Central African Republic Economy Profile 2009

Economy - overview

Subsistence agriculture, together with forestry, remains the backbone of the economy of the Central African Republic (CAR), with more than 70% of the population living in outlying areas. The agricultural sector generates more than half of GDP. Timber has accounted for about 16% of export earnings and the diamond industry, for 40%. 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. Distribution of income is extraordinarily unequal. Grants from France and the international community can only partially meet humanitarian needs.

GDP (purchasing power parity)

$3.198 billion (2008 est.)
$3.129 billion (2007 est.)
$3.003 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$1.997 billion (2008 est.)

GDP - real growth rate

2.2% (2008 est.)
4.2% (2007 est.)
4% (2006 est.)

GDP - per capita (PPP)

$700 (2008 est.)
$700 (2007 est.)
$700 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 55%
industry: 20%
services: 25% (2001 est.)

Population below poverty line

NA%

Labor force

1.926 million (2007)

Unemployment rate

8% (2001 est.)
note: 23% unemployment for Bangui

Household income or consumption by percentage share

lowest 10%: 2.1%
highest 10%: 33% (2003)

Distribution of family income - Gini index

61.3 (1993)

Budget

revenues: $250 million
expenditures: $273 million (2007 est.)

Inflation rate (consumer prices)

0.9% (2007 est.)

Central bank discount rate

NA% (31 December 2008)
5.25% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
15% (31 December 2007)

Stock of money

$NA (31 December 2008)
$218.3 million (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$47.58 million (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$320.2 million (31 December 2007)

Industries

gold and diamond mining, logging, brewing, textiles, footwear, assembly of bicycles and motorcycles

Industrial production growth rate

3% (2002)

Electricity - production

110 million kWh (2006 est.)

Electricity - production by source

fossil fuel: 19.8%
hydro: 80.2%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

102.3 million kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

0 bbl/day (2007 est.)

Oil - consumption

2,322 bbl/day (2006 est.)

Oil - imports

2,057 bbl/day (2005)

Oil - exports

0 bbl/day (2005)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

0 cu m (2007 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

0 cu m (1 January 2006)

Current Account Balance

$-77 million (2007 est.)

Agriculture - products

timber, cotton, coffee, tobacco, manioc (tapioca), yams, millet, corn, bananas; timber

Exports

$146.7 million (2007 est.)

Exports - commodities

diamonds, timber, cotton, coffee, tobacco

Exports - partners

Japan 43.2%, Belgium 10.4%, China 8.3%, Indonesia 6%, France 4.7%, Italy 4.3%, Democratic Republic of the Congo 4.3% (2008)

Imports

$237.3 million (2007 est.)

Imports - commodities

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

Imports - partners

France 17.3%, Cameroon 9.8%, Netherlands 7.3%, US 6.7% (2008)

Debt - external

$1.153 billion (2007 est.)

Market value of publicly traded shares

$NA

Economic aid - recipient

ODA, $95.29 million; note - traditional budget subsidies from France (2005 est.)

Currency (code)

XAF

Currency (code)

Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States

Exchange rates

Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar - 447.81 (2008 est.), 481.8 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004)
note: since 1 January 1999, the Central African CFA franc (XAF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; Central African CFA franc (XAF) coins and banknotes are not accepted in countries using West African CFA francs (XOF), and vice versa, even though the two currencies trade at par

Fiscal year

calendar year