- Economy Overview: Oil has supplanted forestry as the mainstay of the economy, providing about two-thirds of government revenues and exports. In the early 1980s rapidly rising oil revenues enabled Congo to finance large-scale development projects with growth averaging 5% annually, one of the highest rates in Africa. The world decline in oil prices, however, has forced the government to launch an austerity program to cope with declining receipts and mounting foreign debts.
GDP: $2.2 billion, per capita $1,000; real growth rate - 3% (1988 est.)
Inflation rate (consumer prices): 1.5% (1988)
Unemployment rate: NA%
Budget: revenues $382 million; expenditures $575 million, including capital expenditures of $118 million (1988)
Exports: $912 million (f.o.b., 1987); commodities—crude petroleum 72%, lumber, plywood, coffee, cocoa, sugar, diamonds; partners—US, France, other EC
Imports: $494.4 million (c.i.f., 1987); commodities—foodstuffs, consumer goods, intermediate manufactures, capital equipment; partners—France, Italy, other EC, US, FRG, Spain, Japan, Brazil
External debt: $4.5 billion (December 1988)
Industrial production: growth rate - 5.9% (1987)
Electricity: 133,000 kW capacity; 300 million kWh produced, 130 kWh per capita (1989)