Central African Republic Economy 2008

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 more than half of GDP. Timber has accounted for about 16% of export earnings and the diamond industry, for 40%. 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. Distribution of income is extraordinarily unequal. Grants from France and the international community can only partially meet humanitarian needs.

GDP (purchasing power parity):
$3.101 billion (2007 est.)

GDP (official exchange rate):
$1.65 billion (2007 est.)

GDP - real growth rate:
4% (2007 est.)

GDP - per capita (PPP):
$700 (2007 est.)

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

Labor force:
1.857 million (2006)

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

Population below poverty line:
NA%

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):
4% (2007 est.)

Budget:
revenues: $250 million
expenditures: $273 million (2007 est.)

Agriculture - products:
timber, 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:
109 million kWh (2005)

Electricity - consumption:
101.4 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
0 bbl/day (2005)

Oil - consumption:
2,300 bbl/day (2005 est.)

Oil - exports:
0 bbl/day (2004)

Oil - imports:
2,201 bbl/day (2004)

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

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

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

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006)

Exports:
$146.7 million f.o.b. (2007 est.)

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

Exports - partners:
Belgium 30.7%, Spain 10.7%, Indonesia 8%, France 7.8%, China 6.9%, Democratic Republic of the Congo 6%, Turkey 5%, Italy 4.7% (2006)

Imports:
$237.3 million f.o.b. (2007 est.)

Imports - partners:
France 15.4%, Netherlands 15.1%, US 9.2%, Cameroon 8.9% (2006)

Economic aid - recipient:
ODA, $95.29 million; note - traditional budget subsidies from France (2005 est.)

Debt - external:
$1.153 billion (2007 est.)

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 - 481.8 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)