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 about 90% 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. Subsequently, falling oil prices cut GDP growth by half. Moreover, the government has mortgaged a substantial portion of its oil earnings, contributing to the government's shortage of revenues. The 12 January 1994 devaluation of Franc Zone currencies by 50% resulted in inflation of 61% in 1994 but inflation has subsided since. Economic reform efforts continue with the support of international organizations, notably the World Bank and the IMF.

GDP purchasing power parity - $5.25 billion (1996 est.)

GDP - real growth rate 4% (1996 est.)

GDP - per capita purchasing power parity - $2,000 (1996 est.)

GDP - composition by sector
agriculture: 11.4%
industry: 35.2%
services: 53.4% (1993)

Inflation rate - consumer price index 3% (1996 est.)

Labor force NA

Unemployment rate NA%

Budget
revenues: $870 million
expenditures: $970 million, including capital expenditures of $NA (1997 est.)

Industries petroleum extraction, cement kilning, lumbering, brewing, sugar milling, palm oil, soap, cigarette making

Industrial production growth rate NA%

Electricity - capacity 118,000 kW (1995)

Electricity - production 438 million kWh (1995)

Electricity - consumption per capita 220 kWh (1995)

Agriculture - products cassava (tapioca) accounts for 90% of food output, sugar, rice, corn, peanuts, vegetables, coffee, cocoa; forest products

Exports
total value: $1.2 billion (f.o.b., 1995)
commodities: crude oil 90%, lumber, plywood, sugar, cocoa, coffee, diamonds
partners: Belgium-Luxembourg 24.3%, Taiwan 20.2%, US 14.9%, Italy 14.8% (1995 est.)

Imports
total value: $670 million (f.o.b. 1995)
commodities: intermediate manufactures, capital equipment, construction materials, foodstuffs, petroleum products
partners: France 31.2%, Netherlands 24.6%, Italy 11.4%, US 6.9% (1995 est.)

Debt - external $5.3 billion (1996)

Economic aid
recipient: ODA, $NA

Currency 1 Communaute Financiere Africaine franc (CFAF) = 100 centimes

Exchange rates CFA francs (CFAF) per US$1 - 608.36 (January 1998), 583.67 (1997), 511.55 (1996), 499.15 (1995), 555.20 (1994), 283.16 (1993)
note: beginning 12 January 1994, the CFA franc was devalued to CFAF 100 per French franc from CFAF 50 at which it had been fixed since 1948

Fiscal year calendar year

NOTE: The information regarding Congo, Republic of the on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Congo, Republic of the Economy 1998 information contained here. All suggestions for corrections of any errors about Congo, Republic of the Economy 1998 should be addressed to the CIA.