by budget problems and overstaffing. A reform
program, supported by the IMF and World Bank, ran into difficulties in
1990-91 because of problems in changing to a democratic political regime and
a heavy debt-servicing burden. Oil has supplanted forestry as the mainstay
of the economy, providing about two-thirds of government revenues and
exports. In the early 1980s rapidly rising oil revenues enabled Congo to
finance large-scale development projects with growth averaging 5% annually,
one of the highest rates in Africa. During the period 1987-91, however,
growth has slowed to an average of roughly 1.5% annually, only half the
population growth rate.
GDP:
exchange rate conversion - $2.4 billion, per capita $1,070; real growth rate
0.5% (1990 est.)
Inflation rate (consumer prices):
4.6% (1989 est.)
Unemployment rate:
NA%
Budget:
revenues $522 million; expenditures $767 million, including capital
expenditures of $141 million (1989)
Exports:
$751 million (f.o.b., 1988)
commodities:
crude petroleum 72%, lumber, plywood, coffee, cocoa, sugar, diamonds
partners:
US, France, other EC
Imports:
$564 million (c.i.f., 1988)
commodities:
foodstuffs, consumer goods, intermediate manufactures, capital equipment
partners:
France, Italy, other EC, US, FRG, Spain, Japan, Brazil
External debt:
$4.5 billion (December 1988)
Industrial production:
growth rate 1.2% (1989); accounts for 33% of GDP, including petroleum
Electricity:
140,000 kW capacity; 315 million kWh produced, 135 kWh per capita (1991)
Industries:
crude oil, cement, sawmills, brewery, sugar mill, palm oil, soap, cigarettes
Agriculture:
accounts for 10% of GDP (including fishing and forestry); cassava accounts
for 90% of food output; other crops - rice, corn, peanuts, vegetables; cash
crops include coffee and cocoa; forest products important export earner;
imports over 90% of food needs
Economic aid:
US commitments, including Ex-Im (FY70-89), $60 million; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-89), $2.3 billion; OPEC
bilateral aid (1979-89), $15 million; Communist countries (1970-89), $338
million
Currency:
Communaute Financiere Africaine franc (plural - francs); 1 CFA franc (CFAF)
= 100 centimes

:Congo Economy

Exchange rates:
Communaute Financiere Africaine francs (CFAF) per US$