Congo Democratic Republic of the Economy - 2022

GEOGRAPHICAL NAMES 

Economic overview

The economy of the Democratic Republic of the Congo - a nation endowed with vast natural resource wealth - continues to perform poorly. Systemic corruption since independence in 1960, combined with countrywide instability and intermittent conflict that began in the early-90s, has reduced national output and government revenue, and increased external debt. With the installation of a transitional government in 2003 after peace accords, economic conditions slowly began to improve as the government reopened relations with international financial institutions and international donors, and President KABILA began implementing reforms. Progress on implementing substantive economic reforms remains slow because of political instability, bureaucratic inefficiency, corruption, and patronage, which also dampen international investment prospects.

 

Renewed activity in the mining sector, the source of most export income, boosted Kinshasa's fiscal position and GDP growth until 2015, but low commodity prices have led to slower growth, volatile inflation, currency depreciation, and a growing fiscal deficit. An uncertain legal framework, corruption, and a lack of transparency in government policy are long-term problems for the large mining sector and for the economy as a whole. Much economic activity still occurs in the informal sector and is not reflected in GDP data.

 

Poverty remains widespread in DRC, and the country failed to meet any Millennium Development Goals by 2015. DRC also concluded its program with the IMF in 2015. The price of copper – the DRC’s primary export - plummeted in 2015 and remained at record lows during 2016-17, reducing government revenues, expenditures, and foreign exchange reserves, while inflation reached nearly 50% in mid-2017 – its highest level since the early 2000s.

Real GDP (purchasing power parity)

$96.03 billion (2020 est.)

$95.29 billion (2019 est.)

$91.29 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

3.4% (2017 est.)

2.4% (2016 est.)

6.9% (2015 est.)

Real GDP per capita

$1,100 (2020 est.)

$1,100 (2019 est.)

$1,100 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$47.16 billion (2019 est.)

Inflation rate (consumer prices)

41.5% (2017 est.)

18.2% (2016 est.)

Credit ratings

Moody's rating: Caa1 (2019)

Standard & Poors rating: CCC+ (2017)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 19.7% (2017 est.)

industry: 43.6% (2017 est.)

services: 36.7% (2017 est.)

GDP - composition, by end use

household consumption: 78.5% (2017 est.)

government consumption: 12.7% (2017 est.)

investment in fixed capital: 15.9% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 25.7% (2017 est.)

imports of goods and services: -32.8% (2017 est.)

Agricultural products

cassava, plantains, sugar cane, maize, oil palm fruit, rice, roots/tubers nes, bananas, sweet potatoes, groundnuts

Industries

mining (copper, cobalt, gold, diamonds, coltan, zinc, tin, tungsten), mineral processing, consumer products (textiles, plastics, footwear, cigarettes), metal products, processed foods and beverages, timber, cement, commercial ship repair

Industrial production growth rate

1.6% (2017 est.)

Labor force

20.692 million (2012 est.)

Labor force - by occupation

agriculture: NA

industry: NA

services: NA

Unemployment rate

N/A

Youth unemployment rate (ages 15-24)

total: 8.7%

male: 11.3%

female: 6.8% (2012 est.)

Population below poverty line

63% (2014 est.)

Gini Index coefficient - distribution of family income

42.1 (2012 est.)

Household income or consumption by percentage share

lowest 10%: 2.3%

highest 10%: 34.7% (2006)

Budget

revenues: 4.634 billion (2017 est.)

expenditures: 5.009 billion (2017 est.)

Budget surplus (+) or deficit (-)

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

Public debt

18.1% of GDP (2017 est.)

19.3% of GDP (2016 est.)

Taxes and other revenues

11.2% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$200 million (2017 est.)

-$1.215 billion (2016 est.)

Exports

$13.93 billion (2020 est.)

$15.17 billion (2019 est.)

$16.08 billion (2018 est.)

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

Exports - partners

China 53%, United Arab Emirates 11%, Saudi Arabia 6%, South Korea 5% (2019)

Exports - commodities

copper, cobalt, crude petroleum, diamonds (2019)

Imports

$14.56 billion (2020 est.) note: data are in current year dollars

$16.89 billion (2019 est.) note: data are in current year dollars

$17.77 billion (2018 est.) note: data are in current year dollars

Imports - partners

China 29%, South Africa 15%, Zambia 12%, Rwanda 5%, Belgium 5%, India 5% (2019)

Imports - commodities

packaged medicines, refined petroleum, sulfuric acid, stone processing machines, delivery trucks (2019)

Reserves of foreign exchange and gold

$457.5 million (31 December 2017 est.)

$708.2 million (31 December 2016 est.)

Debt - external

$4.963 billion (31 December 2017 est.)

$5.35 billion (31 December 2016 est.)

Exchange rates

Congolese francs (CDF) per US dollar -

1,546.8 (2017 est.)

1,010.3 (2016 est.)

1,010.3 (2015 est.)

925.99 (2014 est.)

925.23 (2013 est.)

NOTE: The information regarding Congo Democratic Republic of the 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 Congo Democratic Republic of the 2022 information contained here. All suggestions for corrections of any errors about Congo Democratic Republic of the 2022 should be addressed to the CIA or the source cited on each page.