FAX: [1] (202) 726–1860
Diplomatic representation from the US:
chief of mission: Ambassador Roger A. MEECE
embassy: NA
mailing address: NA
telephone: [243] (88) 43608
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
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 challenges of
stimulating recovery and reducing poverty.
GDP (purchasing power parity):
$2.324 billion (2004 est.)
GDP - real growth rate:
3.7% (2004 est.)
GDP - per capita:
purchasing power parity - $800 (2004 est.)
GDP - composition by sector: agriculture: 7.4% industry: 52% services: 40.6% (2004 est.)
Labor force:
NA
Unemployment rate:
NA (2003)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
1.8% (2004 est.)
Investment (gross fixed):
25.8% of GDP (2004 est.)
Budget:
revenues: $870.1 million
expenditures: $1.102 billion, including capital expenditures of NA
(2004 est.)
Agriculture - products:
cassava (tapioca), sugar, rice, corn, peanuts, vegetables, coffee,
cocoa; forest products
Industries:
petroleum extraction, cement, lumber, brewing, sugar, palm oil,
soap, flour, cigarettes
Industrial production growth rate:
0% (2002 est.)
Electricity - production:
348 million kWh (2002)
Electricity - production by source: fossil fuel: 0.3% hydro: 99.7% nuclear: 0% other: 0% (2001)
Electricity - consumption:
573.6 million kWh (2002)
Electricity - exports:
0 kWh (2002)
Electricity - imports:
250 million kWh (2002)
Oil - production:
227,000 bbl/day (2004 est.)
Oil - consumption:
5,000 bbl/day (2001 est.)
Oil - exports:
NA
Oil - imports:
NA
Oil - proved reserves:
93.5 million bbl (1 January 2002)
Natural gas - production:
0 cu m (2001 est.)
Natural gas - consumption:
0 cu m (2001 est.)
Natural gas - exports:
0 cu
