Congo:
Economy

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Other pages in this profile of the Congo:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


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

Congo: Economy

Congo:
Economy