Congo, Democratic Republic of the Economy 2007

Economy - overview:
The economy of the Democratic Republic of the Congo - a nation endowed with vast potential wealth - is recovering from two decades of decline. Conflict, which began in August 1998, dramatically reduced national output and government revenue, increased external debt, and resulted in the deaths of perhaps 3.5 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 has begun implementing reforms. Much economic activity still occurs in the informal sector, and is not reflected in GDP data. Economic stability improved during the period 2003-06, although an uncertain legal framework, corruption, and a lack of transparency in government policy continues to hamper growth. In 2005-06, renewed activity in the mining sector, the source of most export income, boosted Kinshasa's fiscal position and GDP growth. The International Monetary Fund program for the DRC, however, expired at the end of March 2006 and probably will not be reinstated until mid-2007. Government reforms and improved security may lead to increased government revenues, outside budget assistance, and foreign direct investment in 2007.

GDP (purchasing power parity):
$44.44 billion (2006 est.)

GDP (official exchange rate):
$7.98 billion (2006 est.)

GDP - real growth rate:
6.4% (2006 est.)

GDP - per capita (PPP):
$700 (2006 est.)

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:
NA%

Population below poverty line:
NA%

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

Inflation rate (consumer prices):
18.2% (2006 est.)

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

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

Industries:
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:
NA%

Electricity - production:
352 million kWh (2005)

Electricity - consumption:
572 million kWh (2005)

Electricity - exports:
NA

Electricity - imports:
418 million kWh (2005)

Oil - production:
21,090 bbl/day (2004)

Oil - consumption:
8,200 bbl/day (2004 est.)

Oil - exports:
229,700 bbl/day (2004 est.)

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

Oil - proved reserves:
187 million bbl (1 January 2006)

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

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

Natural gas - proved reserves:
950.5 million cu m (1 January 2006 est.)

Exports:
$1.108 billion f.o.b. (2004 est.)

Exports - commodities:
diamonds, copper, crude oil, coffee, cobalt

Exports - partners:
Belgium 29.4%, China 21.1%, Brazil 12.3%, Chile 7.8%, Finland 7.2%, US 4.9% (2006)

Imports:
$1.319 billion f.o.b. (2004 est.)

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

Imports - partners:
South Africa 19.2%, Belgium 11.8%, France 9.3%, Zambia 7.5%, Kenya 7.4%, Cote d'Ivoire 4.8% (2006)

Economic aid - recipient:
$1.828 billion (2005)

Debt - external:
$10 billion (2006 est.)

Market value of publicly traded shares:
$NA

Currency (code):
Congolese franc (CDF)

Exchange rates:
Congolese francs per US dollar - 464.69 (2006), 437.86 (2005), 401.04 (2004), 405.34 (2003), 346.49 (2002)