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A Brief Introduction to the Economy of Congo

Congo is located in Western Africa between Angola and Gabon. Denis Sassou-Nguesso is the President of Congo. Its capital and largest city is Brazzaville. Its currency is CFA Franc. It’s estimated population is 3,800,610 (annual growth rate of 2.6%). Its GDP is$ 5.099 billion(7.5%). Congo has a rank of 140 in HDR (Human Development Report) with a HDI (Human Development Index) of 0.520.

Sectoral Overview of Congo

Primary Sector:

Rural areas of Congo have village agriculture and handicrafts as the dominating occupations and primary source of food supply. The contribution of agriculture to GDP is 6.2%. The major crops include coffee, sugar, rice, cassava, beans, peanuts etc. Cattle rearing and pigs are kept in every province

Secondary Sector:

The industrial sector of Congo is largely based on oil. Industry has a share of 55.3% in Congo‘s GDP. Petroleum products, industrial diamonds, cobalt, tin, copper etc. are the main industrial products of Congo.

Tertiary Sector:

Congo spends 3.2% of GDP on education and 1.3% on health. Almost 10% of Congo residents are cellular subscribers but less than 1% of people use Internet services.

Market Performance of Congo

The civil war in 1997 had a negative effect on economic reforms. Then the economy was badly hit by oil price slump and resumption of the armed conflict in 1998. Despite a hike in oil prices, Congo Republic faces huge budget deficit and uneasy international peace.

Export- Import Scenario Of Congo:

In 1996 Congo exported goods and service worth $5.996 billion and imports had a monetary value of $1.964 billion. Its major export items are coffee, diamonds, petroleum, sugar and plywood whereas it imported mainly construction materials, capital equipments and foodstuffs. Its major trading partners are North Korea, China, Taiwan, U.S., Germany, Netherlands and South Korea.

Balance Of Payments scenario of Congo:

Congo has an overall Balance of Payments deficit of 36,7 billion CFA Francs with a Current Account balance of 35,8 billion CFA francs and a Capital Account balance of 16,9 billion CFA, francs(2007 projection).

International Relations: Diplomatic Representation of Congo

Congo has diplomatic representation in the US and Chief of the mission is Ambassador Serge Momobuli. It is also a member of United Nations, IMF, IFC, Interpol etc.

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