Central African Republic Economy - 2024

Economic overview

enormous natural resources; extreme poverty; weak public institutions and infrastructure; political and gender-based violence have led to displacement of roughly 25% of population; Bangui-Douala corridor blockade reduced activity and tax collection; strong agricultural performance offset COVID-19 downturn

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

0.9% (2021 est.)
0.9% (2020 est.)
3.1% (2019 est.)

Real GDP per capita

$800 (2021 est.)
$800 (2020 est.)
$900 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1.937 billion (2017 est.)

Inflation rate (consumer prices)

4.26% (2021 est.)
1.71% (2020 est.)
2.69% (2019 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

-0.24% (2021 est.)

Labor force

2.015 million (2021 est.)

Unemployment rate

6.57% (2021 est.)
6.36% (2020 est.)
5.62% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 11.8% (2021 est.)

male: 10.6%

female: 13.1%

Population below poverty line

62% (2008 est.) NA

Gini Index coefficient - distribution of family income

56.2 (2008 est.)

Household income or consumption by percentage share

lowest 10%: 2.1%

highest 10%: 33% (2003)

Budget

revenues: $418 million (2019 est.)

expenditures: $385 million (2019 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

8.71% (of GDP) (2020 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

gold, lumber, diamonds, large construction vehicles, rum (2021)

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

$350.305 million (31 December 2019 est.)
$361.797 million (31 December 2018 est.)
$362.717 million (31 December 2017 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 -

Exchange rates:
554.531 (2021 est.)
575.586 (2020 est.)
585.911 (2019 est.)
555.446 (2018 est.)
580.657 (2017 est.)