Côte d''Ivoire Page 17

Les finances publiques

à fin décembre 2008 sont

marquées, d'une part, par un recouvrement satisfaisant
des recettes fiscales, en progression de 158 milliards
de F CFA du fait de la reprise de l'activité économique
et, d'autre part, par un désengagement total de l'État
vis-à-vis de la Banque Mondiale et partiel vis-à-vis de
la BAD. Le solde budgétaire global ressort excédentaire
de 13,1 milliards de F CFA contre un déficit de 78,2
milliards de F CFA en 2007. Cependant, des tensions
de trésorerie ont conduit l'État à accumuler de façon
importante des arriérés et à recourir au marché
financier.

La situation monétaire

à fin novembre 2008 se

caractérise par une légère hausse de la masse
monétaire qui provient de l'évolution différenciée de
ses contreparties : une forte contraction des avoirs
extérieurs nets de 15 % et un net accroissement du
crédit intérieur de 9 %.

L'encours des crédits à l'économie s'est situé à
1 702,5 milliards de F CFA à fin novembre 2008,
en progression de 11,2 % par rapport à fin
décembre 2007, sous l'impulsion de l'accroissement
des crédits ordinaires de 12,9 % en faveur des
entreprises intervenant principalement dans les
secteurs de l'agro-industrie et des télécommunications.
Les crédits de campagne enregistrent un repli de
14,4 % à la même période, en raison du démarrage
tardif des campagnes agricoles, notamment celles
du cacao et du coton.

Le marché boursier de l'UEMOA,

à l'instar de la

plupart des marchés financiers internationaux, a
terminé l'année 2008 en baisse. Son indice BRVM
composite s'est replié de 10,67 % passant de
199,45 à 178,17 points en 2008. Quant au BRVM
10, il a cédé 14,57 % pour s'afficher à 192,08
points contre 224,85 en 2007. La capitalisation
boursière de l'ensemble des sociétés cotées régresse
également de 10,44 % à 3 337 milliards de F CFA
contre 3 726 milliards de F CFA à fin 2007.

In 2008

the agricultural sector

was marked by the fall in coffee, cocoa, cotton, pineapple

and banana production by 60%, 12.9%, 9.8%, 28.3% and 9.1%, respectively. The fall in
coffee and cocoa, despite the recovery in prices, is mainly due to ageing plantations and
problems in the sector's management infrastructures during the second half of 2008.
However, cashew nut and rubber production posted good results with growth of 24.6% and
7.5% respectively compared to 2007. This development is due to the expansion of
production areas, increased yields and the rise in prices.

In the mining sector,

the production of crude oil fell by 5.6% compared to 2007, due to

additional boring work carried out on the wells which resulted in occasional shut-downs.
However, gold extraction and gas production increased by 96.7% and 4.6% respectively in
2008. Strong growth in gold production is explained by investments made by new
operators in the sector.

The secondary sector

posted a 0.9% growth rate at end November, mainly driven by the

textiles industry with 7.2% growth due to increased demand in wax fabrics, the agri-food
industry, up 8.1% due to a rise in internal demand, and other industries which rose by
25.1%. Electrical power and the building and construction sector contributed to the rise in
industrial production.

The tertiary sector

benefitted from the recovery in manufacturing activities and continued

to progress in a positive business climate, following the implementation of the
Ouagadougou political agreement. Retail sales rose by 14% in 2008 while air and maritime
traffic recorded growth of 2.7% and 10.3% respectively, compared to the previous year.

Regarding foreign trade,

the trade surplus amounted to CFAF 873 billion, up 32.6%

compared to 2007, as a result of the increase in the price of raw materials. The coverage
rate of imports by exports came to 125%, a rise of 4 points compared to 2007.

Inflation

reached 6.3% at end December 2008 as opposed to 1.9% in 2007, and largely

overshot the community threshold of 3% maximum. This growth in inflation follows the
hike in prices, particularly in food products and construction materials, and housing, water,
and electricity. Inflation stood at 8.9% year on year, compared with 1.5% a year ago. These
rates would have been higher if the government had not taken measures to curb the rising
cost of living.

At end December 2008,

public finances

were marked both by satisfactory tax revenues, up

CFAF 158 billion as a result of renewed economic activity and by the total withdrawal of
Côte d'Ivoire from the World Bank and partial withdrawal from the AfBD. The overall
budgetary surplus amounted to CFAF 13.1 billion compared to a CFAF 78.2 billion deficit in
2007. However, cash shortages led the State to accumulate heavy arrears and fall back on
the financial market.

The monetary situation

at end November 2008 was characterised by a slight rise in money

supply due to the contrasted development in its components: a sharp 15% decline in net
external assets and 9% net growth of domestic credit.

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