header HomePlacesMapsMap Products & ServicesHotels & TravelDestination GuidesWeb DirectoryContact

Congo:
Economy

Flag of Congo
Click to enlarge

Congo Page


Economy - overview
Definition
The economy is a mixture of subsistance 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)
Definition - World rank and map
$13.23 billion (2007 est.)
GDP (official exchange rate)
Definition
$7.657 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
-1.6% (2007 est.)
GDP - per capita
Definition - World rank and map
$3,700 (2007 est.)
GDP - composition by sector
Definition
agriculture: 5.6%
industry: 57.1%
services: 37.3% (2006 est.)
Labor force
Definition
NA
Unemployment rate
Definition - World rank and map
NA%
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
2.6% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
30.8% of GDP (2007 est.)
Budget
Definition
revenues: $3.522 billion
expenditures: $2.377 billion (2007 est.)
Agriculture - products
Definition
cassava (tapioca), sugar, rice, corn, peanuts, vegetables, coffee, cocoa; forest products
Industries
Definition
petroleum extraction, cement, lumber, brewing, sugar, palm oil, soap, flour, cigarettes
Industrial production growth rate
Definition - World rank and map
-6% (2007 est.)
Electricity - production
Definition - World rank and map
352 million kWh (2005)
Electricity - consumption
Definition - World rank and map
572 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
146.6 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
418 million kWh (2005)
Oil - production
Definition - World rank and map
235,900 bbl/day
Oil - consumption
Definition - World rank and map
7,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
1.8 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
229,700 bbl/day (2004 est.)
Oil - imports
Definition - World rank and map
11,410 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
1.506 billion bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
115.1 million cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
115.1 million cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
29 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
86.9 billion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$1.49 billion (2007 est.)
Exports
Definition - World rank and map
$6.251 billion f.o.b. (2007 est.)
Exports - commodities
Definition
petroleum, lumber, plywood, sugar, cocoa, coffee, diamonds
Exports - partners
Definition
US 34.4%, China 31.2%, South Korea 9.5%, Taiwan 8.3%, Brazil 4.3% (2006)
Imports
Definition - World rank and map
$1.762 billion f.o.b. (2007 est.)
Imports - commodities
Definition
capital equipment, construction materials, foodstuffs
Imports - partners
Definition
France 21.5%, China 14.6%, Italy 12.2%, India 5.6%, US 5%, Belgium 4.4% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$2.197 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$5 billion (2000 est.)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$1.449 billion (2005)
Currency (code)
Definition
Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States
Exchange rates
Definition
Communaute Financiere Africaine francs (XAF) per US dollar - 483.6 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)
Fiscal year
Definition
calendar year


Google
 
Web sitesatlas.com