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World > Africa > Congo, Republic of the > Economy (Facts)

Congo, Republic of the - Economy (Facts)
Economy - overview: The economy is a mixture of village agriculture and handicrafts, an industrial sector based largely on oil, 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 - real growth rate: 7.5% (2006 est.)
GDP (purchasing power parity): $5.099 billion (2006 est.)
GDP (official exchange rate): $5.163 billion (2006 est.)
GDP - per capita (PPP): $1,400 (2006 est.)
GDP - composition by sector: agriculture: 6.2%
industry: 55.3%
services: 38.5% (2006 est.)
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 2.6% (2006 est.)
Labor force: NA
Unemployment rate: NA
Budget: revenues: $2.985 billion
expenditures: $1.664 billion; including capital expenditures of NA (2006 est.)
Industries: petroleum extraction, cement, lumber, brewing, sugar, palm oil, soap, flour, cigarettes
Industrial production growth rate: 0% (2002 est.)
Electricity - production: 6.847 billion kWh (2004)
Electricity - consumption: 5.127 billion kWh (2004)
Electricity - exports: 1.25 billion kWh (2004)
Electricity - imports: 9 million kWh (2004)
Oil - production: 267,100 bbl/day (2005 est.)
Oil - consumption: 6,000 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 1.506 billion bbl (1 January 2005)
Natural gas - production: 0 cu m (2004 est.)
Natural gas - exports: 0 cu m (2004 est.)
Natural gas - imports: 0 cu m (2004 est.)
Agriculture - products: cassava (tapioca), sugar, rice, corn, peanuts, vegetables, coffee, cocoa; forest products
Exports: $5.996 billion f.o.b. (2006 est.)
Exports - commodities: petroleum, lumber, plywood, sugar, cocoa, coffee, diamonds
Exports - partners: US 38.1%, China 33.3%, Taiwan 10.2%, South Korea 6.2% (2006)
Imports: $1.964 billion f.o.b. (2006 est.)
Imports - commodities: capital equipment, construction materials, foodstuffs
Imports - partners: France 23.5%, China 13.1%, US 7.5%, India 6.9%, Italy 5.6%, Belgium 5.1% (2006)
Debt - external: $5 billion (2000 est.)
Economic aid - recipient: $159.1 million (1995)
Currency: XAF
Currency code: XAF
Exchange rates: Communaute Financiere Africaine francs (XAF) per US dollar - 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003), 696.99 (2002)
Fiscal year: calendar year


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