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Congo, Democratic Republic of the Economy
Economy - overview:
The economy of the Democratic Republic of the Congo - a nation endowed with vast potential wealth - has declined drastically since the mid-1980s. The war, which began in August 1998, has dramatically reduced national output and government revenue, has increased external debt, and has resulted in the deaths from war, famine, and disease of perhaps 3.5 million people. Foreign businesses have curtailed operations due to uncertainty about the outcome of the conflict, lack of infrastructure, and the difficult operating environment. The war has intensified the impact of such basic problems as an uncertain legal framework, corruption, inflation, and lack of openness in government economic policy and financial operations. Conditions improved in late 2002 with the withdrawal of a large portion of the invading foreign troops. Several IMF and World Bank missions have met with the government to help it develop a coherent economic plan, and President KABILA has begun implementing reforms. Much economic activity lies outside the GDP data. Economic stability, aided by international donors, improved in 2003. New mining contracts have been approved, which - combined with high mineral and metal prices - could improve Kinshasa's fiscal position and GDP growth.
GDP:
purchasing power parity - $40.05 billion (2003 est.)
GDP - real growth rate:
6.5% (2003 est.)
GDP - per capita:
purchasing power parity - $700 (2003 est.)
GDP - composition by sector:
agriculture: 55%
industry: 11%
services: 34% (2000 est.)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
14% (2003 est.)
Labor force:
14.51 million (1993 est.)
Labor force - by occupation:
NA
Unemployment rate:
NA (2003 est.)
Budget:
revenues: $269 million
expenditures: $244 million, including capital expenditures of $24 million (1996 est.)
Industries:
mining (diamonds, copper, zinc), mineral processing, consumer products (including textiles, footwear, cigarettes, processed foods and beverages), cement
Industrial production growth rate:
NA
Electricity - production:
5.243 billion kWh (2001)
Electricity - production by source:
fossil fuel: 1.8%
hydro: 98.2%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
3.839 billion kWh (2001)
Electricity - exports:
1.097 billion kWh (2001)
Electricity - imports:
60 million kWh (2001)
Oil - production:
24,000 bbl/day (2001 est.)
Oil - consumption:
14,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
1.538 billion bbl (1 January 2002)
Natural gas - proved reserves:
104.8 billion cu m (1 January 2002)
Agriculture - products:
coffee, sugar, palm oil, rubber, tea, quinine, cassava (tapioca), palm oil, bananas, root crops, corn, fruits; wood products
Exports:
$1.417 billion f.o.b. (2002 est.)
Exports - commodities:
diamonds, copper, crude oil, coffee, cobalt
Exports - partners:
Belgium 55.6%, US 15.6%, Zimbabwe 11.2%, Finland 4.9% (2003 est.)
Imports:
$933 million f.o.b. (2002 est.)
Imports - commodities:
foodstuffs, mining and other machinery, transport equipment, fuels
Imports - partners:
South Africa 16.1%, Belgium 14.1%, France 11.9%, Nigeria 10.7%, Germany 6.5%, Kenya 5.1% (2003 est.)
Debt - external:
$11.6 billion (2000 est.)
Economic aid - recipient:
$195.3 million (1995)
Currency:
Congolese franc (CDF)
Currency code:
CDF
Exchange rates:
Congolese francs per US dollar - NA (2003), 346.485 (2002), 206.617 (2001), 21.82 (2000), 4.02 (1999)
Fiscal year:
calendar year
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