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.
Subsequently, falling oil prices cut GDP growth by half. 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 in 1998, which worsened the
Republic of the Congo's budget deficit. A second blow was the
resumption of armed conflict in December 1998.

GDP: purchasing power parity--$3.9 billion (1998 est.)

GDP--real growth rate: 2.5% (1998 est.)

GDP--per capita: purchasing power parity?$1,500 (1998 est.)

GDP--composition by sector:
agriculture: 10%
industry: 59%
services: 31% (1997 est.)

Population below poverty line: NA%

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

Inflation rate (consumer prices): 5% (1997 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, cigarette making

Industrial production growth rate: NA%

Electricity--production: 438 million kWh (1996)

Electricity--production by source:
fossil fuel: 0.68%
hydro: 99.32%
nuclear: 0%
other: 0% (1996)

Electricity--consumption: 553 million kWh (1996)

Electricity--exports: 0 kWh (1996)

Electricity--imports: 115 million kWh (1996)

Agriculture--products: cassava (tapioca), sugar, rice, corn,
peanuts, vegetables, coffee, cocoa; forest products

Exports: $1.7 billion (f.o.b., 1997)

Exports--commodities: petroleum 50%, lumber, plywood, sugar,
cocoa, coff