Central African Republic Economy - 2005

Economy - overview:
Subsistence agriculture, together with forestry, remains the backbone of the economy of the Central African Republic (CAR), with more than 70% of the population living in outlying areas. The agricultural sector generates half of GDP. Timber has accounted for about 16% of export earnings and the diamond industry, for 54%. Important constraints to economic development include the CAR's landlocked position, a poor transportation system, a largely unskilled work force, and a legacy of misdirected macroeconomic policies. Factional fighting between the government and its opponents remains a drag on economic revitalization, with GDP growth at only 0.5% in 2004. Distribution of income is extraordinarily unequal. Grants from France and the international community can only partially meet humanitarian needs.

GDP:
purchasing power parity - $4.248 billion (2004 est.)

GDP - real growth rate:
0.5% (2004 est.)

GDP - per capita:
purchasing power parity - $1,100 (2004 est.)

GDP - composition by sector:
agriculture: 55%
industry: 20%
services: 25% (2001 est.)

Labor force:
NA

Unemployment rate:
8% (23% for Bangui) (2001 est.)

Population below poverty line:
NA (1993)

Household income or consumption by percentage share:
lowest 10%: 0.7%
highest 10%: 47.7% (1993)

Distribution of family income - Gini index:
61.3 (1993)

Inflation rate (consumer prices):
3.6% (2001 est.)

Budget:
revenues: NA
expenditures: NA, including capital expenditures of NA

Agriculture - products:
cotton, coffee, tobacco, manioc (tapioca), yams, millet, corn, bananas; timber

Industries:
gold and diamond mining, logging, brewing, textiles, footwear, assembly of bicycles and motorcycles

Industrial production growth rate:
3% (2002)

Electricity - production:
106 million kWh (2002)

Electricity - consumption:
98.58 million kWh (2002)

Electricity - exports:
0 kWh (2002)

Electricity - imports:
0 kWh (2002)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
2,400 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

Exports:
$172 million f.o.b. (2002 est.)

Exports - commodities:
diamonds, timber, cotton, coffee, tobacco

Exports - partners:
Belgium 41%, Italy 8.9%, Spain 8.5%, Indonesia 7.6%, France 6.3%, US 5.3% (2004)

Imports:
$136 million f.o.b. (2002 est.)

Imports - commodities:
food, textiles, petroleum products, machinery, electrical equipment, motor vehicles, chemicals, pharmaceuticals

Imports - partners:
France 19.4%, US 16.3%, Cameroon 8.3%, Belgium 5.6% (2004)

Debt - external:
$881.4 million (2000 est.)

Economic aid - recipient:
ODA $73 million; note - traditional budget subsidies from France (2000 est.)

Currency (code):
Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States

Exchange rates:
Communaute Financiere Africaine francs (XAF) per US dollar - 528.29 (2004), 581.2 (2003), 696.99 (2002), 733.04 (2001), 711.98 (2000)