Central African Republic Economy Profile 2003

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 half of GDP. Timber has accounted for about 16% of export earnings and the diamond industry for 54%. 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, with GDP growth likely to be no more than 1.3% in 2003. Distribution of income is extraordinarily unequal. Grants from France and the international community can only partially meet humanitarian needs.

GDP (purchasing power parity)

purchasing power parity - $4.7 billion (2002 est.)

GDP - real growth rate

1% (2002 est.)

GDP - per capita (PPP)

purchasing power parity - $1,300 (2002 est.)

GDP - composition by sector

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

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: 0.7%
highest 10%: 47.7% (1993)

Inflation rate (consumer prices)

3.6% (2001 est.)

Labor force

NA

Unemployment rate

8% (23% for Bangui) (2001 est.)

Distribution of family income - Gini index

61.3 (1993)

Budget

revenues: $NA
expenditures: $NA, including capital expenditures of $NA

Industries

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

Industrial production growth rate

3% (2002)

Electricity - production

106 million kWh (2001)

Electricity - production by source

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

Electricity - consumption

98.63 million kWh (2001)

Electricity - exports

0 kWh (2001)

Electricity - imports

0 kWh (2001)

Oil - production

0 bbl/day (2001 est.)

Oil - consumption

2,400 bbl/day (2001 est.)

Oil - imports

NA (2001)

Oil - exports

NA (2001)

Agriculture - products

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

Exports

$134 million f.o.b. (2002 est.)

Exports - commodities

diamonds, timber, cotton, coffee, tobacco

Exports - partners

Belgium 53%, Kazakhstan 9%, Spain 9% (2001)

Imports

$102 million f.o.b. (2002 est.)

Imports - commodities

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

Imports - partners

France 26%, Cameroon 13%, Spain 5%, Benelux, Cote d'Ivoire, Germany, Japan (2001)

Debt - external

$881.4 million (2000 est.)

Economic aid - recipient

ODA $73 million; note - traditional budget subsidies from France (2000 est.)

Currency

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

Currency (code)

XAF

Exchange rates

Communaute Financiere Africaine francs (XAF) per US dollar - 696.988 (2002), 733.039 (2001), 711.976 (2000), 615.699 (1999), 589.952 (1998)

Fiscal year

calendar year