| 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 two decades of decline. Conflict that began in August 1998 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, although 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 2006-2008, however, renewed strife in the second half of 2008, combined with a fall in world market prices for the DRC's key mineral exports inflicted major damage on the economy and halted growth. Government reforms may lead to increased government revenues, outside budget assistance, and foreign direct investment, although an uncertain legal framework, corruption, a lack of transparency in government policy are long-term problems. The DRC government has applied to the IMF for an Exogenous Shock Facility in the amount of $200 million to help it deal with its deteriorating financial situation, and the World Bank will consider a separate $100 million in emergency funding. The global recession probably will cut economic growth in 2009 to half its 2008 level. |
GDP (purchasing power parity):
|
$21.05 billion (2008 est.)
$19.49 billion (2007)
$18.22 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$300 (2008 est.)
$300 (2007 est.)
$300 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$12.96 billion (2008 est.) |
GDP - real growth rate:
|
8% (2008 est.)
7% (2007 est.)
6.4% (2006 est.) |
GDP - composition by sector:
|
agriculture: 55%
industry: 11%
services: 34% (2000 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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16.7% (2007 est.) |
Central bank discount rate:
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5.25% (31 December 2007) |
Commercial bank prime lending rate:
|
NA |
Stock of money:
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$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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$677.9 million (31 December 2007) |
Stock of quasi money - per capita:
|
10 USD per capita |
Stock of domestic credit:
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$559.5 million (31 December 2007) |
Stock of domestic credit - per capita:
|
9 USD per capita |
Labor force:
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15 million (2006 est.) |
Labor force participation rate:
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21.84 % of population |
Labor force - by occupation:
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agriculture: NA%
industry: NA%
services: NA% |
Unemployment rate:
|
NA% |
Budget:
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revenues: $700 million
expenditures: $2 billion (2006 est.) |
Budget revenues per capita:
|
11 USD per capita |
Public debt:
|
void |
Industries:
|
mining (diamonds, gold, copper, cobalt, coltan zinc), mineral processing, consumer products (including textiles, footwear, cigarettes, processed foods and beverages), cement, commercial ship repair |
Industrial production growth rate:
|
NA% |
Electricity - production:
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7.243 billion kWh (2006 est.) |
Electricity - production per capita:
|
106 kWh per capita |
Electricity - consumption:
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5.158 billion kWh (2006 est.) |
Electricity - consumption - per capita:
|
76 kWh per capita |
Electricity - exports:
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1.799 billion kWh (2006 est.) |
Electricity - imports:
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6 million kWh (2006 est.) |
Oil - production:
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22,160 bbl/day (2007 est.) |
Oil - production per capita:
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323 bbl/day per capita |
Oil - consumption:
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10,460 bbl/day (2006 est.) |
Oil - consumption - per capita:
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0.06 bbl/year per capita |
Oil - exports:
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19,820 bbl/day (2005) |
Oil - imports:
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8,220 bbl/day (2006 est.) |
Oil - proved reserves:
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180 million bbl (1 January 2008 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
|
0 cu m (2007 est.) |
Natural gas - proved reserves:
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991.1 million cu m (1 January 2008 est.) |
Agriculture - products:
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coffee, sugar, palm oil, rubber, tea, quinine, cassava (tapioca), palm oil, bananas, root crops, corn, fruits; wood products |
Current account balance:
|
-$402 million (2007 est.) |
Current account balance - per capita:
|
-5 USD per capita |
Exports:
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$6.1 billion f.o.b. (2007) |
Exports per capita:
|
89 USD per capita |
Exports - commodities:
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diamonds, gold, copper, cobalt, wood products, crude oil, coffee |
Exports - partners:
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Belgium 23.6%, China 21.7%, US 9.8%, Finland 9.1%, Brazil 9.1%, France 6.8%, Zambia 6% (2007) |
Imports:
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$5.2 billion f.o.b. (2007) |
Imports per capita:
|
76 USD per capita |
Imports - commodities:
|
foodstuffs, mining and other machinery, transport equipment, fuels |
Imports - partners:
|
South Africa 22.5%, Belgium 10.3%, Zambia 8.9%, Zimbabwe 7.5%, France 6.8%, Kenya 6.3%, US 4.1%, Cote d'Ivoire 4.1% (2007) |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$10 billion (2007 est.) |
Debt - external - per capita:
|
146 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 |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$1.828 billion (2005) |
Economic aid - recipient per capita:
|
27 USD per capita |
Currency (code):
|
Congolese franc (CDF) |
Exchange rates:
|
Congolese francs (CDF) per US dollar - NA (2007), 464.69 (2006), 437.86 (2005), 401.04 (2004), 405.34 (2003) |
Fiscal year:
|
calendar year |
|
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