| 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 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 - per capita (PPP):
|
$4,000 (2008 est.)
$3,800 (2007 est.)
$4,000 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$13.35 billion (2008 est.) |
GDP - real growth rate:
|
8.1% (2008 est.)
-1.6% (2007 est.)
6.2% (2006 est.) |
GDP - composition by sector:
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agriculture: 5.6%
industry: 57.1%
services: 37.3% (2006 est.) |
Investment (gross fixed):
|
19.3% of GDP (2008 est.) |
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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5% (2008 est.) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
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15% (31 December 2007) |
Stock of money:
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$1.4 billion (31 December 2007) |
Stock of money - per capita:
|
349 USD per capita |
Stock of quasi money:
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$204.3 million (31 December 2007) |
Stock of quasi money - per capita:
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51 USD per capita |
Stock of domestic credit:
|
NA |
Stock of domestic credit - per capita:
|
void |
Labor force:
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NA |
Labor force participation rate:
|
void |
Labor force - by occupation:
|
void |
Unemployment rate:
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NA% |
Budget:
|
revenues: $5.363 billion
expenditures: $2.758 billion (2008 est.) |
Budget revenues per capita:
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1,337 USD per capita |
Public debt:
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void |
Industries:
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petroleum extraction, cement, lumber, brewing, sugar, palm oil, soap, flour, cigarettes |
Industrial production growth rate:
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15% (2008 est.) |
Electricity - production:
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444 million kWh (2006 est.) |
Electricity - production per capita:
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111 kWh per capita |
Electricity - consumption:
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564 million kWh (2006 est.) |
Electricity - consumption - per capita:
|
141 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
411 million kWh (2006 est.) |
Oil - production:
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261,000 bbl/day (2008 est.) |
Oil - production per capita:
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65,042 bbl/day per capita |
Oil - consumption:
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7,677 bbl/day (2006 est.) |
Oil - consumption - per capita:
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0.70 bbl/year per capita |
Oil - exports:
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230,200 bbl/day (2005 est.) |
Oil - imports:
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1,702 bbl/day (2005) |
Oil - proved reserves:
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1.6 billion bbl (1 January 2008 est.) |
Natural gas - production:
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180 million cu m (2006 est.) |
Natural gas - production per capita:
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45 cu m per capita |
Natural gas - consumption:
|
180 million cu m (2006 est.) |
Natural gas - consumption - per capita:
|
45 cu m per capita |
Natural gas - exports:
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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.) |
Agriculture - products:
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cassava (tapioca), sugar, rice, corn, peanuts, vegetables, coffee, cocoa; forest products |
Current account balance:
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$406 million (2008 est.) |
Current account balance - per capita:
|
102 USD per capita |
Exports:
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$9.009 billion f.o.b. (2008 est.) |
Exports per capita:
|
2,246 USD per capita |
Exports - commodities:
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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 per capita:
|
679 USD per capita |
Imports - commodities:
|
capital equipment, construction materials, foodstuffs |
Imports - partners:
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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.) |
Reserves of foreign exchange and gold - per capita:
|
959 USD per capita |
Debt - external:
|
$5 billion (2000 est.) |
Debt - external - per capita:
|
1,247 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:
|
$1.449 billion (2005) |
Economic aid - recipient per capita:
|
362 USD per capita |
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 (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 |
Fiscal year:
|
calendar year |
|
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