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Central African Republic Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Central African Republic Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
Subsistence agriculture, together with forestry and mining, remains the backbone of the economy of the Central African Republic (CAR), with about 60% of the population living in outlying areas. The agricultural sector generates more than half of estimated GDP, although statistics are unreliable in the conflict-prone country. Timber and diamonds account for most export earnings, followed by cotton. Important constraints to economic development include the CAR's landlocked geography, poor transportation system, largely unskilled work force, and legacy of misdirected macroeconomic policies. Factional fighting between the government and its opponents remains a drag on economic revitalization. Distribution of income is highly unequal and grants from the international community can only partially meet humanitarian needs. CAR shares a common currency with the Central African Monetary Union. The currency is pegged to the Euro.

Since 2009, the IMF has worked closely with the government to institute reforms that have resulted in some improvement in budget transparency, but other problems remain. The government's additional spending in the run-up to the 2011 election worsened CAR's fiscal situation. In 2012, the World Bank approved $125 million in funding for transport infrastructure and regional trade, focused on the route between CAR's capital and the port of Douala in Cameroon. In July 2016, the IMF approved a three-year extended credit facility valued at $116 million; in mid-2017, the IMF completed a review of CAR’s fiscal performance and broadly approved of the government’s management, although issues with revenue collection, weak government capacity, and transparency remain. The World Bank in late 2016 approved a $20 million grant to restore basic fiscal management, improve transparency, and assist with economic recovery.

Participation in the Kimberley Process, a commitment to remove conflict diamonds from the global supply chain, led to a partially lifted the ban on diamond exports from CAR in 2015, but persistent insecurity is likely to constrain real GDP growth.

GDP (purchasing power parity):
$3.39 billion (2017 est.)
$3.249 billion (2016 est.)
$3.108 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 185
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.937 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.3% (2017 est.)
4.5% (2016 est.)
4.8% (2015 est.)
country comparison to the world: 67
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$700 (2017 est.)
$700 (2016 est.)
$600 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 228
[see also: GDP - per capita country ranks ]

Gross national saving:
5.4% of GDP (2017 est.)
8.2% of GDP (2016 est.)
4.2% of GDP (2015 est.)
country comparison to the world: 175
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 95.3% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 8.5% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 13.7% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 12% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -29.5% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 43.2% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 16% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 40.8% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
cotton, coffee, tobacco, cassava (manioc, tapioca), yams, millet, corn, bananas; timber

Industries:
gold and diamond mining, logging, brewing, sugar refining

Industrial production growth rate:
3.9% (2017 est.)
country comparison to the world: 77
[see also: Industrial production growth rate country ranks ]

Labor force:
2.242 million (2017 est.)
country comparison to the world: 120
[see also: Labor force country ranks ]

Unemployment rate:
6.9% (2017 est.)
country comparison to the world: 103
[see also: Unemployment rate country ranks ]

Population below poverty line:
62% NA (2008 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 33% (2003)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
43.6 (2003 est.)
61.3 (1993)
country comparison to the world: 46
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 282.9 million (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 300.1 million (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
14.6% (of GDP) (2017 est.)
country comparison to the world: 198
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.9% (of GDP) (2017 est.)
country comparison to the world: 71
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
52.9% of GDP (2017 est.)
56% of GDP (2016 est.)
country comparison to the world: 93
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
4.1% (2017 est.)
4.6% (2016 est.)
country comparison to the world: 159
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.25% (31 December 2009)
4.75% (31 December 2008)
country comparison to the world: 90
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
15.5% (31 December 2017 est.)
15.5% (31 December 2016 est.)
country comparison to the world: 35
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$428.9 million (31 December 2017 est.)
$341.5 million (31 December 2016 est.)
country comparison to the world: 172
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$428.9 million (31 December 2017 est.)
$341.5 million (31 December 2016 est.)
country comparison to the world: 176
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$547 million (31 December 2017 est.)
$452.7 million (31 December 2016 est.)
country comparison to the world: 177
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$163 million (2017 est.)
-$97 million (2016 est.)
country comparison to the world: 94
[see also: Current account balance country ranks ]

Exports:
$113.7 million (2017 est.)
$101.5 million (2016 est.)
country comparison to the world: 196
[see also: Exports country ranks ]

Exports - partners:
France 31.2%, Burundi 16.2%, China 12.5%, Cameroon 9.6%, Austria 7.8% (2017)

Exports - commodities:
diamonds, timber, cotton, coffee

Imports:
$393.1 million (2017 est.)
$342.2 million (2016 est.)
country comparison to the world: 199
[see also: Imports country ranks ]

Imports - commodities:
food, textiles, petroleum products, machinery, electrical equipment, motor vehicles, chemicals, pharmaceuticals

Imports - partners:
France 17.1%, US 12.3%, India 11.5%, China 8.2%, South Africa 7.4%, Japan 5.8%, Italy 5.1%, Cameroon 4.9%, Netherlands 4.6% (2017)

Reserves of foreign exchange and gold:
$304.3 million (31 December 2017 est.)
$252.5 million (31 December 2016 est.)
country comparison to the world: 168
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$779.9 million (31 December 2017 est.)
$691.5 million (31 December 2016 est.)
country comparison to the world: 171
[see also: Debt - external country ranks ]

Exchange rates:
Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar -
605.3 (2017 est.)
593.01 (2016 est.)
593.01 (2015 est.)
591.45 (2014 est.)
494.42 (2013 est.)

NOTE: 1) The information regarding Central African Republic on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Central African Republic Economy 2019 information contained here. All suggestions for corrections of any errors about Central African Republic Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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