Congo Republic of the Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

primarily an oil- and natural resources-based economy; recovery from mid-2010s oil devaluation has been slow and curtailed by COVID-19; extreme poverty increasing, particularly in southern rural regions; attempting to implement recommended CEMAC reforms; increasing likelihood of debt default

Real GDP (purchasing power parity)

$18.875 billion (2021 est.)

$19.3 billion (2020 est.)

$20.584 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

-2.2% (2021 est.)

-6.24% (2020 est.)

-0.09% (2019 est.)

Real GDP per capita

$3,200 (2021 est.)

$3,400 (2020 est.)

$3,700 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$8.718 billion (2017 est.)

Inflation rate (consumer prices)

1.72% (2021 est.)

1.8% (2020 est.)

2.21% (2019 est.)

Credit ratings

Fitch rating: CCC (2019)

Moody's rating: Caa2 (2018)

Standard & Poors rating: CCC+ (2020)

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

GDP - composition, by sector of origin

agriculture: 9.3% (2017 est.)

industry: 51% (2017 est.)

services: 39.7% (2017 est.)

GDP - composition, by end use

household consumption: 47.6% (2017 est.)

government consumption: 9.6% (2017 est.)

investment in fixed capital: 42.5% (2017 est.)

investment in inventories: 0.1% (2017 est.)

exports of goods and services: 62.9% (2017 est.)

imports of goods and services: -62.7% (2017 est.)

Agricultural products

cassava, sugar cane, oil palm fruit, cassava leaves, bananas, plantains, roots/tubers, game meat, vegetables, mangoes/guavas

Industries

petroleum extraction, cement, lumber, brewing, sugar, palm oil, soap, flour, cigarettes

Industrial production growth rate

-7.91% (2021 est.)

Labor force

2.268 million (2021 est.)

Labor force - by occupation

agriculture: 35.4%

industry: 20.6%

services: 44% (2005 est.)

Unemployment rate

23.01% (2021 est.)

22.84% (2020 est.)

20.62% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 42.3%

male: 42.2%

female: 42.5% (2021 est.)

Population below poverty line

40.9% (2011 est.)

Gini Index coefficient - distribution of family income

48.9 (2011 est.)

Household income or consumption by percentage share

lowest 10%: 2.1%

highest 10%: 37.1% (2005)

Budget

revenues: $3.399 billion (2018 est.)

expenditures: $2.628 billion (2018 est.)

Budget surplus (+) or deficit (-)

-7% (of GDP) (2017 est.)

Public debt

130.8% of GDP (2017 est.)

128.7% of GDP (2016 est.)

Taxes and other revenues

8.95% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$1.441 billion (2020 est.)

$1.632 billion (2019 est.)

-$3.596 billion (2016 est.)

Exports

$4.67 billion (2020 est.)

$7.855 billion (2019 est.)

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

Exports - partners

China 49%, United Arab Emirates 15%, India 6%, Italy 5% (2019)

Exports - commodities

copper, crude petroleum, refined petroleum, lumber, tin (2021)

Imports

$3.279 billion (2020 est.)

$4.945 billion (2019 est.)

Imports - partners

China 15%, France 12%, Belgium 6%, Angola 5% (2019)

Imports - commodities

ships, chicken products, refined petroleum, processed fish, packaged medicines (2019)

Reserves of foreign exchange and gold

$988.316 million (31 December 2019 est.)

$423.617 million (31 December 2018 est.)

$379.984 million (31 December 2017 est.)

Debt - external

$4.605 billion (31 December 2017 est.)

$4.721 billion (31 December 2016 est.)

Exchange rates

Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar -

554.531 (2021 est.)

575.586 (2020 est.)

585.911 (2019 est.)

555.446 (2018 est.)

580.657 (2017 est.)

NOTE: The information regarding Congo Republic of the on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Congo Republic of the 2023 information contained here. All suggestions for corrections of any errors about Congo Republic of the 2023 should be addressed to the CIA or the source cited on each page.