Flag description: divided diagonally from the lower hoist side by a yellow band; the upper triangle (hoist side) is green and the lower triangle is red; uses the popular pan-African colors of Ethiopia
@Congo, Republic of the:Economy
Economy-overview: The economy is a mixture of village agriculture and handicrafts, an industrial sector based largely on oil, support services, and a government characterized by budget problems and overstaffing. Oil has supplanted forestry as the mainstay of the economy, providing about 90% 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. Subsequently, falling oil prices cut GDP growth by half. Moreover, the government has mortgaged a substantial portion of its oil earnings, contributing to the government's shortage of revenues. The 12 January 1994 devaluation of Franc Zone currencies by 50% resulted in inflation of 61% in 1994 but inflation has subsided since. Economic reform efforts continue with the support of international organizations, notably the World Bank and the IMF.
GDP: purchasing power parity-$5.25 billion (1996 est.)
GDP-real growth rate: 4% (1996 est.)
GDP-per capita: purchasing power parity-$2,000 (1996 est.)
GDP-composition by sector: agriculture: 11.4% industry: 35.2% services: 53.4% (1993)
Inflation rate-consumer price index: 3% (1996 est.)
Labor force: NA
Unemployment rate: NA%