| 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):
|
$16.74 billion (2009 est.)
$15.57 billion (2008 est.)
$14.64 billion (2007 est.)
note: data are in 2009 US dollars |
GDP - per capita (PPP):
|
$4,200 (2009 est.)
$4,000 (2008 est.)
$3,800 (2007 est.)
note: data are in 2009 US dollars |
GDP (official exchange rate):
|
$8.632 billion (2009 est.) |
GDP - real growth rate:
|
7.5% (2009 est.)
6.4% (2008 est.)
-1.6% (2007 est.) |
GDP - composition by sector:
|
agriculture: 5.6%
industry: 57.1%
services: 37.3% (2006 est.) |
Investment (gross fixed):
|
40.1% of GDP (2009 est.) |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: 2.1%
highest 10%: 37.1% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
4% (2009 est.)
7.3% (2008 est.) |
Central bank discount rate:
|
4.75% (31 December 2008)
5.25% (31 December 2007) |
Commercial bank prime lending rate:
|
NA% (31 December 2008)
15% (31 December 2007) |
Stock of money:
|
$NA (31 December 2008)
$1.4 billion (31 December 2007) |
Stock of money - per capita:
|
1 USD per capita |
Stock of quasi money:
|
$NA (31 December 2008)
$204.3 million (31 December 2007) |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
|
$NA (31 December 2008)
$NA (31 December 2007) |
Stock of domestic credit - per capita:
|
void |
Labor force:
|
1.514 million NA |
Labor force participation rate:
|
37.73 % of population |
Labor force - by occupation:
|
void |
Unemployment rate:
|
NA% est.) |
Budget:
|
revenues: $3.431 billion
expenditures: $2.723 billion (2009 est.) |
Budget revenues per capita:
|
856 USD per capita |
Public debt:
|
void |
Industries:
|
petroleum extraction, cement, lumber, brewing, sugar, palm oil, soap, flour, cigarettes |
Industrial production growth rate:
|
13% (2009 est.) |
Electricity - production:
|
400 million kWh (2007 est.) |
Electricity - production per capita:
|
100 kWh per capita |
Electricity - consumption:
|
471 million kWh (2007 est.) |
Electricity - consumption - per capita:
|
118 kWh per capita |
Electricity - exports:
|
0 kWh (2008 est.) |
Electricity - imports:
|
449 million kWh (2007 est.) |
Oil - production:
|
239,900 bbl/day (2008 est.) |
Oil - production per capita:
|
59,784 bbl/day per capita |
Oil - consumption:
|
9,000 bbl/day (2008 est.) |
Oil - consumption - per capita:
|
0.82 bbl/year per capita |
Oil - exports:
|
241,100 bbl/day (2007 est.) |
Oil - imports:
|
2,136 bbl/day (2007 est.) |
Oil - proved reserves:
|
1.6 billion bbl (1 January 2009 est.) |
Natural gas - production:
|
180 million cu m (2008 est.) |
Natural gas - production per capita:
|
45 cu m per capita |
Natural gas - consumption:
|
180 million cu m (2008 est.) |
Natural gas - consumption - per capita:
|
45 cu m per capita |
Natural gas - exports:
|
0 cu m (2008 est.) |
Natural gas - imports:
|
0 cu m (2008 est.) |
Natural gas - proved reserves:
|
90.61 billion cu m (1 January 2009 est.) |
Agriculture - products:
|
cassava (tapioca), sugar, rice, corn, peanuts, vegetables, coffee, cocoa; forest products |
Current account balance:
|
$-405 million (2009 est.)
$848 million (2008 est.) |
Current account balance - per capita:
|
-100 USD per capita |
Exports:
|
$7.542 billion (2009 est.)
$10.85 billion (2008 est.) |
Exports per capita:
|
1,880 USD per capita |
Exports - commodities:
|
petroleum, lumber, plywood, sugar, cocoa, coffee, diamonds |
Exports - partners:
|
US 45.1%, China 32.3%, France 6% (2008) |
Imports:
|
$2.721 billion (2009 est.)
$3.105 billion (2008 est.) |
Imports per capita:
|
679 USD per capita |
Imports - commodities:
|
capital equipment, construction materials, foodstuffs |
Imports - partners:
|
France 22.1%, China 18.7%, US 5.6%, Italy 5.2%, India 5.1%, Belgium 4.4% (2008) |
Reserves of foreign exchange and gold:
|
$4.547 billion (31 December 2009 est.)
$3.873 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,134 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 |
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 - 483.21 (2009), 447.81 (2008), 483.6 (2007), 522.59 (2006), 527.47 (2005)
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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