The economy of the Dominican Republic is the seventh largest in Latin America, and is the largest in the Caribbean and Central American region. The Dominican Republic is an upper-middle income[14] developing country with important sectors including mining, tourism, manufacturing (medical devices, electrical equipment, pharmaceuticals, and chemicals), energy, real estate, infrastructure, telecommunications and agriculture.[15][16] The Dominican Republic is on track to achieve its goal of becoming a high-income country by 2030, and is expected to grow 79% in this decade.[17] The country is the site of the single largest gold mine in Latin America, the Pueblo Viejo mine.[18][19]Although the service sector is currently the leading employer of Dominicans (due principally to growth in tourism and free-trade zones), agriculture remains an important sector in terms of the domestic market and is in second place (behind mining) in terms of export earnings. Tourism accounts for more than $7.4 billion in annual earnings in 2019.[20]Free-trade zone earnings and tourism are the fastest-growing export sectors. A leading growth engine in the Free-trade zone sector is the production of medical equipment for export having a value-added per employee of $20,000 USD,[21] total revenue of $1.5 billion USD, and a growth rate of 7.7% in 2019. The medical instrument export sector represents one of the highest-value added sectors of the country's economy, a true growth engine for the country's emerging market.[22] Remittances are an important sector of the economy, contributing $8.2 billion in 2020.[23] Most of these funds are used to cover household expenses, such as housing, food, clothing, health care and education. Secondarily, remittances have financed businesses and productive activities.[24] Thirdly, this combined effect has induced investment by the private sector and helps fund the public sector through its value-added tax. The combined import market including the free-trade-zones amounts to a market of $20 billion a year in 2019. The combined export sector had revenues totaling $11 billion in 2019.[20] The consumer market is equivalent to $61 billion in 2019.[25] An important indicator is the average commercial loan interest rate, which directs short-term investment and stimulates long-term investment in the economy. It is currently 8.30%, as of June 2021.[26]
The Dominican Republic's most important trading partner is the United States (over 40% of total commercial exchange; over $12 billion in trade). Other major trade partners are China (over $3 billion in trade), Switzerland (over $1 billion), Puerto Rico (over $800 million), Mexico (over $700 million), Haiti (over $700 million), Spain (over $700 million), the Netherlands (over $700 million), Canada (over $600 million), Brazil (over $500 million), and Germany (over $500 million), in that quantitative order.[27] The country exports free-trade-zone manufactured products (medical devices, electrical equipment, pharmaceuticals, and chemicals), gold, nickel, agricultural products, liquor, cocoa beans, silver, and sauces and seasonings. It imports petroleum, industrial raw materials, capital goods, and foodstuffs. On 5 September 2005, the Congress of the Dominican Republic ratified a free trade agreement with the U.S. and five Central American countries, the Dominican Republic – Central America Free Trade Agreement (CAFTA-DR). CAFTA-DR entered into force for the Dominican Republic on 1 March 2007. The total stock of U.S. foreign direct investment (FDI) in Dominican Republic as of 2019 was U.S. $42 billion, much of it directed to the energy, tourism, real estate, manufacturing, infrastructure and the telecommunications sectors.[15] In 2019 the foreign direct investment stock amounted to $42 billion a significant growth in the last decade and a half.[15] In 2020, during the COVID-19 pandemic, foreign direct investment flows in the Dominican Republic had remained strong at $2.5 billion added to the stock in that year. Having grown to an estimated $44.5 billion, and growing more than ten-fold since 2006 when the liberalization efforts began.[23]
An important aspect of the Dominican economy is the Free Trade Zone industry (FTZ), which made up U.S. $6.2 billion in Dominican exports for 2019.[20] Reports show, however, that the FTZs lost approximately 60,000 between 2005 and 2007 and suffered a 4% decrease in total exports in 2006. The textiles sector experienced an approximate 17% drop in exports in 2006 due in part to the appreciation of the Dominican peso against the dollar, Asian competition following expiration of the quotas of the Multi-Fiber Arrangement, and a government-mandated increase in salaries, which should have occurred in 2005 but was postponed to January 2006. Lost Dominican business was captured by firms in Central America and Asia. The tobacco, jewelry, medical, and pharmaceutical sectors in the FTZs all reported increases for 2006, which offset textile and garment losses. Industry experts from the FTZs expected that entry into force of the CAFTA-DR agreement would promote substantial growth in the FTZ sector in 2007. By the end of the last decade-and-a-half the free-trade-zone sector has rebounded and surpassed the former amounts of $4.5 billion in 2006 to grow to $6.2 billion by 2019.
