Economy - overview The economy is a mixture of village agriculture and handicrafts, anindustrial sector based largely on oil, support services, and a governmentcharacterized by budget problems and overstaffing. Oil has supplanted forestryas the mainstay of the economy, providing about 90% of government revenuesand exports. In the early 1980s, rapidly rising oil revenues enabled the governmentto finance large-scale development projects with GDP growth averaging 5% annually,one of the highest rates in Africa. Subsequently, falling oil prices cut GDPgrowth by half. Moreover, the government has mortgaged a substantial portionof its oil earnings, contributing to the government's shortage of revenues.The 12 January 1994 devaluation of Franc Zone currencies by 50% resulted ininflation of 61% in 1994 but inflation has subsided since. Recent effortsto implement economic reforms have begun to show progress; the governmentand the IMF signed an aid agreement in mid-1996.

GDP purchasing power parity - $4.9 billion (1995 est.)

GDP - real growth rate 0.9% (1995 est.)

GDP - per capita purchasing power parity - $1,960 (1995 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 165,000 kW (1995)

Electricity - production 440 million kWh (1994)

Electricity - consumption per capita 223 kWh (1994 est.)

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

Exports
total value: $952 million (f.o.b., 1994)
commodities: crude oil 90%, lumber, plywood, sugar, cocoa, coffee, diamonds
partners: Belgium-Luxembourg 24.3%, Taiwan 20.2%, US 14.9%, Italy 14.8% (1995est.)

Imports
total value: $559 million (f.o.b. 1994)
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 - 541.69 (January 1997), 511.55 (1996), 499.15(1995), 555.20 (1994), 283.16 (1993), 264.69 (1992)
note: beginning 12 January 1994, the CFA franc was devalued to CFAF 100 perFrench 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 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Congo, Republic of the Economy 1997 information contained here. All suggestions for corrections of any errors about Congo, Republic of the Economy 1997 should be addressed to the CIA.