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About Congo Republic and Key Financial Statistics
Overview of Economy:
The economy is a mixture of subsistence farming and hunting, an industrial sector based largely on oil and support services, and government spending. Oil has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports. Natural gas is increasingly being converted to electricity rather than being flared, greatly improving energy prospects. New mining projects, particularly iron ore, which entered production in late 2013 may add as much as $1 billion to annual government revenue. Economic reform efforts have been undertaken with the support of international organizations, notably the World Bank and the IMF, including recently concluded Article IV consultations. The current administration faces difficult economic challenges of stimulating recovery and reducing poverty. The recent drop in oil prices has constrained government spending; lower oil prices forced the government to cut more than $1 billion in planned spending. Officially the country became a net external creditor as of 2011, with external debt representing only about 16% of GDP and debt servicing less than 3% of government revenue.
Gross Domestic Product (In USD):
$28.36 billion (2014 est.)
$26.54 billion (2013 est.)
$25.69 billion (2012 est.)
Composition of Gross Domestic Product:
% Agricuture: 4.8
% Industry: 69.4
% Services: 25.8
Composition of Labor Force by Occupation:
% Agriculture:
% Industry:
% Services:
Per Capita Income:
$6,600 (2014 est.)
$6,200 (2013 est.)
$6,000 (2012 est.)
Exports:
$9.12 billion (2014 est.)
$9.463 billion (2013 est.)
Key Export Commodities:
petroleum, lumber, plywood, sugar, cocoa, coffee, diamonds
Export Partners:
China 52%, Australia 8.3%, Italy 8.2%, US 4% (2014)
Imports:
$4.939 billion (2014 est.)
$4.789 billion (2013 est.)
Key Import Commodities:
capital equipment, construction materials, foodstuffs
Import Partners:
Algeria 47.8%, China 10.6%, France 9%, Italy 4.3% (2014)
Inflation Rate (Consumer Price Index):
0.9% (2014 est.)
4.6% (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 est.)
Unemployment Rate:
53% (2012 est.)
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
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