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Congo, Republic of the Economy Profile

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Economy - overview

The Republic of the Congo’s economy is a mixture of subsistence farming, 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. The Republic of the Congo is a member of the Central African Economic and Monetary Community (CEMAC) and shares a common currency – the Central African Franc – with five other member states in the region.

The current administration faces difficult economic challenges of stimulating recovery and reducing poverty. The drop in oil prices that began in 2014 has constrained government spending; lower oil prices forced the government to cut more than $1 billion in planned spending. The fiscal deficit amounted to 11% of GDP in 2017. The government’s inability to pay civil servant salaries has resulted in multiple rounds of strikes by many groups, including doctors, nurses, and teachers. In the wake of a multi-year recession, the country reached out to the IMF in 2017 for a new program; the IMF noted that the country’s continued dependence on oil, unsustainable debt, and significant governance weakness are key impediments to the country’s economy. In 2018, the country’s external debt level will approach 120% of GDP. The IMF urged the government to renegotiate debts levels to sustainable levels before it agreed to a new macroeconomic adjustment package.

GDP (purchasing power parity)$19.763 billion (2019 est.)

$20.489 billion (2018 est.)

$21.844 billion (2017 est.)

note: data are in 2017 dollars
GDP (official exchange rate)$8.718 billion (2017 est.)
GDP - real growth rate-3.1% (2017 est.)

-2.8% (2016 est.)

2.6% (2015 est.)
GDP - per capita (PPP)$3,673 (2019 est.)

$3,907 (2018 est.)

$4,274 (2017 est.)

note: data are in 2017 dollars
Gross national saving19.5% of GDP (2017 est.)

-12.8% of GDP (2016 est.)

6.6% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 47.6% (2017 est.)

government consumption: 9.6% (2017 est.)

investment in fixed capital: 42.5% (2017 est.)

investment in inventories: 0.1% (2017 est.)

exports of goods and services: 62.9% (2017 est.)

imports of goods and services: -62.7% (2017 est.)
GDP - composition by sectoragriculture: 9.3% (2017 est.)

industry: 51% (2017 est.)

services: 39.7% (2017 est.)
Ease of Doing Business Index scoresOverall score: 39.5 (2020)

Starting a Business score: 65.8 (2020)

Trading score: 19.7 (2020)

Enforcement score: 44 (2020)
Population below poverty line40.9% (2011 est.)
Labor force2.055 million (2016 est.)
Labor force - by occupationagriculture: 35.4%

industry: 20.6%

services: 44% (2005 est.)
Unemployment rate36% (2014 est.)
Household income or consumption by percentage sharelowest 10%: 2.1%

highest 10%: 37.1% (2005)
Distribution of family income - Gini index48.9 (2011 est.)
Budgetrevenues: 1.965 billion (2017 est.)

expenditures: 2.578 billion (2017 est.)
Taxes and other revenues22.5% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)-7% (of GDP) (2017 est.)
Public debt130.8% of GDP (2017 est.)

128.7% of GDP (2016 est.)
Inflation rate (consumer prices)2.2% (2019 est.)

1.1% (2018 est.)

0.4% (2017 est.)
Credit ratingsFitch rating: CCC (2019)

Moody's rating: Caa2 (2018)

Standard & Poors rating: CCC+ (2020)
Agriculture - productscassava, sugar cane, oil palm fruit, cassava leaves, bananas, plantains, roots/tubers, game meat, vegetables, mangoes/guavas
Industriespetroleum extraction, cement, lumber, brewing, sugar, palm oil, soap, flour, cigarettes
Industrial production growth rate-3% (2017 est.)
Current Account Balance-$1.128 billion (2017 est.)

-$5.735 billion (2016 est.)
Exports$4.193 billion (2017 est.)

$4.116 billion (2016 est.)
Exports - commoditiescrude petroleum, copper, lumber, ships, refined petroleum (2019)
Exports - partnersChina 49%, United Arab Emirates 15%, India 6%, Italy 5% (2019)
Imports$2.501 billion (2017 est.)

$5.639 billion (2016 est.)
Imports - commoditiesships, chicken products, refined petroleum, processed fish, packaged medicines (2019)
Imports - partnersChina 15%, France 12%, Belgium 6%, Angola 5% (2019)
Reserves of foreign exchange and gold$505.7 million (31 December 2017 est.)

$727.1 million (31 December 2016 est.)
Debt - external$4.605 billion (31 December 2017 est.)

$4.721 billion (31 December 2016 est.)
Exchange ratesCooperation Financiere en Afrique Centrale francs (XAF) per US dollar -

579.8 (2017 est.)

593.01 (2016 est.)

593.01 (2015 est.)

591.45 (2014 est.)

494.42 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on September 18, 2021

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