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Congo, Democratic Republic of the Economy 1999
Economyoverview: The economy of the Democratic Republic of the Congoa nation endowed with vast potential wealthhas declined significantly since the mid-1980s. The new government instituted a tight fiscal policy that initially curbed inflation and currency depreciation, but these small gains were quickly reversed when the foreign-backed rebellion in the eastern part of the country began in August 1998. The war has dramatically reduced government revenue, and increased external debt. Foreign businesses have curtailed operations due to uncertainty about the outcome of the conflict and because of increased government harassment and restrictions. Poor infrastructure, an uncertain legal framework, corruption, and lack of transparency in government economic policy remain a brake on investment and growth. A number of IMF and World Bank missions have met with the new government to help it develop a coherent economic plan but associated reforms are on hold. GDP: purchasing power parity$34.9 billion (1998 est.) GDPreal growth rate: -3.5% (1998 est.) GDPper capita: purchasing power parity$710 (1998 est.)
GDPcomposition by sector:
Population below poverty line: NA%
Household income or consumption by percentage share:
Inflation rate (consumer prices): 147% (1998 est.) Labor force: 14.51 million (1993 est.) Labor forceby occupation: agriculture 65%, industry 16%, services 19% (1991 est.) Unemployment rate: NA%
Budget:
Industries: mining, mineral processing, consumer products (including textiles, footwear, cigarettes, processed foods and beverages), cement, diamonds Industrial production growth rate: NA% Electricityproduction: 6.4 billion kWh (1996)
Electricityproduction by source:
Electricityconsumption: 6.265 billion kWh (1996) Electricityexports: 195 million kWh (1996) Electricityimports: 60 million kWh (1996) Agricultureproducts: coffee, sugar, palm oil, rubber, tea, quinine, cassava (tapioca), palm oil, bananas, root crops, corn, fruits; wood products Exports: $1.6 billion (f.o.b., 1998 est.) Exportscommodities: diamonds, copper, coffee, cobalt, crude oil Exportspartners: Benelux 43%, US 22%, South Africa 8%, France, Germany, Italy, UK, Japan (1997) Imports: $819 million (f.o.b., 1998 est.) Importscommodities: consumer goods, foodstuffs, mining and other machinery, transport equipment, fuels Importspartners: South Africa 21%, Benelux 14%, China 8%, Netherlands, US, France, Germany, Italy, Japan, UK (1997) Debtexternal: $15 billion (1997 est.) Economic aidrecipient: $195.3 million (1995) Currency: Congolese franc (CF)
Exchange rates:
Congolese francs (CF) per US$12.5 (January 1999); new zaires (Z) per
US$1115,000 (January 1998), 83,764 (October 1996), 7,024 (1995), 1,194
(1994)
Fiscal year: calendar year
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