Primary Industries
Agriculture
In 2018, the Dominican Republic produced 644 thousand tons of avocado (it is the 2nd largest producer in the world), 1 million tons of papaya (it is the 4th largest producer in the world), 5.2 million tons of sugarcane, 2.1 million tons of banana, 85 thousand tons of cocoa, 442 thousand tons of palm oil, 407 thousand tons of pineapple, 403 thousand tons of coconut, 627 thousand tons of rice, 160 thousand tons of cassava, 136 thousand tons of orange, in addition to from smaller productions of other agricultural products such as potato, lemon, melon, onion and yam.[28]
With almost 80% of the total land area suitable for crop production and about 17% of the labor force engaged in farming, agriculture remains the primary occupation, accounting for 11% of GDP in 2001. Value of agricultural output grew at an average annual rate of 7.1% during 1968–73, but since 1975 the sector has been hampered by droughts (1975, 1977, and 1979), hurricanes (in 1979 and 1980), and slumping world prices and quota allocations for sugar (since 1985). In 1999, agricultural production was 0.4% higher than during 1989–91. The fertile Cibao Valley is the main agricultural center. In 1998, arable land totaled 1,020,000 hectares (2,500,000 acres); with land under permanent crops at 480,000 hectares (1,200,000 acres).
After Cuba, the Dominican Republic is the second-largest Caribbean producer of sugarcane, the nation's most important crop. The State Sugar Council operates 12 sugar mills and accounts for about half of total production. Other large producers are the privately owned Vicini, with three mills, and Central Romana Corporation, whose mill is the largest in the country. Sugar is grown in the southeastern plains, around Barahona & on the North Coast Plain. In 1999, sugar production was 4.4million tons, down from an average of 7.1million tons during 1989–1991. Output of sugar has declined annually since 1982, and land is gradually being taken out of sugar production and switched to food crops. Production of raw sugar rose from 636,000 tons in 1990 to 813,000 tons in 1997 but fell to 374,000 tons in 1999.
Part of the crop was destroyed by hurricanes in 1979 and 1980, and 1979–80 production was only 670,000 bags (40,200 tons). Although production was usually about 57,000–59,000 tons annually in the 1980s, the acreage harvested declined from 157,000 hectares (390,000 acres) in the early 1980s to 139,000 hectares (340,000 acres) in 1999, indicating a greater yield per acre. Coffee production in 1999 was estimated at 35,000 tons; exports of coffee in 2001 generated $11million. Cocoa and tobacco are also grown for export. Dominican Republic is one of the top 10 major producer and exporter of cocoa in the world. Cocoa is also grown in the Cibao Valley around San Francisco de Macoris. Tobacco is also grown in the Cibao Valley, but around Santiago. In 1999, production of cocoa beans was 26,000 tons and of tobacco, 35,000 tons. Rice is grown around Monte Cristi & San Francisco de Macoris. Banana production in 1999 was 432,000 tons. Production of other crops in 1999 (in thousands of tons) included rice, 563; coconuts, 184; cassava, 127; tomatoes, 281; pulses, 69; dry beans, 26; eggplants, 7; and peanuts, 2.
Livestock farming
In 2001, Dominican livestock included 187,000 goats and 106,000 sheep. There were also about 2.1 million head of cattle, 60% for beef and 40% for dairy. The hog population was decimated by African swine fever in 1978, decreasing from 400,000 in 1978 to 20,000 in 1979; by 2001, however, it was 565,000. Poultry is the main meat source because it is cheaper than beef or pork. Poultry production relies on imports of feed grain from the United States. In 2001, 203,000 tons of poultry meat were produced, along with 71,000 tons of beef and 420,000 tons of milk.
Fishing
In 2017 the total marine production was 18,000 metric tons.[29]Marlin, barracuda, kingfish, mackerel, tuna, sailfish, and tarpon are found in the Monte Cristi Bank and Samaná Bay, which also supports bonito, snapper, and American grouper.
Forestry
About 28.4% of the total land area consisted of forests and woodlands in 2000. Round wood production in 2000 totaled 562,000 cu m (19.8 million cu ft). Timber is cut for land clearing for the use of agriculture. There are important national parks protecting the natural resources and aquifers of the country.
