roblems and
overstaffing. Oil has supplanted forestry as the mainstay of the
economy, providing a major share of government revenues and exports.
In the early 1980s, rapidly rising oil revenues enabled the
government to finance large-scale development projects with GDP
growth averaging 5% annually, one of the highest rates in Africa.
Moreover, the government has mortgaged a substantial portion of its
oil earnings, contributing to the government's shortage of revenues.
The 12 January 1994 devaluation of Franc Zone currencies by 50%
resulted in inflation of 61% in 1994, but inflation has subsided
since. Economic reform efforts continued with the support of
international organizations, notably the World Bank and the IMF. The
reform program came to a halt in June 1997 when civil war erupted.
Denis SASSOU-NGUESSO, who returned to power when the war ended in
October 1997, publicly expressed interest in moving forward on
economic reforms and privatization and in renewing cooperation with
international financial institutions. However, economic progress was
badly hurt by slumping oil prices and the resumption of armed
conflict in December 1998, which worsened the Republic of the
Congo's budget deficit. Even with the IMF's renewed confidence and
high world oil prices, Congo is unlikely to realize growth of more
than 5% in 2001-02. With the return to fragile peace, the IMF
approved a $14 million credit in November 2000 to aid post-conflict
reconstruction.

GDP: purchasing power parity - $3.1 billion (2000 est.)

GDP - real growth rate: 3.8% (2000 est.)

GDP - per capita: purchasing power parity - $1,100 (2000 est.)

GDP - composition by sector: agriculture: 10%

industry: 48%

services: 42% (1999 est.)

Population below poverty line: NA%

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

highest 10%: NA%

Inflation rate (consumer prices): 3.5% (2000 est.)

Labor force: NA

Unemployment rate: NA%

Budget: revenues: $870 million

expenditures: $970 million, including capital expenditures of $NA
(1997 est.)

Industries: petroleum extraction, cement kilning, lumbering,
brewing, sugar milling, palm oil, soap, flour, cigarette making

Industrial production growth rate: NA%

Electricity - production: 302 million kWh (1999)

Electricity - production by source: fossil fuel: 0.66%

hydro: 99.34%

nuclear: 0%

other: 0% (1999)

Electricity - consumption: 406.9 million kWh (1999)