Congo, Democratic Republic of the Economy

Is Congo, Democratic Republic of the a rich country?

The economy of the Democratic Republic of the Congo - a nation endowed with vast natural resource wealth - continues to perform poorly. Systemic corruption since independence in 1960, combined with countrywide instability and intermittent conflict that began in the early-90s, has reduced national output and government revenue, and increased external debt. With the installation of a transitional government in 2003 after peace accords, economic conditions slowly began to improve as the government reopened relations with international financial institutions and international donors, and President KABILA began implementing reforms. Progress on implementing substantive economic reforms remains slow because of political instability, bureaucratic inefficiency, corruption, and patronage, which also dampen international investment prospects.

Renewed activity in the mining sector, the source of most export income, boosted Kinshasa's fiscal position and GDP growth until 2015, but low commodity prices have led to slower growth, volatile inflation, currency depreciation, and a growing fiscal deficit. An uncertain legal framework, corruption, and a lack of transparency in government policy are long-term problems for the large mining sector and for the economy as a whole. Much economic activity still occurs in the informal sector and is not reflected in GDP data.

Poverty remains widespread in DRC, and the country failed to meet any Millennium Development Goals by 2015. DRC also concluded its program with the IMF in 2015. The price of copper – the DRC’s primary export - plummeted in 2015 and remained at record lows during 2016-17, reducing government revenues, expenditures, and foreign exchange reserves, while inflation reached nearly 50% in mid-2017 – its highest level since the early 2000s.

Congo, Democratic Republic of the Economy Data

What is the GDP of Congo, Democratic Republic of the?

GDP - Gross Domestic Product (PPP) $66,010,000,000 (USD)
GDP - official exchange rate $39,820,000,000 (USD)
GDP - real growth rate 3.9%
GDP Per Capita $800.00 (USD)
GDP by Sector- agriculture 20.1%
GDP by Sector- Industry 31.7%
GDP by Sector- services 48.1%
GDP - composition, by end use household consumption: 73.6%

government consumption: 13.9%

investment in fixed capital: 21%

investment in inventories: 0.1%

exports of goods and services: 23.7%

imports of goods and services: -32.3%
Population Below Poverty Line 63%
Inflation Rate 1.6%
Labor Force 31,080,000
Fiscal Year calendar year
Annual Budget $5,448,000,000 (USD)
Budget Surplus or Deficit - percent of GDP -1%
Public Debt (% of GDP) 18.2%
Taxes and other revenues - percent of GDP 13.7%
Major Industries mining (copper, cobalt, gold, diamonds, coltan, zinc, tin, tungsten), mineral processing, consumer products (textiles, plastics, footwear, cigarettes), metal products, processed foods and beverages, timber, cement, commercial ship repair
Industrial Growth Rate 1.2%
Agriculture Products coffee, sugar, palm oil, rubber, tea, cotton, cocoa, quinine, cassava (manioc, tapioca), bananas, plantains, peanuts, root crops, corn, fruits; wood products
Currency Code 971.6
Child Labor - % of children ages 5-14 42%
Child Labor - # of children ages 5-14 8,284,395
Commercial Bank Prime Lending Rate 19.5%

Labor Force by Occupation- As reported by Congo, Democratic Republic of the

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