Mining
In 2019, the country was the 9th largest world producer of nickel. [30] The country had almost zero production of gold until 2011, where it grew exponentially. In 2016 the country produced almost 38 tons. [31] The country had almost zero production of silver until 2008, where it grew exponentially. In 2017 the country produced 147 tons. [32]
Ferronickel was the country's leading export commodity and third-leading industry. Nickel is mined at Bonao. In 2000, nickel production was 39,943 tons, ranking tenth in the world, a decrease from 49,152 in 1997. Currently the most important mineral export is gold.
Production of gold in the Pueblo Viejo mine is the largest gold producing mine in Latin America, and fourth most productive mine in the world producing a total of 30,100kg of gold in 2018.[33] The extraction by a foreign company of gold at one of the largest mines in the Western Hemisphere has startled and concerned a part of the country who believe that the natural resource should be extracted by local companies and not foreign. Some groups began to protest against Barrick Gold in 2009 and 2010. In 2019 gold is one of the largest exports of the country totaling $1.6 billion and has helped to balance the commodity current account balance.[34]
Production of bauxite, traditionally the principal mining product, ceased in 1992. The Aluminum Co. of America (Alcoa) mined bauxite between 1959 and 1983, when it turned its concession over to the state. Production in 1991 dropped 92% from the previous year, as a presidential decree suspended mining operations at the largest mine, in response to increasing fears of deforestation, although reforestation of mined areas was in progress. Output averaged 1 million tons each year.
The country was one of the few sources of amber in the Western Hemisphere. Salt Mountain, a 16km block of almost solid salt west of Barahona, was the world's largest known salt deposit. There were also large deposits of gypsum near Salt Mountain, making the Dominican Republic one of three sources of gypsum in the Caribbean. The country also produced hydraulic cement, limestone, marble, and sand and gravel. Substantial lignite deposits were found in the early 1980s. Deposits of copper and platinum are also found in the country.
Industry
The industrial sector contributed an estimated 33.8 percent to the country's GDP in 2017, led by mining and the manufacture of goods for export to the United States, Europe and Asia. To a lesser extent, there is the manufacture of food products, consumer non-durables, and building materials for the local market. The sector employed 20.8 percent of the workforce in 2014.
About 500 companies in the Dominican Republic manufacture goods primarily for the North American market. Situated in 50 industrial free zones around the country, these mostly foreign-owned corporations take advantage of generous tax and other financial inducements offered by the government to businesses that operate within the zones. Approximately 200,000 people, or about 8 percent of the workforce, are employed in this sector. They mostly produce clothing, electronic components, footwear, and leather goods, which are assembled. The raw materials or semi-manufactured goods are usually imported duty-free from other emerging markets (electronic parts are imported from industrialized Puerto Rico) and assembled in the free trade zones. Products include cosmetics, pharmaceuticals, textiles, perfumes & foodstuffs. The value of free-trade-zone exports amounted to US$6.2 billion in 2019, while their imports of intermediate products amounted to US$4 billion.[20]
Other, more traditional manufacturing is based on sugar refining, cement, iron and steel production, and food processing. Rum is a significant export commodity, and beer and cigarettes are manufactured for local consumption. Most industry of this sort is located around the working-class perimeter of Santo Domingo and other large towns.
Tertiary industries
Services were estimated to contribute 61.4% of the GDP in 2017 and employs 64.7% of the population.[35]
Since the mid-1980s the tourism sector has become one of the country's most important sources of foreign exchange, and more popular tourist destinations. The country is famous for its favorable location in the Caribbean, tropical climate, beaches, and the restored Spanish colonial architecture. Many foreign investors have and continue to be encouraged to invest here to build and expand resorts and airports around the coasts.[36] During this same period, tourism displaced sugar as the main source of the country's earnings, and by 1997 it was generating more than half of the country's total foreign exchange.[37] In 2019 it generated one-third of the total foreign exchange for the country.
Tourism is the single biggest revenue earner, growing from humble beginnings in 1980 to more than $7.4 billion by 2019.[20] Successive governments have invested heavily in tourism development, creating upgraded airports and other infrastructure. The number of tourist amounted to 6.4 million tourists arriving in the country in 2019. Most come from Europe, with about 25 percent originating from the United States or Canada. The country now has almost 70,000 hotel rooms, more than any other Caribbean country. About 50,000 Dominicans are directly employed in this sector, mostly working in hotels, and another 110,000 are indirectly employed as taxi drivers, tour guides, or tourist-shop staff. Most tourists visit the Dominican Republic on account of its beaches, but there is an expanding eco-tourism and outdoor activity sector, focused on the country's mountains and wildlife.
