Congo, Republic of the Economy

Is Congo, Republic of the a wealthy country?

The Republic of the Congo’s economy is a mixture of subsistence farming, 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. Natural gas is increasingly being converted to electricity rather than being flared, greatly improving energy prospects. New mining projects, particularly iron ore, which entered production in late 2013, may add as much as $1 billion to annual government revenue. The Republic of the Congo is a member of the Central African Economic and Monetary Community (CEMAC) and shares a common currency – the Central African Franc – with five other member states in the region.

The current administration faces difficult economic challenges of stimulating recovery and reducing poverty. The drop in oil prices that began in 2014 has constrained government spending; lower oil prices forced the government to cut more than $1 billion in planned spending. The fiscal deficit amounted to 11% of GDP in 2017. The government’s inability to pay civil servant salaries has resulted in multiple rounds of strikes by many groups, including doctors, nurses, and teachers. In the wake of a multi-year recession, the country reached out to the IMF in 2017 for a new program; the IMF noted that the country’s continued dependence on oil, unsustainable debt, and significant governance weakness are key impediments to the country’s economy. In 2018, the country’s external debt level will approach 120% of GDP. The IMF urged the government to renegotiate debts levels to sustainable levels before it agreed to a new macroeconomic adjustment package.

Congo, Republic of the Economy Data

What is the GDP of Congo, Republic of the ?

Currency Name and Code Cooperation Financiere en Afrique Centrale francs (XAF)
GDP - Gross Domestic Product (PPP) $19,030,000,000 (USD)
GDP - official exchange rate $8,834,000,000 (USD)
GDP - real growth rate 1.7%
GDP Per Capita $6,800.00 (USD)
GDP by Sector- agriculture 4.9%
GDP by Sector- Industry 69.8%
GDP by Sector- services 25.3%
GDP - composition, by end use household consumption: 50%

government consumption: 10.5%

investment in fixed capital: 48.7%

investment in inventories: 0.2%

exports of goods and services: 44.5%

imports of goods and services: -53.9%
Population Below Poverty Line 46.5%
Inflation Rate 2.3%
Labor Force 1,807,000
Unemployment Rate 53%
Fiscal Year calendar year
Annual Budget $3,562,000,000 (USD)
Budget Surplus or Deficit - percent of GDP -7.6%
Public Debt (% of GDP) 49.3%
Taxes and other revenues - percent of GDP 40.3%
Major Industries petroleum extraction, cement, lumber, brewing, sugar, palm oil, soap, flour, cigarettes
Industrial Growth Rate 3.5%
Agriculture Products cassava (manioc, tapioca), sugar, rice, corn, peanuts, vegetables, coffee, cocoa; forest products
Exchange Rate per US Dollar 589.4
Child Labor - % of children ages 5-14 25%
Child Labor - # of children ages 5-14 252,171
Commercial Bank Prime Lending Rate 14%

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

All Countries
Afghanistan Akrotiri Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Brazil British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burma Burundi Cabo Verde Cambodia Cameroon Canada Cayman Islands Central African Republic Chad Chile China Christmas Island Clipperton Island Cocos (Keeling) Islands Colombia Comoros Congo, Democratic Republic of the Congo, Republic of the Cook Islands Coral Sea Islands Costa Rica Cote d’Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Dhekelia Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Eswatini Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia, The Gaza Strip Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Holy See Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Jan Mayen Japan Jersey Jordan Kazakhstan Kenya Kiribati Korea, North Korea, South Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Namibia Nauru Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Macedonia Northern Mariana Islands Norway Oman Pakistan Palau Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena, Ascension, and Tristan da Cunha Saint Kitts and Nevis Saint Lucia Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa Spain Sri Lanka Sudan Sudan, South Suriname Svalbard Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States (US) Uruguay Uzbekistan Vanuatu Venezuela Vietnam Virgin Islands Wake Island Wallis and Futuna West Bank Western Sahara World Yemen Zambia Zimbabwe