Chad Economy 2007

Economy - overview:
Chad's primarily agricultural economy will continue to be boosted by major foreign direct investment projects in the oil sector that began in 2000. Over 80% of Chad's population relies on subsistence farming and livestock raising for its livelihood. Chad's economy has long been handicapped by its landlocked position, high energy costs, and a history of instability. Chad relies on foreign assistance and foreign capital for most public and private sector investment projects. A consortium led by two US companies has been investing $3.7 billion to develop oil reserves - estimated at 1 billion barrels - in southern Chad. The nation's total oil reserves have been estimated to be 2 billion barrels. Oil production came on stream in late 2003. Chad began to export oil in 2004. Cotton, cattle, and gum arabic provide the bulk of Chad's non-oil export earnings.

GDP (purchasing power parity):
$14.98 billion (2006 est.)

GDP (official exchange rate):
$4.981 billion (2006 est.)

GDP - real growth rate:
1.3% (2006 est.)

GDP - per capita (PPP):
$1,500 (2006 est.)

GDP - composition by sector:
agriculture: 22.7%
industry: 47%
services: 30.3% (2006 est.)

Labor force:
2.719 million (1993)

Labor force - by occupation:
agriculture: 80% (subsistence farming, herding, and fishing)
industry and services: 20% (1993)

Unemployment rate:
NA%

Population below poverty line:
80% (2001 est.)

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

Inflation rate (consumer prices):
8% (2006 est.)

Investment (gross fixed):
16.8% of GDP (2006 est.)

Budget:
revenues: $990.6 million
expenditures: $1.038 billion (2006 est.)

Agriculture - products:
cotton, sorghum, millet, peanuts, rice, potatoes, manioc (tapioca); cattle, sheep, goats, camels

Industries:
oil, cotton textiles, meatpacking, beer brewing, natron (sodium carbonate), soap, cigarettes, construction materials

Industrial production growth rate:
5% (1995)

Electricity - production:
95 million kWh (2005)

Electricity - consumption:
88.35 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
225,000 bbl/day (2005 est.)

Oil - consumption:
1,460 bbl/day (2004 est.)

Oil - exports:
170,000 bbl/day (2004)

Oil - imports:
NA bbl/day

Oil - proved reserves:
0 bbl (1 January 2006)

Natural gas - production:
0 cu m (2005 est.)

Natural gas - consumption:
0 cu m (2005 est.)

Current account balance:
$-104 million (2006 est.)

Exports:
$3.749 billion f.o.b. (2006 est.)

Exports - commodities:
cotton, cattle, gum arabic, oil

Exports - partners:
US 80.6%, China 10.4%, South Korea 2.3% (2006)

Imports:
$1.007 billion f.o.b. (2006 est.)

Imports - commodities:
machinery and transportation equipment, industrial goods, foodstuffs, textiles

Imports - partners:
France 18.7%, Cameroon 17.6%, US 12.6%, Germany 7.4%, Saudi Arabia 5%, Belgium 4.9% (2006)

Economic aid - recipient:
ODA, $379.8 million (2005)

Reserves of foreign exchange and gold:
$632.2 million (2006 est.)

Debt - external:
$1.5 billion (2003 est.)

Stock of direct foreign investment - at home:
$NA

Stock of direct foreign investment - abroad:
$NA

Market value of publicly traded shares:
$NA

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 - 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003), 696.99 (2002)