1UpTravel


 

You are here > 1Up Travel > Countries of the World > Africa > Republic of the Congo



ADVERTISEMENT

Country

 Country Facts

  Introduction

  Geography

  People

  Government

  Economy

  Communications

  Transportation

  Military

  Maps & Cities

  Transnational issues


Related

  Republic of Congo Guide
  Republic of Congo Maps
  Republic of Congo Flag
  More Republic of Congo Flags
  Republic of Congo Geography
  Republic of Congo Travel Warning



Travel & Tourism . Tourist Guide to the Country

Republic of Congo Economy




Congo, Republic of the    Economy Top of Page
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. 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 continued with the support of international organizations, notably the World Bank and the IMF. 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. However, economic progress was badly hurt by slumping oil prices and the resumption of armed conflict in December 1998, which worsened the Republic of the Congo's budget deficit. Even with the IMF's renewed confidence and high world oil prices, Congo is unlikely to realize growth of more than 5% in 2001-02. With the return to fragile peace, the IMF approved a $14 million credit in November 2000 to aid post-conflict reconstruction.
GDP: purchasing power parity - $3.1 billion (2000 est.)
GDP - real growth rate: 3.8% (2000 est.)
GDP - per capita: purchasing power parity - $1,100 (2000 est.)
GDP - composition by sector: agriculture:  10%

industry:  48%

services:  42% (1999 est.)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%:  NA%

highest 10%:  NA%
Inflation rate (consumer prices): 3.5% (2000 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, flour, cigarette making
Industrial production growth rate: NA%
Electricity - production: 302 million kWh (1999)
Electricity - production by source: fossil fuel:  0.66%

hydro:  99.34%

nuclear:  0%

other:  0% (1999)
Electricity - consumption: 406.9 million kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 126 million kWh (1999)
Agriculture - products: cassava (tapioca), sugar, rice, corn, peanuts, vegetables, coffee, cocoa; forest products
Exports: $2.6 billion (f.o.b., 2000)
Exports - commodities: petroleum 50%, lumber, plywood, sugar, cocoa, coffee, diamonds
Exports - partners: US 23%, Benelux 14%, Germany, Italy, Taiwan, China (1998)
Imports: $870 million (f.o.b., 2000)
Imports - commodities: petroleum products, capital equipment, construction materials, foodstuffs
Imports - partners: France 23%, US 9%, Belgium 8%, UK 7%, Italy (1997 est.)
Debt - external: $5 billion (1999 est.)
Economic aid - recipient: $159.1 million (1995)
Currency: Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States
Currency code: XAF
Exchange rates: Communaute Financiere Africaine francs (XAF) per US dollar - 699.21 (January 2001), 711.98 (2000), 615.70 (1999), 589.95 (1998), 583.67 (1997), 511.55 (1996); note - from 1 January 1999, the XAF is pegged to the euro at a rate of 655.957 XAF per euro
Fiscal year: calendar year

 

Countryfacts Information Courtesy: CIA Worldbook








Make 1Up Travel your HomepageSend this Page to a FriendGo to Top of PagePrint this PageAdd 1Up Travel to your Favorites


CHANNELS

Compare Country Info Hotel Directory Geography Flags World Maps Travel Warnings National Parks

DESTINATIONS

Asia Africa Caribbean Middle East North America South America Central America Oceania Pacific Europe Polar Regions

PHOTO SPECIAL

Destinations Monuments Ancient Wonders Modern Wonders Natural Wonders

UTILITIES

World Time ISD Codes Travel Links Link Exchange

 



Disclaimer: Although we've tried to make the information on this web site as accurate as possible, we accept no responsibility for any loss, injury or inconvenience sustained by any person resulting from information published on this site. We encourage you to verify any critical information with the relevant authorities before you travel.

Copyright 1Up Travel All Rights Reserved.
Go Up

Privacy Policy