Republic of the Congo/

The economy is a mixture of subsistence agriculture, 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. In the early 1980s, rapidly rising oil revenues enabled the government to finance large-scale development projects with GDP growth averaging 5% annually, one of the highest rates in Africa. Characterized by budget problems and overstaffing, the government has mortgaged a substantial portion of its oil earnings through oil-backed loans that have contributed to a growing debt burden and chronic revenue shortfalls. Economic reform efforts have been undertaken with the support of international organizations, notably the World Bank and the IMF. However, the reform program came to a halt in June 1997 when civil war erupted. Denis SASSOU-NGUESSO, who returned to power when the war ended in October 1997, publicly expressed interest in moving forward on economic reforms and privatization and in renewing cooperation with international financial institutions. Economic progress was badly hurt by slumping oil prices and the resumption of armed conflict in December 1998, which worsened the republic’s budget deficit. The current administration presides over an uneasy internal peace and faces difficult economic challenges of stimulating recovery and reducing poverty. The drop in oil prices during the global crisis reduced oil revenue by about 30%, but the subsequent recovery of oil prices has boosted the economy’s GDP and near-term prospects. In March 2006, the World Bank and the International Monetary Fund (IMF) approved Heavily Indebted Poor Countries (HIPC) treatment for Congo, receiving $1.9 billion in debt relief under the program in 2010.

$17.45 billion (2010 est.)

$15.79 billion (2009 est.)

$14.67 billion (2008 est.)

$11.88 billion (2010 est.)

10.5% (2010 est.)

7.6% (2009 est.)

5.6% (2008 est.)

$4,200 (2010 est.)

$3,900 (2009 est.)

$3,800 (2008 est.)

1.514 million (2007)

NA%

NA%

41.5% of GDP (2010 est.)

5.2% (2010 est.)

4.3% (2009 est.)

4.25% (31 December 2009)

4.75% (31 December 2008)

NA% (31 December 2009 est.)

NA% (31 December 2008 est.)

$2.403 billion (31 December 2010 est)

$1.887 billion (31 December 2009 est)

$2.746 billion (31 December 2010 est.)

$2.178 billion (31 December 2009 est.)

$1.58 billion (31 December 2009)

$1.889 billion (31 December 2008)

$NA

cassava (tapioca), sugar, rice, corn, peanuts, vegetables, coffee, cocoa; forest products

petroleum extraction, cement, lumber, brewing, sugar, palm oil, soap, flour, cigarettes

12% (2010 est.)

400 million kWh (2007 est.)

471 million kWh (2007 est.)

0 kWh (2008 est.)

449 million kWh (2007 est.)

274,400 bbl/day (2009 est.)

10,000 bbl/day (2009 est.)

241,100 bbl/day (2007 est.)

2,136 bbl/day (2007 est.)

1.6 billion bbl (1 January 2010 est.)

180 million cu m (2008 est.)

180 million cu m (2008 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

90.61 billion cu m (1 January 2010 est.)

-$569 million (2010 est.)

-$1.195 billion (2009 est.)

$9.2 billion (2010 est.)

$7.425 billion (2009 est.)

petroleum, lumber, plywood, sugar, cocoa, coffee, diamonds

US 40.08%, China 30.18%, France 8.17%, Taiwan 6.4%, India 4.2% (2009)

$3.607 billion (2010 est.)

$3.259 billion (2009 est.)

capital equipment, construction materials, foodstuffs

France 20.64%, China 14.54%, Italy 9.56%, US 9.02%, India 5.55%, Belgium 4.51% (2009)

$4.123 billion (31 December 2010 est.)

$3.806 billion (31 December 2009 est.)

$5 billion (2000 est.)

Cooperation Financiere en Afrique Centrale francs per US dollar - 507.71 (2010), 472.19 (2009), 447.81 (2008), 483.6 (2007), 522.59 (2006)