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Congo, Republic of the Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











Congo, Republic of the Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 28, 2014

Economy - overview:
The economy is a mixture of subsistence hunting and agriculture, an industrial sector based largely on oil and support services, and government spending. Oil has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports. Natural gas is increasingly being converted to electricity rather than being flared, greatly improving energy prospects. New mining projects, particularly iron ore, that may enter production as early as late 2013 may add as much as $1 billion to annual government revenue. Economic reform efforts have been undertaken with the support of international organizations, notably the World Bank and the IMF, including recently concluded Article IV consultations. 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 faces difficult economic challenges of stimulating recovery and reducing poverty. The drop in oil prices during the global crisis reduced oil revenue by about 30%, but the subsequent recovery of oil prices boosted the economy's GDP from 2009-12. In March 2006, the World Bank and the International Monetary Fund (IMF) approved Heavily Indebted Poor Countries (HIPC) treatment for Congo, which received $1.9 billion in debt relief under the program in 2010. Congo also restructured old defaulted London Club debt in 2007, which effectively cancelled 80% of its private debt. Contracts with China have increased Congo's publicly held debt. Officially the country became a net external creditor as of 2011, with external debt representing less than 22% of GDP and debt servicing less than 3% of government revenue.

GDP (purchasing power parity):
$18.89 billion (2012 est.)
country comparison to the world: 135

$18.19 billion (2011 est.)
$17.59 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$13.51 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.8% (2012 est.)
country comparison to the world: 93

3.4% (2011 est.)
8.8% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$4,600 (2012 est.)
country comparison to the world: 163

$4,600 (2011 est.)
$4,600 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
56.2% of GDP (2012 est.)
country comparison to the world: 3

61.3% of GDP (2011 est.)
46.6% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 22.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 12.5%
investment in fixed capital: 53.6%
investment in inventories: 1%
exports of goods and services: 102.6%
imports of goods and services: -92.4%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 3.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 76.8%
services: 19.9% (2012 est.)

Agriculture - products:
cassava (tapioca), sugar, rice, corn, peanuts, vegetables, coffee, cocoa; forest products

Industries:
petroleum extraction, cement, lumber, brewing, sugar, palm oil, soap, flour, cigarettes

Industrial production growth rate:
4% (2012 est.)
country comparison to the world: 74
[see also: Industrial production growth rate country ranks ]

Labor force:
2.89 million (2011 est.)
country comparison to the world: 106
[see also: Labor force country ranks ]

Unemployment rate:
53% (2012 est.)
country comparison to the world: 195
[see also: Unemployment rate country ranks ]

Population below poverty line:
46.5% (2011 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 37.1% (2005)

Budget:
revenues: $5.83 billion
[see also: Budget revenues country ranks ]
expenditures: $4.949 billion (2012 est.)

Taxes and other revenues:
43.2% of GDP (2012 est.)
country comparison to the world: 29
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
6.5% of GDP (2012 est.)
country comparison to the world: 10
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
31.8% of GDP (2012 est.)
country comparison to the world: 113

16.9% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
3.9% (2012 est.)
country comparison to the world: 121

1.3% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.25% (31 December 2009)
country comparison to the world: 76

4.75% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
14.8% (31 December 2012 est.)
country comparison to the world: 45

15% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$4.403 billion (31 December 2012 est.)
country comparison to the world: 103

$3.341 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$3.753 billion (31 December 2011 est.)
country comparison to the world: 136

$2.882 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$-1.448 billion (31 December 2012 est.)
country comparison to the world: 186

$-2.392 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$187.9 million (2012 est.)
country comparison to the world: 51

$1.003 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$10.53 billion (2012 est.)
country comparison to the world: 92

$11.13 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
petroleum, lumber, plywood, sugar, cocoa, coffee, diamonds

Exports - partners:
China 39%, US 13%, France 9.5%, Australia 8.8%, Netherlands 6.8%, Spain 5.3%, India 5.2% (2012)

Imports:
$4.45 billion (2012 est.)
country comparison to the world: 134

$4.501 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
capital equipment, construction materials, foodstuffs

Imports - partners:
France 19.5%, China 13.5%, Brazil 9.1%, US 6.1%, India 5.8%, Italy 4.8%, Belgium 4.4% (2012)

Reserves of foreign exchange and gold:
$5.568 billion (31 December 2012 est.)
country comparison to the world: 90

$5.658 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.999 billion (31 December 2012 est.)
country comparison to the world: 137

$2.523 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Exchange rates:
Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar -

510.53 (2012 est.)
471.87 (2011 est.)
495.28 (2010 est.)
472.19 (2009)
447.81 (2008)


NOTE: 1) The information regarding Congo, Republic of the on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Congo, Republic of the Economy 2014 information contained here. All suggestions for corrections of any errors about Congo, Republic of the Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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