Although tourism generates large revenues, some scholars and activists argue that the development of tourism also has high impacts on many socioeconomic aspects. For instance, they argue that it involves ecological deterioration, profit leakage, social displacement, disported cultural patterns, rising land values, drugs and prostitution.[37]
Retail activity in the Dominican Republic takes many forms, from U.S.-style supermarkets and shopping malls in Santo Domingo to rural markets and tiny family-run corner stores in villages. A small but affluent middle class can afford to shop at the former, while the lower-income rural community resorts to buying small amounts of daily essentials from general stores (these small stores often double as pubs). In an attempt to regulate the retail sector, the government has recently reformed taxation laws, so that small shops pay taxes on a regular monthly basis. Many transactions, however, go unrecorded.
Energy
Wind energy in Pedernales province.
The electricity sector has had big investments in the last decade 2010 to 2020 diversifying the sector away from petroleum which decreased from 50% of energy generation to 7%. The largest generation sources as of 2021 are coal, natural gas and renewables representing together 93% of electricity generation.[39] This has transformed a strategic sector of the economy into a stable and lower cost sector. The rate of electricity loss improved from 38% in 2005 to 30% in 2019 showing improvement in the infrastructure. Low collection rates, illegal connections, infrastructure problems and poor governance are the sources of the high level of electricity loss in the system. The government plans to continue providing subsidies. Congress passed a law in 2007 that criminalizes the act of illegal electric connections. The state subsidizes the cost of electricity, funding the cost via indirect taxation instead of direct price increases for lower-income households, therefore it is a redistributive policy and partly funded by the country as a whole instead of the direct consumers of electricity.[40][41] The profit from renewables, natural gas, and coal is positive and considered the current and future of the system, given that petroleum derivatives are considered more volatile and expensive in running costs.
As of 2020 significant investments in the electricity sector have been realized with the construction of the Punta Catalina coal-fired plant. Significantly diversifying the electric sector's away from the traditional mix to one with lower cost. The growth of the renewables sector and the natural gas power sector has made significant strides in this respect in the last few years, and is expected to continue to grow with foreign and local investment in the sector.[42][43][44]
Data
The following table shows the main economic indicators in 1980–2019 (with IMF staff stimtates in 2020–2025). Inflation below 5% is in green.[45]
↑ Mejia, Felivia (12 June 2020). "RD, la isla de los dispositivos médicos". Forbes Centroamérica • Información de negocios y estilo de vida para los líderes de Centroamérica y RD (in Mexican Spanish). Retrieved 29 April 2021.
1 2 Cabezas, Amalia (May 2008). "Tropical Blues: Tourism and Social Exclusion in the Dominican Republic". Latin American Perspectives. 35 (3): 21–36. doi:10.1177/0094582X08315765. S2CID145722126.
†Physiographically, these continental islands are not part of the volcanic Windward Islands arc, although sometimes grouped with them culturally and politically.
#Bermuda is an isolated North Atlanticoceanic island, physiographically not part of the Lucayan Archipelago, Antilles, Caribbean Sea nor North American continental nor South American continental islands. It is grouped with the Northern American region, but occasionally also with the Caribbean region culturally.
The economy of Chad suffers from the landlocked country's geographic remoteness, drought, lack of infrastructure, and political turmoil. About 85% of the population depends on agriculture, including livestock herding. Of Africa's Francophone countries, Chad benefited least from the 50% devaluation of their currencies in January 1994. Financial aid from the World Bank, the African Development Bank, and other sources is directed mainly at improving agriculture, especially livestock production. Because of a lack of financing, the development of oil fields near Doba, originally due to finish in 2000, was delayed until 2003. It was finally developed and is now operated by ExxonMobil. Regarding gross domestic product, Chad ranks 147th globally with $11.051 billion as of 2018.
The economy of Gabon is characterized by strong links with France, large foreign investments, dependence on skilled foreign labor, and decline of agriculture. Gabon on paper enjoys a per capita income four times that of most nations of Africa, but its reliance on resource extraction industry fail to release much of the population from extreme poverty, as much of 30% of the population lives under the poverty threshold.
