| Economy | Democratic Republic of the Congo |
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Economy - overview:
|
The economy of the Democratic Republic of the Congo - a nation endowed with vast potential wealth - is slowly recovering from decades of decline. Systemic corruption since independence in 1960 and conflict that began in May 1997 has dramatically reduced national output and government revenue, increased external debt, and resulted in the deaths of more than 5 million people from violence, famine, and disease. Foreign businesses curtailed operations due to uncertainty about the outcome of the conflict, lack of infrastructure, and the difficult operating environment. Conditions began to improve in late 2002 with the withdrawal of a large portion of the invading foreign troops. The transitional government reopened relations with international financial institutions and international donors, and President KABILA began implementing reforms. Progress has been slow and the International Monetary Fund curtailed their program for the DRC at the end of March 2006 because of fiscal overruns. Much economic activity still occurs in the informal sector, and is not reflected in GDP data. Renewed activity in the mining sector, the source of most export income, boosted Kinshasa's fiscal position and GDP growth from 2006-08, however, the government's review of mining contracts that began in 2006, combined with a fall in world market prices for the DRC's key mineral exports temporarily weakened output in 2009, leading to a balance of payments crisis. The recovery in mineral prices beginning in mid 2009 boosted mineral exports, and emergency funds from the IMF boosted foreign reserves. An uncertain legal framework, corruption, and a lack of transparency in government policy are long-term problems for the mining sector and for the economy as a whole. The global recession cut economic growth in 2009 to less than half its 2008 level, but growth returned to 6-7% in 2010-11. The DRC signed a Poverty Reduction and Growth Facility with the IMF in 2009 and received $12 billion in multilateral and bilateral debt relief in 2010. |
GDP (purchasing power parity):
|
$25.19 billion (2011 est.)
$23.66 billion (2010 est.)
$22.03 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$300 (2011 est.)
$300 (2010 est.)
$300 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$15.3 billion (2011 est.) |
GDP - real growth rate:
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6.5% (2011 est.)
7.2% (2010 est.)
2.8% (2009 est.) |
GDP - composition by sector:
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agriculture: 37.5%
industry: 27.6%
services: 35% (2011 est.) |
Investment (gross fixed):
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23.8% of GDP (2011 est.) |
Population below poverty line:
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71% (2006 est.) |
Household income or consumption by percentage share:
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lowest 10%: 2.3%
highest 10%: 34.7% (2006) |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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17% (2011 est.)
23.1% (2010 est.) |
Central bank discount rate:
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22% (31 December 2010 est.)
70% (31 December 2009 est.) |
Commercial bank prime lending rate:
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45% (31 December 2011 est.)
56.8% (31 December 2010 est.) |
Stock of money:
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$613.9 million (31 December 2008)
$597 million (31 December 2007) |
Stock of money - per capita:
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9 USD per capita |
Stock of quasi money:
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$947.8 million (31 December 2008)
$677.9 million (31 December 2007) |
Stock of quasi money - per capita:
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14 USD per capita |
Stock of domestic credit:
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$176.7 million (31 December 2011 est.)
$928.5 million (31 December 2008 est.) |
Stock of domestic credit - per capita:
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3 USD per capita |
Stock of narrow money:
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$893.3 million (31 December 2011 est.)
$771.8 million (31 December 2010 est.) |
Stock of broad money:
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$2.889 billion (31 December 2011 est.)
$2.147 billion (31 December 2010 est.) |
Labor force:
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34.79 million (2011 est.) |
Labor force participation rate:
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48.51 % of population |
Labor force - by occupation:
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agriculture: NA%
industry: NA%
services: NA% |
Unemployment rate:
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NA% |
Unemployment, youth ages 15-24:
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void |
Budget:
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revenues: $4.274 billion
expenditures: $5.308 billion (2011 est.) |
Budget revenues per capita:
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60 USD per capita |
Taxes and other revenues:
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27.9% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-6.8% of GDP (2011 est.) |
Public debt:
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void |
Industries:
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mining (diamonds, gold, copper, cobalt, coltan, zinc, tin, diamonds), mineral processing, consumer products (including textiles, plastics, footwear, cigarettes, metal products, processed foods and beverages), timber, cement, commercial ship repair |
Industrial production growth rate:
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NA% |
Electricity - production:
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7.452 billion kWh (2008 est.) |
Electricity - production per capita:
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104 kWh per capita |
Electricity - consumption:
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6.036 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
85 kWh per capita |
Electricity - exports:
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674 million kWh (2008 est.) |
Electricity - imports:
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591 million kWh (2008 est.) |
Oil - production:
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21,000 bbl/day (2010 est.) |
Oil - production per capita:
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293 bbl/day per capita |
Oil - consumption:
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13,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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0.07 bbl/year per capita |
Oil - exports:
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11,090 bbl/day (2009 est.) |
Oil - imports:
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13,100 bbl/day (2009 est.) |
Oil - proved reserves:
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180 million bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
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991.1 million cu m (1 January 2011 est.) |
Agriculture - products:
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coffee, sugar, palm oil, rubber, tea, cotton, cocoa, quinine, cassava (tapioca), manioc, bananas, plantains, peanuts, root crops, corn, fruits; wood products |
Current account balance:
|
-$419 million (2011 est.)
-$897 million (2010 est.) |
Current account balance - per capita:
|
-5 USD per capita |
Exports:
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$10.93 billion (2011 est.)
$8.35 billion (2010 est.) |
Exports per capita:
|
153 USD per capita |
Exports - commodities:
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diamonds, gold, copper, cobalt, wood products, crude oil, coffee |
Exports - partners:
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China 46.9%, Zambia 23.3%, US 10.4%, Belgium 4.2% (2010) |
Imports:
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$9.021 billion (2011 est.)
$7.829 billion (2010 est.) |
Imports per capita:
|
126 USD per capita |
Imports - commodities:
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foodstuffs, mining and other machinery, transport equipment, fuels |
Imports - partners:
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South Africa 19.2%, China 12.5%, Belgium 9.2%, Zambia 8.8%, Zimbabwe 6.9%, France 5.8%, Kenya 5.8% (2010) |
Reserves of foreign exchange and gold:
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$1.297 billion (31 December 2010 est.)
|
Reserves of foreign exchange and gold - per capita:
|
19 USD per capita |
Debt - external:
|
$13.5 billion (2009 est.)
$12.7 billion (2008 est.) |
Debt - external - per capita:
|
189 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
Congolese franc (CDF) |
Exchange rates:
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Congolese francs (CDF) per US dollar -
1,000 (2011 est.)
912 (2010 est.)
472.19 (2009)
559 (2008)
516 (2007) |
Fiscal year:
|
calendar year |
|
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