mailing address: NA
telephone: [243] (88) 43608
FAX: [243] (88) 41036
note: the embassy is temporarily collocated with the US Embassy in the Democratic Republic of the Congo (US Embassy Kinshasa, 310 Avenue des Aviateurs, Kinshasa)
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 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. 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 continued with the support of international organizations, notably the World Bank and the IMF. 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. However, economic progress was badly hurt by slumping oil prices and the resumption of armed conflict in December 1998, which worsened the Republic of the Congo's budget deficit. Even with the IMF's renewed confidence and high world oil prices, Congo is unlikely to realize growth of more than 5% in 2001-02. With the return to fragile peace, the IMF approved a $14 million credit in November 2000 to aid post-conflict reconstruction.
GDP: purchasing power parity - $3.1 billion (2000 est.)
GDP - real growth rate: 3.8% (2000 est.)
GDP - per capita: purchasing power parity - $1,100 (2000 est.)