Central African Republic Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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.

Real GDP (purchasing power parity)

$4.483 billion (2019 est.)

$4.354 billion (2018 est.)

$4.195 billion (2017 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.3% (2017 est.)

4.5% (2016 est.)

4.8% (2015 est.)

Real GDP per capita

$900 (2020 est.)

$900 (2019 est.)

$900 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1.937 billion (2017 est.)

Inflation rate (consumer prices)

2.7% (2019 est.)

1.6% (2018 est.)

4.2% (2017 est.)

GDP - composition, by sector of origin

agriculture: 43.2% (2017 est.)

industry: 16% (2017 est.)

services: 40.8% (2017 est.)

GDP - composition, by end use

household consumption: 95.3% (2017 est.)

government consumption: 8.5% (2017 est.)

investment in fixed capital: 13.7% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 12% (2017 est.)

imports of goods and services: -29.5% (2017 est.)

Agricultural products

cassava, yams, groundnuts, taro, bananas, sugar cane, beef, maize, plantains, milk

Industries

gold and diamond mining, logging, brewing, sugar refining

Industrial production growth rate

3.9% (2017 est.)

Labor force

2.242 million (2017 est.)

Unemployment rate

6.9% (2017 est.)

Population below poverty line

62% (2008 est.) NA

Gini Index coefficient - distribution of family income

43.6 (2003 est.)

61.3 (1993)

Household income or consumption by percentage share

lowest 10%: 2.1%

highest 10%: 33% (2003)

Budget

revenues: 282.9 million (2017 est.)

expenditures: 300.1 million (2017 est.)

Budget surplus (+) or deficit (-)

-0.9% (of GDP) (2017 est.)

Public debt

52.9% of GDP (2017 est.)

56% of GDP (2016 est.)

Taxes and other revenues

14.6% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$163 million (2017 est.)

-$97 million (2016 est.)

Exports

$113.7 million (2017 est.)

$101.5 million (2016 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

China 41%, United Arab Emirates 19%, France 7% (2019)

Exports - commodities

lumber, gold, diamonds, sea vessels, cocoa paste (2019)

Imports

$393.1 million (2017 est.)

$342.2 million (2016 est.)

Imports - partners

India 18%, France 12%, United States 11%, China 9%, Netherlands 7%, Belgium 7%, Malta 6% (2019)

Imports - commodities

refined petroleum, packaged medicines, natural gas, broadcasting equipment, second-hand clothing (2019)

Reserves of foreign exchange and gold

$304.3 million (31 December 2017 est.)

$252.5 million (31 December 2016 est.)

Debt - external

$779.9 million (31 December 2017 est.)

$691.5 million (31 December 2016 est.)

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: The information regarding Central African Republic on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Central African Republic 2022 information contained here. All suggestions for corrections of any errors about Central African Republic 2022 should be addressed to the CIA or the source cited on each page.