Congo Republic of The Economy - 2024

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.)

Unemployment rate

23.01% (2021 est.)
22.84% (2020 est.)
20.62% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 42.3% (2021 est.)

male: 42.2%

female: 42.5%

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)

Remittances

0.12% of GDP (2020 est.)
0.21% of GDP (2019 est.)
0.08% of GDP (2016 est.)

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 -

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