The Council of Ministers on August 1, 2024, adopted a communication regarding the evolution of the economic and financial situation in the first quarter of 2024. During this period, the analysis of economic indicators reveals a mixed start to economic and financial activity. The primary sector, particularly industrial and export agriculture, experienced a decline. In contrast, the secondary sector recorded a growth of 6.1%, supported by the strong performance of extractive industries as well as those involved in the production and distribution of electricity, gas, and water.
Public finances showed mixed results, with revenues and donations totaling 1,880.1 billion CFA francs, representing a shortfall of 42.3 billion compared to the targeted goal. However, compared to the same period in 2023, revenues and donations increased by 190.6 billion CFA francs, indicating a notable improvement despite the challenges faced.
Despite the contrasting performances of different sectors, financing for the economy remained well-oriented, illustrating the banking sector's confidence in the national economy. The outlook for the upcoming quarters is encouraging, with a forecast of real GDP growth of 7.2% in 2024. This growth is expected to be supported by the anticipated recovery in cocoa bean production, the acceleration of the structural transformation of the economy, and the recovery of the construction sector due to increased investments in public infrastructure.
The Council also reviewed the execution of the budget as of the end of March 2024. The mobilized resources amounted to 2,572.6 billion CFA francs, reaching 95.2% of the forecast of 2,701 billion CFA francs. Tax revenues were collected at 1,353.4 billion, or 96.6% of the target of 1,415.8 billion CFA francs. In terms of expenditures, these were executed at 2,771.8 billion CFA francs, slightly exceeding the forecast of 2,718.4 billion CFA francs, resulting in an execution rate of 102%. Among these expenditures, 549 billion CFA francs were allocated to investments, and 837.8 billion CFA francs were dedicated to poverty reduction and social disparity alleviation.
For the current semester, the Ivorian government intends to intensify its efforts to improve revenue collection, control operating expenses, and strengthen the capacity to absorb investment credits. These measures aim to achieve the set budgetary objectives and support the country's economic growth.
Source : CCM of August 1, 2024 , Web Portal Editorial MEPD
