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Congo, Republic of the

Congo, Republic of the Economy Stats

Overview:

The economy is a mixture of subsistence agriculture, an industrial sector based largely on oil and support services, and government spending. Oil has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports. In the early 1980s, rapidly rising oil revenues enabled the government to finance large-scale development projects with GDP growth averaging 5% annually, one of the highest rates in Africa. Characterized by budget problems and overstaffing, the government has mortgaged a substantial portion of its oil earnings through oil-backed loans that have contributed to a growing debt burden and chronic revenue shortfalls. Economic reform efforts have been undertaken with the support of international organizations, notably the World Bank and the IMF. However, the reform program came to a halt in June 1997 when civil war erupted. Denis SASSOU-NGUESSO, who returned to power when the war ended in October 1997, publicly expressed interest in moving forward on economic reforms and privatization and in renewing cooperation with international financial institutions. Economic progress was badly hurt by slumping oil prices and the resumption of armed conflict in December 1998, which worsened the republic's budget deficit. The current administration presides over an uneasy internal peace and faces difficult economic challenges of stimulating recovery and reducing poverty. The drop in oil prices during the global crisis reduced oil revenue by about 30%, but the subsequent recovery of oil prices has boosted the economy's GDP and near-term prospects. In March 2006, the World Bank and the International Monetary Fund (IMF) approved Heavily Indebted Poor Countries (HIPC) treatment for Congo, receiving $1.9 billion in debt relief under the program in 2010.

Definitions

  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget surplus > + or deficit > -: This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits.
  • Debt > Government debt > Public debt, share of GDP: Public debt as % of GDP (CIA).

    No date was available from the Wikipedia article, so we used the date of retrieval.

  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Exports per capita: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. Figures expressed per capita for the same year.
  • Fiscal year: The beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a noncalendar fiscal year (FY).
  • GDP > Composition by sector > Industry: The gross domestic product (GDP) or value of all final goods produced by the industrial sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Composition, by sector of origin > Services: This entry is derived from Economy > GDP > Composition, by sector of origin, which shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • Human Development Index: The human development index values in this table were calculated using a consistent methodology and consistent data series. They are not strictly comparable with those in earlier Human Development Reports.
  • Inflation rate > Consumer prices: This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.
  • Population below poverty line: National estimates of the percentage of the population lying below the poverty line are based on surveys of sub-groups, with the results weighted by the number of people in each group. Definitions of poverty vary considerably among nations. For example, rich nations generally employ more generous standards of poverty than poor nations.
  • Public debt: This entry records the cumulatiive total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings.
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
STAT AMOUNT DATE RANK HISTORY
Budget > Revenues $5.83 billion 2013 100th out of 223
Budget surplus > + or deficit > - 6.5% of GDP 2012 10th out of 182
Debt > Government debt > Public debt, share of GDP 18.3 CIA 2014 132nd out of 153
Exports $10.53 billion 2012 89th out of 189
Exports per capita $2,411.67 2012 71st out of 189
Fiscal year calendar year 2013
GDP > Composition by sector > Industry 71.3% 2012 3rd out of 217
GDP > Composition, by sector of origin > Services 19.9% 2012 186th out of 189
GDP > Per capita $3,383.67 per capita 2007 125th out of 183
GDP > Per capita > PPP $4,600.00 2012 127th out of 188
Human Development Index 0.512 2006 143th out of 177
Inflation rate > Consumer prices 3.9% 2012 99th out of 199
Population below poverty line 46.5% 2011 3rd out of 31
Public debt 31.8% of GDP 2012 110th out of 149
Unemployment rate 53% 2012 1st out of 112

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; Wikipedia: List of countries by public debt (List) (Public debt , The World Factbook , United States Central Intelligence Agency , accessed on March 21, 2013.); CIA World Factbooks 2010, 2011, 2012, 2013. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; All CIA World Factbooks 18 December 2003 to 18 December 2008; CIA World Factbook 2010, 2011, 2012, 2013; Human Development Report 2006, United Nations Development Programme; CIA World Factbooks 18 December 2003 to 28 March 2011

Citation

"Congo, Republic of the Economy Stats", NationMaster. Retrieved from http://www.nationmaster.com/country-info/profiles/Congo,-Republic-of-the/Economy

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Congo, Republic of the Economy Profiles (Subcategories)

Adjusted savings 3 Inequality 8
Aid 4 Interest payments 3
Balance of payments 34 International tourism 11
Bank and trade-related lending 3 Long-term debt 3
Budget 6 Merchandise 3
Changes in net 3 Merchandise imports 3
Commercial service 3 National accounts 92
Commercial service imports 3 Natural gas 5
Currency 3 Net capital account 3
Current account balance 4 Net current transfers 3
Current transfers 3 Net current transfers from abroad 5
Debt 11 Net errors and omissions 3
Electricity 4 Net financial flows 21
Entrepreneurship 12 Net income 3
External balance on goods and services 6 Net income from abroad 5
External debt 214 Net trade in goods 3
Final 16 Net trade in goods and services 3
Financial sector 25 Official development assistance and official aid 3
Foreign aid 43 Oil 8
Foreign direct investment 8 Portfolio investment 6
GDP 27 Poverty 6
GDP per capita 4 Private investment 3
GNI 9 Public and publicly guaranteed debt service 5
Goods 3 Public and publicly guaranteed (PPG) debt 3
Goods imports 3 Purchasing power parity 11
Government debt 4 Service 3
Gross capital formation 8 Service imports 3
Gross domestic savings 5 Services 8
Gross fixed capital formation 8 Tax 36
Gross national expenditure 7 Total 7
Gross savings 5 Total debt service 5
Gross value added at factor cost 5 Tourism expenditures 3
High-technology 4 Tourism receipts 3
Household final 19 Tourist arrivals by region of origin 5
IBRD loans and IDA credits 3 Trade 118
Income payments 3 Use of IMF credit 3
Income receipts 3