Congo, Democratic Republic of the Economy 2008

Economy - overview:
The economy of the Democratic Republic of the Congo - a nation endowed with vast potential wealth - is slowly 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 more than 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, although progress is slow and the International Monetary Fund curtailed their program for the DRC at the end of March 2006 because of fiscal overruns. Much economic activity still occurs in the informal sector, and is not reflected in GDP data. Renewed activity in the mining sector, the source of most export income, boosted Kinshasa's fiscal position and GDP growth. Government reforms and improved security may lead to increased government revenues, outside budget assistance, and foreign direct investment, although an uncertain legal framework, corruption, and a lack of transparency in government policy are continuing long-term problems.

GDP (purchasing power parity):
$19.07 billion (2007 est.)

GDP (official exchange rate):
$8.738 billion (2007 est.)

GDP - real growth rate:
7% (2007 est.)

GDP - per capita (PPP):
$300 (2007 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:
0 kWh (2005)

Electricity - imports:
418 million kWh (2005)

Oil - production:
235,900 bbl/day (2005)

Oil - consumption:
7,000 bbl/day (2005 est.)

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

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

Oil - proved reserves:
1.506 billion 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:
950.5 million cu m (1 January 2006 est.)

Exports:
$1.587 billion f.o.b. (2006)

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:
$2.263 billion f.o.b. (2006)

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 - NA (2007), 464.69 (2006), 437.86 (2005), 401.04 (2004), 405.34 (2003)