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    Congo Economy - 1989

      Overview: Oil is the mainstay of the economy, providing about 90% of exports and two-thirds of government revenues. In the early 1980s rapidly rising oil revenues enabled the Congo to finance large-scale development projects, and the country briefly achieved one of the highest real growth rates in Africa. The world decline in oil prices, however, has ended the period of rapid economic growth. The government has been forced to launch an austerity program to cope with declining receipts and to meet mounting foreign debts.

      GDP: $2.2 billion, per capita $1,060; real growth rate - 5.2% (1987)

      Inflation rate (consumer prices): 1.3% (1987)

      Unemployment rate: NA%

      Budget: revenues $453.2 million; expenditures $742.7 million, including capital expenditures of $101.2 million (1987)

      Exports: $912 million (f.o.b., 1987); @m5commodities--crude petroleum 72%, lumber, plywood, coffee, cocoa, sugar, diamonds; @m5partners--US, France, other EC

      Imports: $494.4 million (c.i.f., 1987); @m5commodities--foodstuffs, consumer goods, intermediate manufactures, capital equipment; @m5partners--France, Italy, other EC, US, FRG, Spain, Japan, Brazil

      External debt: $4.5 billion (December 1988)

      Industrial production: growth rate - 5.9% (1987)

      Electricity: 133,000 kW capacity; 301 million kWh produced, 140 kWh per capita (1988)

      Industries: crude oil, cement, sawmills, brewery, sugar mill, palm oil, soap, cigarettes

      Agriculture: imports 90% of annual food requirements; cash crops are coffee and cacao; cassava, rice, corn, peanuts, vegetables

      Aid: NA

      Currency: Communaute Financiere Africaine franc (plural--francs); 1 CFA franc (CFAF) = 100 centimes

      Exchange rates: Communaute Financiere Africaine francs (CFAF) per US$1--312.52 (January 1989), 297.85 (1988), 300.54 (1987), 346.30 (1986), 449.26 (1985)

      Fiscal year: calendar year

      NOTE: The information regarding Congo on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Congo Economy 1989 information contained here. All suggestions for corrections of any errors about Congo Economy 1989 should be addressed to the CIA.

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    Revised 15-Apr-03
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