Congo, Democratic Republic of the Economy 2009

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Congo Democratic Republic of the Economy 2009

Economy - overview:
The economy of the Democratic Republic of the Congo - a nation endowed with vast potential wealth - is slowly recovering from two decades of decline. Conflict that began in August 1998 has dramatically reduced national output and government revenue, increased external debt, and resulted in the deaths of more than 5 million people from violence, famine, and disease. Foreign businesses curtailed operations due to uncertainty about the outcome of the conflict, lack of infrastructure, and the difficult operating environment. Conditions began to improve in late 2002 with the withdrawal of a large portion of the invading foreign troops. The transitional government reopened relations with international financial institutions and international donors, and President KABILA began implementing reforms, although progress has been slow and the International Monetary Fund curtailed their program for the DRC at the end of March 2006 because of fiscal overruns. Much economic activity still occurs in the informal sector, and is not reflected in GDP data. Renewed activity in the mining sector, the source of most export income, boosted Kinshasa's fiscal position and GDP growth from 2006-2008, however, renewed strife in the second half of 2008, combined with a fall in world market prices for the DRC's key mineral exports inflicted major damage on the economy and halted growth. Government reforms may lead to increased government revenues, outside budget assistance, and foreign direct investment, although an uncertain legal framework, corruption, a lack of transparency in government policy are long-term problems. The DRC government has applied to the IMF for an Exogenous Shock Facility in the amount of $200 million to help it deal with its deteriorating financial situation, and the World Bank will consider a separate $100 million in emergency funding. The global recession probably will cut economic growth in 2009 to half its 2008 level.

GDP (purchasing power parity):
$21.05 billion (2008 est.)
$19.49 billion (2007)
$18.22 billion (2006)
note: data are in 2008 US dollars

GDP (official exchange rate):
$12.96 billion (2008 est.)

GDP - real growth rate:
8% (2008 est.)
7% (2007 est.)
6.4% (2006 est.)

GDP - per capita (PPP):
$300 (2008 est.)
$300 (2007 est.)
$300 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector:
agriculture: 55%
industry: 11%
services: 34% (2000 est.)

Labor force:
15 million (2006 est.)

Labor force - by occupation:
agriculture: NA%
industry: NA%
services: NA%

Unemployment rate:

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

revenues: $700 million
expenditures: $2 billion (2006 est.)

Inflation rate (consumer prices):
16.7% (2007 est.)

Central bank discount rate:
5.25% (31 December 2007)

Commercial bank prime lending rate:

Stock of money:
$597 million (31 December 2007)

Stock of quasi money:
$677.9 million (31 December 2007)

Stock of domestic credit:
$559.5 million (31 December 2007)

Market value of publicly traded shares:

Agriculture - products:
coffee, sugar, palm oil, rubber, tea, quinine, cassava (tapioca), palm oil, bananas, root crops, corn, fruits; wood products

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

Industrial production growth rate:

Electricity - production:
7.243 billion kWh (2006 est.)

Electricity - consumption:
5.158 billion kWh (2006 est.)

Electricity - exports:
1.799 billion kWh (2006 est.)

Electricity - imports:
6 million kWh (2006 est.)

Oil - production:
22,160 bbl/day (2007 est.)

Oil - consumption:
10,460 bbl/day (2006 est.)

Oil - exports:
19,820 bbl/day (2005)

Oil - imports:
8,220 bbl/day (2006 est.)

Oil - proved reserves:
180 million bbl (1 January 2008 est.)

Natural gas - production:
0 cu m (2007 est.)

Natural gas - consumption:
0 cu m (2007 est.)

Natural gas - exports:
0 cu m (2007 est.)

Natural gas - imports:
0 cu m (2007 est.)

Natural gas - proved reserves:
991.1 million cu m (1 January 2008 est.)

Current account balance:
-$402 million (2007 est.)

$6.1 billion f.o.b. (2007)

Exports - commodities:
diamonds, gold, copper, cobalt, wood products, crude oil, coffee

Exports - partners:
Belgium 23.6%, China 21.7%, US 9.8%, Finland 9.1%, Brazil 9.1%, France 6.8%, Zambia 6% (2007)

$5.2 billion f.o.b. (2007)

Imports - commodities:
foodstuffs, mining and other machinery, transport equipment, fuels

Imports - partners:
South Africa 22.5%, Belgium 10.3%, Zambia 8.9%, Zimbabwe 7.5%, France 6.8%, Kenya 6.3%, US 4.1%, Cote d'Ivoire 4.1% (2007)

Debt - external:
$10 billion (2007 est.)

Exchange rates:
Congolese francs (CDF) per US dollar - NA (2007), 464.69 (2006), 437.86 (2005), 401.04 (2004), 405.34 (2003)

NOTE: The information regarding Congo, Democratic Republic of the on this page is re-published from the 2009 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Congo, Democratic Republic of the Economy 2009 information contained here. All suggestions for corrections of any errors about Congo, Democratic Republic of the Economy 2009 should be addressed to the CIA.

This page was last modified 10-Jun-09
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