The economy of Grenada is largely tourism-based, small, and open economy. Over the past two decades, the main thrust of Grenada's economy has shifted from agriculture to services, with tourism serving as the leading foreign currency earning sector. The country's principal export crops are the spices nutmeg and mace. Other crops for export include cocoa, citrus fruits, bananas, cloves, and cinnamon. Manufacturing industries in Grenada operate mostly on a small scale, including production of beverages and other foodstuffs, textiles, and the assembly of electronic components for export.
The economy of Kyrgyzstan is heavily dependent on the agricultural sector. Cotton, tobacco, wool, and meat are the main agricultural products, although only tobacco and cotton are exported in any quantity. According to Healy Consultants, Kyrgyzstan's economy relies heavily on the strength of industrial exports, with plentiful reserves of gold, mercury and uranium. The economy also relies heavily on remittances from foreign workers. Following independence, Kyrgyzstan was progressive in carrying out market reforms, such as an improved regulatory system and land reform. In 1998, Kyrgyzstan was the first Commonwealth of Independent States (CIS) country to be accepted into the World Trade Organization. Much of the government's stock in enterprises has been sold. Kyrgyzstan's economic performance has been hindered by widespread corruption, low foreign investment and general regional instability. Despite those issues, Kyrgyzstan is ranked 70th on the ease of doing business index.
The economy of Malawi is $7.522 billion by gross domestic product as of 2019, and is predominantly agricultural, with about 80% of the population living in rural areas. The landlocked country in south central Africa ranks among the world's least developed countries. In 2017, agriculture accounted for about one-third of GDP and about 80% of export revenue. The economy depends on substantial inflows of economic assistance from the IMF, the World Bank, and individual donor nations. The government faces strong challenges: to spur exports, to improve educational and health facilities, to face up to environmental problems of deforestation and erosion, and to deal with the problem of HIV/AIDS in Africa. Malawi is a least developed country according to United Nations.
The economy of Mali is based to a large extent upon agriculture, with a mostly rural population engaged in subsistence agriculture.
The economy of Nicaragua is focused primarily on the agricultural sector. Nicaragua itself is the least developed country in Central America, and the second poorest in the Americas by nominal GDP. In recent years, under the administrations of Daniel Ortega, the Nicaraguan economy has expanded somewhat, following the Great Recession, when the country's economy actually contracted by 1.5%, due to decreased export demand in the American and Central American markets, lower commodity prices for key agricultural exports, and low remittance growth. The economy saw 4.5% growth in 2010 thanks to a recovery in export demand and growth in its tourism industry. Nicaragua's economy continues to post growth, with preliminary indicators showing the Nicaraguan economy growing an additional 5% in 2011. Consumer Price inflation have also curtailed since 2008, when Nicaragua's inflation rate hovered at 19.82%. In 2009 and 2010, the country posted lower inflation rates, 3.68% and 5.45%, respectively. Remittances are a major source of income, equivalent to 15% of the country's GDP, which originate primarily from Costa Rica, the United States, and European Union member states. Approximately one million Nicaraguans contribute to the remittance sector of the economy.
The economy of the Republic of the Congo is a mixture of subsistence hunting and agriculture, an industrial sector based largely on petroleum extraction and support services. Government spending is characterized by budget problems and overstaffing. Petroleum has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports. Nowadays the Republic of the Congo is increasingly converting natural gas to electricity rather than burning it, greatly improving energy prospects.
The economy of Samoa is dependent on agricultural exports, development aid and private financing from overseas. The country is vulnerable to devastating storms, earthquakes, tsunamis. Agriculture employs two-thirds of the labor force, and furnishes 9% of exports, featuring coconut cream, coconut oil and copra. Outside a large automotive wire harness factory, the manufacturing sector mainly processes agricultural products. Tourism is an expanding sector; more than 70,000 tourists visited the islands in 1996 and 120,000 in 2014. The Samoan Government has called for deregulation of the financial sector, encouragement of investment, and continued fiscal discipline. Observers point to the flexibility of the labor market as a basic strength factor for future economic advances.
The economy of Sierra Leone is $4.082 billion by gross domestic product as of 2018. Since the end of the Sierra Leone Civil War in 2002, the economy is gradually recovering with a gross domestic product growth rate between 4 and 7%. In 2008 it in PPP ranked between 147th by World Bank, and 153rd by CIA, largest in the world.
The economy of Eswatini is fairly diversified. Agriculture, forestry and mining account for about 13 percent of Eswatini's GDP whereas manufacturing represent 37 percent of GDP. Services – with government services in the lead – constitute the other 50 percent of GDP.
