Republic of the Congo - Economy
How is the economy of Republic of the Congo? Based on the information we have, Republic of the Congo has a primarily an oil- and natural resources-based economy; recovery from mid-2010s oil devaluation has been slow and curtailed by COVID-19; extreme poverty increasing, particularly in southern rural regions; attempting to implement recommended CEMAC reforms; increasing likelihood of debt default. Key agricultural products in this country include: cassava, sugarcane, oil palm fruit, bananas, plantains, root vegetables, game meat, vegetables, mangoes/guavas, fruits (2022).
More about the economy of Republic of the Congo
| Labor force | 2.384 million (2022 est.) |
|---|---|
| Industrial production growth rate | -0.62% (2022 est.) |
| Industries | petroleum extraction, cement, lumber, brewing, sugar, palm oil, soap, flour, cigarettes |
| Population below poverty line | 40.9% (2011 est.) |
| Taxes and other revenues | 8.32% (of GDP) (2020 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar - |
| Exchange rates 2022 | 623.76 (2022 est.) |
| Exchange rates 2021 | 554.531 (2021 est.) |
| Exchange rates 2020 | 575.586 (2020 est.) |
| Exchange rates 2019 | 585.911 (2019 est.) |
| Exchange rates 2018 | 555.446 (2018 est.) |
| Debt - external | |
| Debt - external 31 December 2017 | $4.605 billion (31 December 2017 est.) |
| Debt - external 31 December 2016 | $4.721 billion (31 December 2016 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2021 | $828.56 million (2021 est.) |
| Reserves of foreign exchange and gold 2020 | $1.141 billion (2020 est.) |
| Reserves of foreign exchange and gold 2019 | $988.316 million (2019 est.) |
| Current account balance | |
| Current account balance 2020 | $1.441 billion (2020 est.) |
| Current account balance 2019 | $1.632 billion (2019 est.) |
| Current account balance 2016 | -$3.596 billion (2016 est.) |
| Public debt | |
| Public debt 2017 | 130.8% of GDP (2017 est.) |
| Public debt 2016 | 128.7% of GDP (2016 est.) |
| Budget | |
| Revenues | $3.399 billion (2018 est.) |
| Expenditures | $2.628 billion (2018 est.) |
| Budget surplus (+) or deficit (-) | -7% (of GDP) (2017 est.) |
| Remittances | |
| Remittances 2021 | 0% of GDP (2021 est.) |
| Remittances 2020 | 0.11% of GDP (2020 est.) |
| Remittances 2019 | 0.19% of GDP (2019 est.) |
| Household income | |
| Lowest 10% | 2.1% |
| Highest 10% | 37.1% (2005) |
| Imports | |
| Imports 2020 | $3.279 billion (2020 est.) |
| Imports 2019 | $4.945 billion (2019 est.) |
| Imports 2016 | $7,291,015,964 (2016 est.) |
| Imports (partners) | China 26%, France 9%, UAE 6%, Belgium 6%, India 5% (2022) |
| Comodities Imports force | poultry, garments, vaccines, ships, fish (2022) |
| Exports | |
| Imports 2020 | $3.279 billion (2020 est.) |
| Imports 2019 | $4.945 billion (2019 est.) |
| Imports 2016 | $7,291,015,964 (2016 est.) |
| Exports (partners) | China 39%, India 20%, UAE 15%, Italy 5%, Vietnam 4% (2022) |
| Comodities Exports force | crude petroleum, refined copper, wood, tin ores, rare earth ores (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2022 | $21.913 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $21.594 billion (2021 est.) |
| Real GDP (purchasing power parity) 2020 | $21.377 billion (2020 est.) |
| GDP (official exchange rate) | $15.817 billion (2022 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2022 | $3,700 (2022 est.) |
| Real GDP per capita 2021 | $3,700 (2021 est.) |
| Real GDP per capita 2020 | $3,700 (2020 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 9.3% (2017 est.) |
| Industry | 51% (2017 est.) |
| Services | 39.7% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 47.6% (2017 est.) |
| Government consumption | 9.6% (2017 est.) |
| Investment in fixed capital | 42.5% (2017 est.) |
| Investment in inventories | 0.1% (2017 est.) |
| Exports of goods and services | 62.9% (2017 est.) |
| Imports of goods and services | -62.7% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2022 | 20.48% (2022 est.) |
| Unemployment rate 2021 | 22.62% (2021 est.) |
| Unemployment rate 2020 | 22.67% (2020 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 42.3% (2021 est.) |
| Male | 42.2% |
| Female | 42.5% |
All Important Facts about Republic of the Congo
Want to know more about Republic of the Congo? Check all different factbooks for Republic of the Congo below.
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Republic of the Congo Factbook
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The Economy of Republic of the Congo
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Learn about the Government of Republic of the Congo
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Communication in Republic of the Congo
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Popular Universities in Republic of the Congo
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Enerny in Republic of the Congo
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Transport in Republic of the Congo
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The Geography and society of Republic of the Congo
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The Environment of Republic of the Congo
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Military and security in Republic of the Congo