| Economy | Republic of the Congo |
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Economy - overview:
|
The economy is a mixture of subsistence agriculture, an industrial sector based largely on oil and support services, and government spending. 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. Characterized by budget problems and overstaffing, 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. The drop in oil prices during the global crisis reduced oil revenue by about 30%, but the subsequent 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, receiving $1.9 billion in debt relief under the program in 2010. |
GDP (purchasing power parity):
|
$18.36 billion (2011 est.)
$17.44 billion (2010 est.)
$16.01 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$4,600 (2011 est.)
$4,500 (2010 est.)
$4,300 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$15.1 billion (2011 est.) |
GDP - real growth rate:
|
5% (2011 est.)
8.8% (2010 est.)
7.5% (2009 est.) |
GDP - composition by sector:
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agriculture: 4.1%
industry: 68.7%
services: 27.2% (2011 est.) |
Investment (gross fixed):
|
33.8% of GDP (2011 est.) |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: 2.1%
highest 10%: 37.1% (2005) |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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6% (2011 est.)
5.2% (2010 est.) |
Central bank discount rate:
|
4.25% (31 December 2009)
4.75% (31 December 2008) |
Commercial bank prime lending rate:
|
15.3% (31 December 2011 est.)
14.8% (31 December 2010 est.) |
Stock of money:
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$1.811 billion (31 December 2008)
$1.4 billion (31 December 2007) |
Stock of money - per capita:
|
427 USD per capita |
Stock of quasi money:
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$268.4 million (31 December 2008)
$204.3 million (31 December 2007) |
Stock of quasi money - per capita:
|
64 USD per capita |
Stock of domestic credit:
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$2.499 billion (31 December 2011 est.)
$1.982 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
589 USD per capita |
Stock of narrow money:
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$3.12 billion (31 December 2011 est.)
$2.55 billion (31 December 2010 est.) |
Stock of broad money:
|
$3.635 billion (31 December 2011 est.)
$2.882 billion (31 December 2010 est.) |
Labor force:
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1.514 million (2007) |
Labor force participation rate:
|
35.67 % of population |
Labor force - by occupation:
|
void |
Unemployment rate:
|
NA% |
Unemployment, youth ages 15-24:
|
void |
Budget:
|
revenues: $3.85 billion
expenditures: $3.154 billion (2011 est.) |
Budget revenues per capita:
|
908 USD per capita |
Taxes and other revenues:
|
25.5% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
4.6% of GDP (2011 est.) |
Public debt:
|
void |
Industries:
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petroleum extraction, cement, lumber, brewing, sugar, palm oil, soap, flour, cigarettes |
Industrial production growth rate:
|
12% (2010 est.) |
Electricity - production:
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452 million kWh (2008 est.) |
Electricity - production per capita:
|
107 kWh per capita |
Electricity - consumption:
|
534 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
126 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
436 million kWh (2008 est.) |
Oil - production:
|
302,200 bbl/day (2010 est.) |
Oil - production per capita:
|
71,208 bbl/day per capita |
Oil - consumption:
|
11,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
0.95 bbl/year per capita |
Oil - exports:
|
211,800 bbl/day (2009 est.) |
Oil - imports:
|
2,832 bbl/day (2009 est.) |
Oil - proved reserves:
|
1.6 billion bbl (1 January 2011 est.) |
Natural gas - production:
|
530 million cu m (2009 est.) |
Natural gas - production per capita:
|
125 cu m per capita |
Natural gas - consumption:
|
530 million cu m (2009 est.) |
Natural gas - consumption - per capita:
|
125 cu m per capita |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
90.61 billion cu m (1 January 2011 est.) |
Agriculture - products:
|
cassava (tapioca), sugar, rice, corn, peanuts, vegetables, coffee, cocoa; forest products |
Current account balance:
|
$3.885 billion (2011 est.)
$596.2 million (2010 est.) |
Current account balance - per capita:
|
916 USD per capita |
Exports:
|
$13.25 billion (2011 est.)
$9.621 billion (2010 est.) |
Exports per capita:
|
3,123 USD per capita |
Exports - commodities:
|
petroleum, lumber, plywood, sugar, cocoa, coffee, diamonds |
Exports - partners:
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US 31.1%, China 29%, France 6.8%, India 6.1%, Spain 4.4% (2010) |
Imports:
|
$3.727 billion (2011 est.)
$3.186 billion (2010 est.) |
Imports per capita:
|
879 USD per capita |
Imports - commodities:
|
capital equipment, construction materials, foodstuffs |
Imports - partners:
|
France 19.6%, China 11.7%, US 8.5%, Italy 8%, India 7.9% (2010) |
Reserves of foreign exchange and gold:
|
$5.046 billion (31 December 2011 est.)
$4.465 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,189 USD per capita |
Debt - external:
|
$5 billion (2000 est.) |
Debt - external - per capita:
|
1,179 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):
|
Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States |
Exchange rates:
|
Cooperation Financiere en Afrique Centrale francs per US dollar -
473.7 (2011 est.)
495.28 (2010 est.)
472.19 (2009)
447.81 (2008)
483.6 (2007) |
Fiscal year:
|
calendar year |
|
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