About Central African Republic & Key Financial Statistics

About Central African Republic and Key Financial Statistics

Overview of Economy:

Subsistence agriculture, together with forestry and mining, remains the backbone of the economy of the Central African Republic (CAR), with about 60% of the population living in outlying areas. The agricultural sector generates more than half of GDP. Timber and diamonds account for most export earnings, followed by cotton. Important constraints to economic development include the CAR's landlocked position, a poor transportation system, a largely unskilled work force, and a legacy of misdirected macroeconomic policies. Factional fighting between the government and its opponents remains a drag on economic revitalization. Since 2009 the IMF has worked closely with the government to institute reforms that have resulted in some improvement in budget transparency, but other problems remain. The government's additional spending in the run-up to the election in 2011 worsened CAR's fiscal situation. Distribution of income is extraordinarily unequal. Grants from France and the international community can only partially meet humanitarian needs. In 2012, the World Bank approved $125 million in funding for transport infrastructure and regional trade, focused on the route between CAR's capital and the port of Douala in Cameroon. After a two-year lag in donor support, the IMF's first review of CAR's extended credit facility for 2012-15 praised improvements in revenue collection but warned of weak management of spending.

Gross Domestic Product (In USD):

$2.865 billion (2014 est.)

$2.836 billion (2013 est.)

$4.435 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 58.2

% Industry: 12

% Services: 29.8

Composition of Labor Force by Occupation:

% Agriculture:

% Industry:

% Services:

Per Capita Income:

$600 (2014 est.)

$600 (2013 est.)

$900 (2012 est.)

Exports:

$150.3 million (2014 est.)

$154.4 million (2013 est.)

Key Export Commodities:

diamonds, timber, cotton, coffee

Export Partners:

China 29.2%, Indonesia 15.1%, Democratic Republic of the Congo 15%, Norway 7%, Morocco 5.9%, Saudi Arabia 4.4%, France 4% (2014)

Imports:

$279.1 million (2014 est.)

$211.5 million (2013 est.)

Key Import Commodities:

food, textiles, petroleum products, machinery, electrical equipment, motor vehicles, chemicals, pharmaceuticals

Import Partners:

Norway 14%, France 7.7%, US 7.6% (2014)

Inflation Rate (Consumer Price Index):

11.6% (2014 est.)

6.6% (2013 est.)

Exchange Rate to USD:

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

494.42 (2014 est.)

494.42 (2013 est.)

510.53 (2012 est.)

471.87 (2011 est.)

495.28 (2010)

Unemployment Rate:

S&P Rating:

Standard & Poor's Ratings:

• • AAA: The best quality borrowers, reliable and stable

  • AA: Quality borrowers, a bit higher risk than AAA

  • A: Economic situation can affect finance

  • BBB: Medium class borrowers, which are satisfactory at the moment

  • BB: More prone to changes in the economy

  • B: Financial situation varies noticeably

  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings