FCFA in 2019, due to the increase in investment income following the increase in the financial liabilities of the economy vis-à-vis abroad. As for secondary income, its deficit increased by 9.2% compared to 2018. « This worsening of the deficit is mainly linked to the increase in personal transfers, mainly funds issued by migrant workers, » explains the BCEAO. As for the positive balance of the capital account, it improved by 24.4%, thanks to the increase in project grants received by the Public Administration during the year. The financial account shows a negative balance of FCFA 1,164.2 billion, after that of FCFA 1,471.1 billion in 2018. This shows a net increase, lower, in the commitments of the Ivorian economy vis-à-vis abroad in 2019 compared to 2018. According to the BCEAO, this development is explained in particular by the decline in inward financial flows for portfolio investments. However, foreign direct investment and other investment increased in 2019 compared to 2018.

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