Central African Republic Economy: from the All Country Info reference guide to country facts

Central African Republic Economy

Central African Republic Economy: A summary of information about Central African Republic Economy, from government research data as well as independent research and other sources.

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Central African Republic: Economy

Economy - overview
Subsistence agriculture, together with forestry,
remains the backbone of the economy of the Central African Republic
(CAR), with more than 70% of the population living in outlying areas.
The agricultural sector generates half of GDP. Timber has accounted
for about 16% of export earnings and the diamond industry for nearly
54%. Important constraints to economic development include the CAR's
landlocked position, a poor transportation system, a largely unskilled
work force, and a legacy of misdirected macroeconomic policies. The
50% devaluation of the currencies of 14 Francophone African nations on
12 January 1994 had mixed effects on the CAR's economy. Diamond,
timber, coffee, and cotton exports increased, leading an estimated
rise of GDP of 7% in 1994 and nearly 5% in 1995. Military rebellions
and social unrest in 1996 were accompanied by widespread destruction
of property and a drop in GDP of 2%. Ongoing violence between the
government and rebel military groups over pay issues, living
conditions, and political representation has destroyed many businesses
in the capital and reduced tax revenues for the government. The IMF
approved an Extended Structure Adjustment Facility in 1998. The
government has set targets of annual 5% growth and 2.5% inflation for
2000-2001.
GDP
purchasing power parity - $5.8 billion (1999 est.)
GDP - real growth rate
5% (1999 est.)
GDP - per capita
purchasing power parity - $1,700 (1999 est.)
GDP - composition by sector
agriculture: 53%
industry: 21%
services: 26% (1997 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
2.6% (1999 est.)
Labor force
NA
Unemployment rate
6% (1993)
Budget
revenues: $638 million
expenditures: $1.9 billion, including capital expenditures of $888
million (1994 est.)
Industries
diamond mining, sawmills, breweries, textiles, footwear,
assembly of bicycles and motorcycles
Industrial production growth rate
NA%
Electricity - production
105 million kWh (1998)
Electricity - production by source
fossil fuel: 19.05%
hydro: 80.95%
nuclear: 0%
other: 0% (1998)
Electricity - consumption
98 million kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
cotton, coffee, tobacco, manioc (tapioca),
yams, millet, corn, bananas; timber
Exports
$195 million (f.o.b., 1999)
Exports - commodities
diamonds, timber, cotton, coffee, tobacco
Exports - partners
Benelux 36%, Cote d'Ivoire 5%, Spain 4%, Egypt 3%,
France (1997)
Imports
$170 million (f.o.b., 1999)
Imports - commodities
food, textiles, petroleum products, machinery,
electrical equipment, motor vehicles, chemicals, pharmaceuticals,
consumer goods, industrial products
Imports - partners
France 30%, Cote d'Ivoire 18%, Cameroon 11%,
Germany 4%, Japan (1997)
Debt - external
$790 million (1999 est.)
Economic aid - recipient
$172.2 million (1995); note - traditional
budget subsidies from France
Currency
1 Communaute Financiere Africaine franc (CFAF) = 100
centimes
Exchange rates
Communaute Financiere Africaine francs (CFAF) per US$1
- 647.25 (January 2000), 615.70 (1999), 589.95 (1998), 583.67 (1997),
511.55 (1996), 499.15 (1995)
note: since 1 January 1999, the CFAF is pegged to the euro at a rate
of 655.957 CFA francs per euro
Fiscal year
calendar year
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