Republic of Congo Economy
Published by OurEconomy.org on December 20, 2009 filed under Republic of Congo Economy · Comments (0)
Republic of Congo Economy |
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Republic of Congo is a state in Western Africa that is washed by South Atlantic Ocean on the south west and borders with Gabon, Cameroon, Republic of Congo and Democratic Republic of Congo. The main economic activities include agriculture, forestry and oil production and export as well.
In the 1980s GDP rate of the country was calculated at 5%. The main share of profit was brought by oil. In the year 2006 the IMF issued an approval of HIPC treatment for Congo.
Around 57% of the country’s GDP is provided by industries. The leading industries are oil production and forestry. Oil reserves are calculated at 1.5 billion barrels, as of 2006. Among other industries that are of great significance to Congo’s economy are petroleum extraction, cement manufacturing, lumbering, cigarette making, breweries, sugar production and vegetable oil. The country imports mainly petroleum, food items, pharmaceuticals, motor vehicles machineries, chemicals and electrical equipment.
Agriculture provides more than 5% of GDP. The main activity is forestry. The country also produces sugar, coffee, peanuts, corn, cassava, cocoa, and rice.
The services sector accounts for 37% of GDP.
The country’s major trading partners are Brazil, USA, China, South Korea, India, Belgium, Taiwan and France,. Congo mainly exports such goods as timber, coffee, petroleum, plywood, sugar and cocoa. Among the imports are construction capital equipment, materials and foodstuff.
The statistics show that electricity consumption in the year 2005 amounted to 572 kWh. Oil consumption was estimated at around 7000 billion barrels per day.
GDP of the country based on purchasing power parity makes up $12.86 billion, while the same figure based on the official exchange rate is calculated at $7.657 billion. GDP per capita amounts to $3400. GDP growth rate is estimated at 1.6%.
Annual revenue makes up $3.295 million, annual expenditure — $2.444 million. Total exports are calculated at $5.8 billion and total imports make up $2.634 billion. The total debt of the country is estimated at $1.153 billion. The official currency is CFA franc.
Topics: Republic of Congo Economy
