Flag of Congo, Republic of the

Congo, Republic of the Economy Profile 2017

Home > Factbook > Countries > Congo, Republic of the

Economy - overviewThe 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 the 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. However, the government increased infrastructure spending for the September 2015 All-Africa Games and the March 2016 presidential election, which put further pressure on the budget. The fiscal deficit exceeded 18% of GDP in 2015. Substantial macroeconomic imbalances continued in 2016 following sustained low oil prices.
GDP (purchasing power parity)$30.27 billion (2016 est.)
$29.75 billion (2015 est.)
$29.08 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$8.834 billion (2016 est.)
GDP - real growth rate1.7% (2016 est.)
2.3% (2015 est.)
6.8% (2014 est.)
GDP - per capita (PPP)$6,800 (2016 est.)
$6,800 (2015 est.)
$6,800 (2014 est.)
note: data are in 2016 dollars
Gross national saving22.1% of GDP (2016 est.)
12.4% of GDP (2015 est.)
38.9% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 50%
government consumption: 10.5%
investment in fixed capital: 48.7%
investment in inventories: 0.2%
exports of goods and services: 44.5%
imports of goods and services: -53.9% (2016 est.)
GDP - composition by sectoragriculture: 4.9%
industry: 69.8%
services: 25.3% (2016 est.)
Population below poverty line46.5% (2011 est.)
Labor force1.807 million (2013 est.)
Labor force - by occupationagriculture: 35.4%
industry: 20.6%
services: 42.2% (2005 est.)
Unemployment rate36% (2014 est.)
Household income or consumption by percentage sharelowest 10%: 2.1%
highest 10%: 37.1% (2005)
Budgetrevenues: $3.562 billion
expenditures: $4.233 billion (2016 est.)
Taxes and other revenues40.3% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-7.6% of GDP (2016 est.)
Public debt70% of GDP (2016 est.)
48% of GDP (2015 est.)
Inflation rate (consumer prices)4.2% (2016 est.)
2.6% (2015 est.)
Central bank discount rate4.25% (31 December 2009)
4.75% (31 December 2008)
Commercial bank prime lending rate14% (31 December 2016 est.)
14.8% (31 December 2015 est.)
Stock of narrow money$3.274 billion (31 December 2016 est.)
$3.131 billion (31 December 2015 est.)
Stock of broad money$4.875 billion (31 December 2015 est.)
$4.858 billion (31 December 2014 est.)
Stock of domestic credit$1.825 billion (31 December 2016 est.)
$1.807 billion (31 December 2015 est.)
Market value of publicly traded shares$NA
Agriculture - productscassava (manioc, tapioca), sugar, rice, corn, peanuts, vegetables, coffee, cocoa; forest products
Industriespetroleum extraction, cement, lumber, brewing, sugar, palm oil, soap, flour, cigarettes
Industrial production growth rate3.5% (2016 est.)
Current Account Balance-$2.27 billion (2016 est.)
-$3.668 billion (2015 est.)
Exports$4.777 billion (2016 est.)
$5.231 billion (2015 est.)
Exports - commoditiespetroleum, lumber, plywood, sugar, cocoa, coffee, diamonds
Exports - partnersChina 41.9%, Italy 16.8%, India 4.9%, US 4.9%, Portugal 4.2% (2015)
Imports$3.447 billion (2016 est.)
$3.934 billion (2015 est.)
Imports - commoditiescapital equipment, construction materials, foodstuffs
Imports - partnersChina 20.6%, France 14.4%, South Korea 10%, US 4.9%, UK 4.5%, Italy 4.2%, India 4.1% (2015)
Reserves of foreign exchange and gold$1.989 billion (31 December 2016 est.)
$2.244 billion (31 December 2015 est.)
Debt - external$4.817 billion (31 December 2016 est.)
$4.324 billion (31 December 2015 est.)
Exchange ratesCooperation Financiere en Afrique Centrale francs (XAF) per US dollar -
589.4 (2016 est.)
591.45 (2015 est.)
591.45 (2014 est.)
494.42 (2013 est.)
510.53 (2012 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on July 9, 2017

Economy Comparison