Vanuatu's economy is primarily agricultural; 80% of the population is engaged in agricultural activities that range from subsistence farming to smallholder farming of coconuts and other cash crops.
The economy of Madagascar is US$9.769 billion by gross domestic product as of 2020, being a market economy and is supported by an agricultural industry and emerging tourism, textile and mining industries. Malagasy agriculture produces tropical staple crops such as rice and cassava, as well as cash crops such as vanilla and coffee.
The economy of Fiji is one of the most developed among the Pacific islands. Nevertheless, Fiji is a developing country endowed with forest, mineral and fish resources. The country has a large agriculture sector heavily based on subsistence agriculture. Sugar exports and the tourism industry are the main sources of foreign exchange. There are also light manufacturing and mining sectors.
The economy of Saint Kitts and Nevis has traditionally depended on the growing and processing of sugar cane; decreasing world prices have hurt the industry in recent years. Tourism, export-oriented manufacturing, and offshore banking activity have assumed larger roles in Saint Kitts and Nevis. Most food is imported. The government has undertaken a program designed to revitalize the faltering sugar sector. It is also working to improve revenue collection in order to better fund social programs. In 1997, some leaders in Nevis were urging separation from Saint Kitts on the basis that Nevis was paying far more in taxes than it was receiving in government services, but the vote on cessation failed in August 1998. In late September 1998, Hurricane Georges caused approximately $445 million in damages and limited GDP growth for the year.
The economy of Dominica is reliant upon agriculture, particularly bananas, with the financial services industry and passport sales becoming increasingly the island's largest source of income. Banana production employs, directly or indirectly, upwards of one-third of the work force. This sector is highly vulnerable to weather conditions and to external events affecting commodity prices. The value of banana exports fell to less than 25% of merchandise trade earnings in 1998 compared to about 44% in 1994.
The economy of Mozambique is $14.396 billion by gross domestic product as of 2018, and has developed since the end of the Mozambican Civil War (1977–1992). In 1987, the government embarked on a series of macroeconomic reforms, which were designed to stabilize the economy. These steps, combined with donor assistance and with political stability since the multi-party elections in 1994, have led to dramatic improvements in the country's growth rate. Inflation was brought to single digits during the late 1990s, although it returned to double digits in 2000–02. Fiscal reforms, including the introduction of a value-added tax and reform of the customs service, have improved the government's revenue collection abilities.
The economy of Papua New Guinea (PNG) is largely underdeveloped with the vast majority of the population living below the poverty line. However, according to the Asian Development Bank its GDP is expected to grow 3.4% in 2022 and 4.6% in 2023. It is dominated by the agricultural, forestry, and fishing sector and the minerals and energy extraction sector. The agricultural, forestry, and fishing sector accounts for most of the labour force of PNG while the minerals and energy extraction sector, including gold, copper, oil and natural gas is responsible for most of the export earnings.
The economy of Serbia is a service-based upper-middle income economy in the Central Europe, with the tertiary sector accounting for two-thirds of total gross domestic product (GDP). The economy functions on the principles of the free market. Nominal GDP in 2024 is projected to reach $81.694 billion, which is $12,400 per capita, while GDP based on purchasing power parity (PPP) stood at $182.306 billion, which is $27,600 per capita. The strongest sectors of Serbia's economy are energy, the automotive industry, machinery, mining, and agriculture. The country's primary industrial exports are automobiles, base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, and pharmaceuticals. Trade plays a major role in Serbian economic output. The main trading partners are Germany, Italy, Russia, China, and neighbouring Balkan countries.
The economy of Ivory Coast is stable and currently growing, in the aftermath of political instability in recent decades. The Ivory Coast's economy is largely market-based and depends heavily on the agricultural sector. Almost 70% of the Ivorian people are engaged in some form of agricultural activity. GDP per capitaArchived 4 May 2012 at the Wayback Machine grew 82% in the 1960s, reaching a peak growth of 360% in the 1970s, but this proved unsustainable and it shrank by 28% in the 1980s and a further 22% in the 1990s. This decline, coupled with high population growth, resulted in a steady fall in living standards. The Gross national product per capita, now rising again, was about US$727 in 1996. It was substantially higher two decades before.
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38.5 medium (2021) [8] 
United States 50.8% 
Haiti 11.8% 
Switzerland 10% 
India 7.5% 
Canada 6.2% 
China 14.2% 
Mexico 8.3% 
Brazil 6.5% 
Chile 4.7% (2017 est.) [12] 
