Congo, Democratic Republic of the Economy Profile 2009

Economy - overview

The economy of the Democratic Republic of the Congo - a nation endowed with vast potential wealth - is slowly recovering from two decades of decline. Conflict that began in August 1998 has dramatically reduced national output and government revenue, increased external debt, and resulted in the deaths of more than 5 million people from violence, famine, and disease. Foreign businesses curtailed operations due to uncertainty about the outcome of the conflict, lack of infrastructure, and the difficult operating environment. Conditions began to improve in late 2002 with the withdrawal of a large portion of the invading foreign troops. The transitional government reopened relations with international financial institutions and international donors, and President KABILA began implementing reforms, although progress has been slow and the International Monetary Fund curtailed their program for the DRC at the end of March 2006 because of fiscal overruns. Much economic activity still occurs in the informal sector, and is not reflected in GDP data. Renewed activity in the mining sector, the source of most export income, boosted Kinshasa's fiscal position and GDP growth from 2006-2008, however, renewed strife in the second half of 2008, combined with a fall in world market prices for the DRC's key mineral exports inflicted major damage on the economy and halted growth. Government reforms may lead to increased government revenues, outside budget assistance, and foreign direct investment, although an uncertain legal framework, corruption, a lack of transparency in government policy are long-term problems. The DRC government has applied to the IMF for an Exogenous Shock Facility in the amount of $200 million to help it deal with its deteriorating financial situation, and the World Bank will consider a separate $100 million in emergency funding. The global recession probably will cut economic growth in 2009 to half its 2008 level.

GDP (purchasing power parity)

$20.64 billion (2008 est.)
$19.49 billion (2007 est.)
$18.21 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$11.59 billion (2008 est.)

GDP - real growth rate

5.9% (2008 est.)
7% (2007 est.)
6.4% (2006 est.)

GDP - per capita (PPP)

$300 (2008 est.)
$300 (2007 est.)
$300 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 55%
industry: 11%
services: 34% (2000 est.)

Population below poverty line

NA%

Labor force

23.53 million (2007 est.)

Labor force - by occupation

agriculture: NA%
industry: NA%
services: NA%

Unemployment rate

NA%

Household income or consumption by percentage share

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

Budget

revenues: $700 million
expenditures: $2 billion (2006 est.)

Inflation rate (consumer prices)

16.7% (2007 est.)

Central bank discount rate

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

Commercial bank prime lending rate

NA

Stock of money

$NA (31 December 2008)
$597 million (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$677.9 million (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$559.5 million (31 December 2007)

Industries

mining (diamonds, gold, copper, cobalt, coltan, zinc), mineral processing, consumer products (including textiles, footwear, cigarettes, processed foods and beverages), cement, commercial ship repair

Industrial production growth rate

NA%

Electricity - production

7.243 billion kWh (2006 est.)

Electricity - production by source

fossil fuel: 1.8%
hydro: 98.2%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

5.158 billion kWh (2006 est.)

Electricity - exports

1.799 billion kWh (2006 est.)

Electricity - imports

6 million kWh (2006 est.)

Oil - production

22,160 bbl/day (2007 est.)

Oil - consumption

10,460 bbl/day (2006 est.)

Oil - imports

8,220 bbl/day (2006 est.)

Oil - exports

19,820 bbl/day (2005)

Oil - proved reserves

180 million bbl (1 January 2008 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

991.1 million cu m (1 January 2008 est.)

Current Account Balance

$-402 million (2007 est.)

Agriculture - products

coffee, sugar, palm oil, rubber, tea, quinine, cassava (tapioca), palm oil, bananas, root crops, corn, fruits; wood products

Exports

$6.1 billion (2007)
$1.587 billion (2006)

Exports - commodities

diamonds, gold, copper, cobalt, wood products, crude oil, coffee

Exports - partners

China 44.7%, Belgium 16.9%, Finland 10.5%, US 8.9%, Zambia 4.8% (2008)

Imports

$5.2 billion (2007)
$2.263 billion (2006)

Imports - commodities

foodstuffs, mining and other machinery, transport equipment, fuels

Imports - partners

South Africa 22.1%, Belgium 11.5%, Zambia 8.3%, Zimbabwe 7%, Kenya 5.9%, China 5.6%, France 5.4% (2008)

Debt - external

$10 billion (2007 est.)
$10 billion (2006 est.)

Market value of publicly traded shares

$NA

Economic aid - recipient

$1.828 billion (2005)

Currency (code)

Congolese franc (CDF)

Currency (code)

CDF

Exchange rates

Congolese francs (CDF) per US dollar - NA (2007), 464.69 (2006), 437.86 (2005), 401.04 (2004), 405.34 (2003)

Fiscal year

calendar year