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
Economy Congo, Republic of the
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. The government has
mortgaged a substantial portion of its oil earnings, contributing to
a 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's budget deficit. The current administration presides over
an uneasy internal peace and faces difficult economic problems of
stimulating recovery and reducing poverty.
GDP:
purchasing power parity - $2.148 billion (2003 est.)
GDP - real growth rate:
1.3% (2003 est.)
GDP - per capita:
purchasing power parity - $700 (2003 est.)
GDP - composition by sector: agriculture: 6.9% industry: 53.9% services: 39.2% (2003 est.)
Investment (gross fixed):
31.3% of GDP (2003)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA