Republic of Congo in Western Africa borders South Atlantic Ocean to its south west. Gabon, Cameroon, Central African Republic and Democratic Republic of Congo are the other nations surrounding this equatorial country. Agriculture, oil production and export, and forestry are the main economic activities. During the 1980’s Congo’s GDP grew at an average annual rate of 5%, among the highest in Africa. Oil being the main revenue earner for Congo economy, the rise in its prices towards the beginning of this decade boosted the nation’s economy. The International Monetary Fund (IMF) and World Bank in 2006 approved HIPC (heavily indebted poor countries) treatment for Republic of Congo.
Economic activities of Republic of Congo
Oil production and forestry are the main economic activities of Congo. According to 2006 estimates Congo has an oil reserve of approximately 1.5 billion bbl (billion barrels). Industrial activity accounts for more than 57% of GDP (gross domestic product). Petroleum extraction, lumbering, cement manufacturing, breweries, vegetable oil, cigarette making, and sugar production are the important industries in Congo.
The contribution of agriculture towards GDP is over 5%. Forestry is the principal agricultural activity of this African country. Other agricultural products grown include sugar, coffee, peanuts, corn, cassava, cocoa, and rice.
Services or tertiary sector comprises approximately 37% of GDP of Republic of Congo.
Congo has healthy trade relations with USA, France, China, South Korea, Brazil, India, Belgium and Taiwan. Petroleum, timber, plywood, coffee, cocoa, and sugar are the key exports from Congo. The imported commodities include construction materials, capital equipment, and foodstuff.
Important economic parameters of Republic of Congo
The following indicators help in determining the economic status of Republic of Congo:
- GDP based on purchasing power parity (ppp) – US $12.86 billion
- GDP based on official exchange rate – US $7.657 billion
- Per capita GDP based on ppp rates – US $3400
- Real growth rate of GDP - 1.6% -ve
- Goss fixed investment – 40.4% of GDP
- Annual revenue – US $3.295 billion
- Annual expenditure – US $2.444 billion
- Exports – US $5.8 billion f.o.b. (free on board)
- Imports – US $2.634 billion f.o.b.
- Electricity consumption – 572 kWh*
- Oil consumption – 7000 bbl per day*
- Currency – CFA Franc, represented as XAF
All figures are as in 2007, except for * marked data which are according to 2005 estimates.
Economic parameters of CAR
Following are the important economic parameters of Central African Republic:
- GDP based on purchasing power parity (ppp) - US $3.007 billion
- GDP according to official exchange rate - US $1.714 billion
- Per capita GDP (ppp) - US $700
- Real growth rate of GDP - 4%
- Total revenue – US $250 million
- Total expenditure – US $273 million
- Total exports – US $146.7 million free on board
- Total imports –US $273.3 million free on board
- External debt – US $1.153 billion
- Currency – CFA franc
All the above figures are as per estimates of 2007. Source:https://www.cia.gov/library/publications/the-world-factbook/geos/ct.html