Chad Economy Profile 2008

Economy - overview

Chad's primarily agricultural economy will continue to be boosted by major foreign direct investment projects in the oil sector that began in 2000. At least 80% of Chad's population relies on subsistence farming and livestock raising for its livelihood. Chad's economy has long been handicapped by its landlocked position, high energy costs, and a history of instability. Chad relies on foreign assistance and foreign capital for most public and private sector investment projects. A consortium led by two US companies has been investing $3.7 billion to develop oil reserves - estimated at 1 billion barrels - in southern Chad. Chinese companies are also expanding exploration efforts and plan to build a refinery. The nation's total oil reserves have been estimated to be 1.5 billion barrels. Oil production came on stream in late 2003. Chad began to export oil in 2004. Cotton, cattle, and gum arabic provide the bulk of Chad's non-oil export earnings.

GDP (purchasing power parity)

$15.95 billion (2007 est.)

GDP (official exchange rate)

$7.4 billion (2007 est.)

GDP - real growth rate

-1.3% (2007 est.)

GDP - per capita (PPP)

$1,600 (2007 est.)

GDP - composition by sector

agriculture: 22.2%
industry: 47.2%
services: 30.6% (2007 est.)

Population below poverty line

80% (2001 est.)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices)

4% (2007 est.)

Investment (gross fixed)

11.5% of GDP (2007 est.)

Labor force

3.747 million (2006)

Labor force - by occupation

agriculture: 80% (subsistence farming, herding, and fishing)
industry and services: 20% (2006 est.)

Unemployment rate

NA%

Budget

revenues: $1.889 billion
expenditures: $1.473 billion (2007 est.)

Industries

oil, cotton textiles, meatpacking, brewing, natron (sodium carbonate), soap, cigarettes, construction materials

Industrial production growth rate

-0.5% (2007 est.)

Electricity - production

95 million kWh (2005)

Electricity - consumption

88.35 million kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

176,700 bbl/day (2005 est.)

Oil - consumption

1,350 bbl/day (2005 est.)

Oil - imports

1,316 bbl/day (2004)

Oil - exports

170,000 bbl/day (2004)

Oil - proved reserves

1.5 billion bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2005 est.)

Natural gas - consumption

0 cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

0 cu m (2005)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

-$144.5 million (2007 est.)

Agriculture - products

cotton, sorghum, millet, peanuts, rice, potatoes, manioc (tapioca); cattle, sheep, goats, camels

Exports

$4.219 billion f.o.b. (2007 est.)

Exports - commodities

oil, cattle, cotton, gum arabic

Exports - partners

US 80.6%, China 10.4%, South Korea 2.3% (2006)

Imports

$1.149 billion f.o.b. (2007 est.)

Imports - commodities

machinery and transportation equipment, industrial goods, foodstuffs, textiles

Imports - partners

France 18.6%, Cameroon 17.6%, US 12.5%, Germany 7.4%, Saudi Arabia 5%, Belgium 4.9% (2006)

Reserves of foreign exchange and gold

$997.3 million (31 December 2007 est.)

Debt - external

$1.6 billion (2005 est.)

Stock of direct foreign investment - at home

$4.5 billion (2006 est.)

Stock of direct foreign investment - abroad

$NA

Market value of publicly traded shares

$NA

Economic aid - recipient

ODA, $379.8 million (2005)

Currency (code)

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

Exchange rates

Communaute Financiere Africaine francs (XAF) per US dollar - 480.1 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)

Fiscal year

calendar year