Economy - overview:
The economy is a mixture of subsistence agriculture, an industrial sector based largely on oil, and support services, and a government characterized by budget problems and overstaffing. Oil has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports. In the early 1980s, rapidly rising oil revenues enabled the government to finance large-scale development projects with GDP growth averaging 5% annually, one of the highest rates in Africa. The government has mortgaged a substantial portion of its oil earnings through oil-backed loans that have contributed to a growing debt burden and chronic revenue shortfalls. Economic reform efforts have been undertaken with the support of international organizations, notably the World Bank and the IMF. However, the reform program came to a halt in June 1997 when civil war erupted. Denis SASSOU-NGUESSO, who returned to power when the war ended in October 1997, publicly expressed interest in moving forward on economic reforms and privatization and in renewing cooperation with international financial institutions. Economic progress was badly hurt by slumping oil prices and the resumption of armed conflict in December 1998, which worsened the republic's budget deficit. The current administration presides over an uneasy internal peace and faces difficult economic challenges of stimulating recovery and reducing poverty. Recovery of oil prices has boosted the economy's GDP and near-term prospects. In March 2006, the World Bank and the International Monetary Fund (IMF) approved Heavily Indebted Poor Countries (HIPC) treatment for Congo.
GDP (purchasing power parity):
$15.6 billion (2008 est.)
$14.43 billion (2007)
$14.67 billion (2006)
note: data are in 2008 US dollars
GDP (official exchange rate):
$13.35 billion (2008 est.)
GDP - real growth rate:
8.1% (2008 est.)
-1.6% (2007 est.)
6.2% (2006 est.)
GDP - per capita (PPP):
$4,000 (2008 est.)
$3,800 (2007 est.)
$4,000 (2006 est.)
note: data are in 2008 US dollars
GDP - composition by sector:
agriculture: 5.6%
industry: 57.1%
services: 37.3% (2006 est.)
Labor force:
NA
Unemployment rate:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Investment (gross fixed):
19.3% of GDP (2008 est.)
Budget:
revenues: $5.363 billion
expenditures: $2.758 billion (2008 est.)
Inflation rate (consumer prices):
5% (2008 est.)
Commercial bank prime lending rate:
15% (31 December 2007)
Stock of money:
$1.4 billion (31 December 2007)
Stock of quasi money:
$204.3 million (31 December 2007)
Stock of domestic credit:
NA
Market value of publicly traded shares:
$NA
Agriculture - products:
cassava (tapioca), sugar, rice, corn, peanuts, vegetables, coffee, cocoa; forest products
Industries:
petroleum extraction, cement, lumber, brewing, sugar, palm oil, soap, flour, cigarettes
Industrial production growth rate:
15% (2008 est.)
Electricity - production:
444 million kWh (2006 est.)
Electricity - consumption:
564 million kWh (2006 est.)
Electricity - exports:
0 kWh (2007 est.)
Electricity - imports:
411 million kWh (2006 est.)
Oil - production:
261,000 bbl/day (2008 est.)
Oil - consumption:
7,677 bbl/day (2006 est.)
Oil - exports:
230,200 bbl/day (2005 est.)
Oil - imports:
1,702 bbl/day (2005)
Oil - proved reserves:
1.6 billion bbl (1 January 2008 est.)
Natural gas - production:
180 million cu m (2006 est.)
Natural gas - consumption:
180 million cu m (2006 est.)
Natural gas - exports:
0 cu m (2007 est.)
Natural gas - imports:
0 cu m (2007 est.)
Natural gas - proved reserves:
90.61 billion cu m (1 January 2008 est.)
Current account balance:
$406 million (2008 est.)
Exports:
$9.009 billion f.o.b. (2008 est.)
Exports - commodities:
petroleum, lumber, plywood, sugar, cocoa, coffee, diamonds
Exports - partners:
US 41%, China 36.5%, Taiwan 3.6% (2007)
Imports:
$2.722 billion f.o.b. (2008 est.)
Imports - commodities:
capital equipment, construction materials, foodstuffs
Imports - partners:
France 18.1%, South Korea 14.7%, China 12.6%, Italy 10.3%, India 4.7%, US 4.2% (2007)
Reserves of foreign exchange and gold:
$3.845 billion (31 December 2008 est.)
Debt - external:
$5 billion (2000 est.)
Exchange rates:
Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar - 447.81 (2008 est.), 483.6 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004)
note: since 1 January 1999, the Central African CFA franc (XAF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; Central African CFA franc (XAF) coins and banknotes are not accepted in countries using West African CFA francs (XOF), and vice versa, even though the two currencies trade at par
