Economy of the Democratic Republic of the Congo

Mother Earth Travel > Country Index > Congo Map Economy History

Economy - overview: The economy of the Democratic Republic of the Congo - a nation endowed with vast potential wealth - has declined drastically since the mid-1980s. The new government instituted a tight fiscal policy that initially curbed inflation and currency depreciation, but these small gains were quickly reversed when the foreign-backed rebellion in the eastern part of the country began in August 1998. The war has dramatically reduced national output and government revenue and has increased external debt. Foreign businesses have curtailed operations due to uncertainty about the outcome of the conflict and because of increased government harassment and restrictions. The war has intensified the impact of such basic problems as an uncertain legal framework, corruption, raging inflation, and lack of openness in government economic policy and financial operations. A number of IMF and World Bank missions have met with the government to help it develop a coherent economic plan but associated reforms are on hold.

GDP: purchasing power parity - $31 billion (2000 est.)
GDP - real growth rate: 1% (1999 est.), -15% (2000 est.)
GDP - per capita: purchasing power parity - $600 (2000 est.)
GDP - composition by sector:
agriculture: 58%
industry: 17%
services: 25% (1997 est.)
Inflation rate (consumer prices): 540% (2000 est.)
Labor force: 14.51 million (1993 est.)
Labor force - by occupation: agriculture 65%, industry 16%, services 19% (1991 est.)
Budget:
revenues: $269 million
expenditures: $244 million, including capital expenditures of $24 million (1996 est.)
Industries: mining, mineral processing, consumer products (including textiles, footwear, cigarettes, processed foods and beverages), cement, diamonds
Electricity - production: 5.268 billion kWh (1999)
Electricity - production by source:
fossil fuel:  2.05%
hydro:  97.95%
nuclear:  0%
other:  0% (1999)
Agriculture - products: coffee, sugar, palm oil, rubber, tea, quinine, cassava (tapioca), palm oil, bananas, root crops, corn, fruits; wood products
Exports: $530 million (f.o.b., 1998 est.), $960 million (f.o.b., 2000 est.)
Exports - commodities: diamonds, copper, coffee, cobalt, crude oil
Exports - partners: Benelux 62%, US 18%, South Africa, Finland, Italy (1999)
Imports: $460 million (f.o.b., 1998 est.), $660 million (c.i.f., 2000 est.)
Imports - commodities: foodstuffs, mining and other machinery, transport equipment, fuels
Imports - partners: South Africa 28%, Benelux 14%, Nigeria 9%, Kenya 7%, China (1999)
Debt - external: $13 billion (1998 est.)
Economic aid - recipient: $195.3 million (1995)
Currency: Congolese franc (CF)

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Congo Map Economy History