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Congo, Democratic Republic of the
Introduction | Geography | People | Government | Economy | Communication | Transportation | Military

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Economy

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 government revenue, and 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. Poor infrastructure, an uncertain legal framework, corruption, and lack of openness in government economic policy and financial operations remain a brake on investment and growth. A number of IMF and World Bank missions have met with the new government to help it develop a coherent economic plan but associated reforms are on hold. Assuming moderate peace, annual growth is likely to increase to nearly 5% in 2000-01, but inflation will continue to be a problem.

GDP: purchasing power parity - $35.7 billion (1999 est.)

GDP - real growth rate: 1% (1999 est.)

GDP - per capita: purchasing power parity - $710 (1999 est.)

GDP - composition by sector:
agriculture: 58%
industry: 17%
services: 25% (1997 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 46% (1999 est.)

Labor force: 14.51 million (1993 est.)

Labor force - by occupation: agriculture 65%, industry 16%, services 19% (1991 est.)

Unemployment rate: NA%

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

Industrial production growth rate: NA%

Electricity - production: 5.74 billion kWh (1998)

Electricity - production by source:
fossil fuel: 2.61%
hydro: 97.39%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 5.488 billion kWh (1998)

Electricity - exports: 150 million kWh (1998)

Electricity - imports: 300 million kWh (1998)

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.)

Exports - commodities: diamonds, copper, coffee, cobalt, crude oil

Exports - partners: Benelux 52%, US 14%, South Africa 9%, Finland 4% (1998)

Imports: $460 million (f.o.b., 1998 est.)

Imports - commodities: foodstuffs, mining and other machinery, transport equipment, fuels

Imports - partners: South Africa 25%, Benelux 14%, Nigeria 7%, Kenya 5%, China (1998)

Debt - external: $12.3 billion (1997 est.)

Economic aid - recipient: $195.3 million (1995)

Currency: Congolese franc (CF)

Exchange rates: Congolese francs (CF) per US$1 - 4.5 (January 2000), 2.5 (January 1999); new zaires (Z) per US$1 - 115,000 (January 1998), 83,764 (October 1996), 7,024 (1995), 1,194 (1994)
note: on 30 June 1998 the Congolese franc (CF) was introduced, replacing the new zaire; 1 Congolese franc (CF) = 100,000 new zaires

Fiscal year: calendar year



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