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One of the wealthiest members of what was French West Africa, COte d'Ivoire enjoyed a high economic growth rate from its independence through the 1970s. In the 1980s it faced economic difficulties, including a drop in commodity prices and huge foreign debt payments. Economic productivity and exports subsequently grew with the introduction of a market economy and International Monetary Fund–sponsored reforms, but since the late 1990s ethnic and political unrest have hurt the economy.
Despite steady industrialization since the 1960s, the country is still predominantly agricultural. COte d'Ivoire is among the world's largest producers and exporters of cocoa beans, coffee, and palm-kernel oil. Cotton, bananas, and pineapples are also raised for export. Mahogany and other hardwoods provide timber, which is also a valuable export, and the production of rubber has increased substantially in recent years. Livestock is raised in the savannas, and fishing is important. Among the country's industries are the production of foodstuffs, palm oil, petroleum and natural gas (offshore production began in the early 1980s), textiles, construction materials, and fertilizer; tuna canning; and the assembly of motor vehicles and bicycles. There is some mining, including gold, diamonds, and nickel. France and Nigeria are the chief trading partners; COte d'Ivoire belongs to the Franc Zone.
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