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Encyclopedia > Economy of the Republic of the Congo

Overview

The economy of the Republic of the Congo is a mixture of village agriculture and handicrafts, an industrial sector based largely on petroleum extraction, support services, and a government characterized by budget problems and overstaffing. The Congo's growing petroleum sector is by far the country's major revenue earner. 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. However, the government has mortgaged a substantial portion of its oil earnings, contributing to the government's shortage of revenues. The Congolese oil sector is dominated by the French parastatal oil company Elf Aquitaine, which accounts for 70% of the country's annual oil production. In second position is the Italian oil firm Agip. Chevron, independent CMS Nomeco, and Exxon Mobil are among the American companies active in petroleum exploration or production. Following recent discoveries and oil fields currently under development, Congo's oil production is expected to continue to rise significantly in the next few years. It has been suggested that this article or section be merged into Applied art. ... Pumpjack pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and elaion – oil or Latin oleum – oil ) or crude oil, sometimes colloquially called black gold, is a thick, dark brown or greenish liquid. ... Elf logo Elf Aquitaine is a former French oil company merged with TotalFina to form TotalFinaElf. ... Agip (Azienda Generale Italiana Petroli) is an Italian automotive oil and fuel manufacturer. ... Chevron Corporation (NYSE: CVX) is one of the worlds largest global energy companies. ... Exxon Mobil Corporation or ExxonMobil (NYSE: XOM), headquartered in Irving, Texas, is an oil producer and distributor formed on November 30, 1999, by the merger of Exxon and Mobil. ...


The country's abundant rain forests are the source of timber. Forestry, which led Congolese exports before the discovery of oil, continues to generate 10% of export earnings, although high transportation costs, high wages, and low productivity have hurt the forestry industry in recent years. A rainforest is a forested biome with high annual rainfall. ... A decidous beech forest in Slovenia. ...


Earlier in the decade, Congo's major employer was the state bureaucracy, which had a payroll of 80,000, which is enormous for a country of Congo's size. The World Bank and other international financial institutions pressured Congo to institute sweeping civil service reforms in order to reduce the size of the state bureaucracy and pare back a civil service payroll that amounted to more than 20% of GDP in 1993. The effort to cut back began in 1994 with a 50% devaluation that cut the payroll in half in dollar terms and by a mid-year reduction of nearly 8,000 in civil service employment and resulted in inflation of 61%. Inflation has since subsided. Bureaucracy is a concept in sociology and political science. ... Logo of the World Bank The International Bank for Reconstruction and Development (IBRD, in Romance languages: BIRD), better known as the World Bank, is an international organization whose original mission was to finance the reconstruction of nations devastated by WWII. Now, its mission has expanded to fight poverty by means... A civil servant or public servant is a civilian career public sector employee working for a government department or agency. ... 1994 (MCMXCIV) was a common year starting on Saturday of the Gregorian calendar, and was designated as the International Year of the Family and the International Year of the Sport and the Olympic Ideal. // Events January Bill Clinton January 1 : North American Free Trade Agreement (NAFTA) goes into effect. ...


Between 1994-96, the Congolese economy underwent a difficult transition. The prospects for building the foundation of a healthy economy, however, were better than at any time in the previous 15 years. Congo took a number of measures to liberalize its economy, including reforming the tax, investment, labor, and hydrocarbon codes. Planned privatizations of key parastatals, primarily telecommunications and transportation monopolies, were launched to help improve a dilapidated and unreliable infrastructure. To build on the momentum achieved during the 2-year period, the IMF approved a 3-year ESAF economic program in June 1996. The flag of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing the global financial system by monitoring foreign exchange rates and balance of payments, as well as offering technical and financial assistance when asked. ... 1996 (MCMXCVI) was a leap year starting on Monday of the Gregorian calendar, and was designated the International Year for the Eradication of Poverty. ...


By the end of 1996, Congo had made substantial progress in various areas targeted for reform. It made significant strides toward macroeconomic stabilization through improving public finances and restructuring external debt. This change was accompanied by improvements in the structure of expenditures, with a reduction in personnel expenditures. Further, Congo benefited from debt restructuring from a Paris Club agreement in July 1996. The Paris Club is an informal group of financial officials from 19 of the worlds richest countries, which provides financial services such as debt restructuring, debt relief, and debt cancellation to indebted countries and their creditors. ...


This reform program came to a halt, however, in early June 1997 when war broke out. 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 in 1998, which worsened the Republic of the Congo's budget deficit. A second blow was the resumption of armed conflict in December 1998. 1997 (MCMXCVII) was a common year starting on Wednesday of the Gregorian calendar. ... Time in Office 18 March 1977 – 3 April 1977 (part of the Military Committee of the Congolese Labour Party); 8 February 1979 – 3 August 1992 (first time); 25 October 1997 – Predecessor Marien Ngouabi (as a part of the Military Committee of the CLP); Jean-Pierre Thystère Tchicaya (first time... 1998 (MCMXCVIII) was a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ...


Congo's economic prospects remain largely dependent on the country's ability to establish political stability and democratic rule. The World Bank is considering Congo for post-conflict assistance. Priorities will be in reconstruction, basic services, infrastructure, and utilities. President Sassou has publicly expressed interest in moving forward on economic reforms and privatization, as well as in renewing cooperation with international financial institutions. However, the return of armed conflict in 1998 hindered economic reform and recovery.


Congo and the United States ratified a bilateral investment treaty designed to facilitate and protect foreign investment. The country also adopted a new investment code intended to attract foreign capital. Despite this, Congo's investment climate is not considered favorable, offering few meaningful incentives. High costs for labor, energy, raw materials, and transportation; a restrictive labor code; low productivity and high production costs; militant labor unions; and an inadequate transportation infrastructure are among the factors discouraging investment. The recent political instability, war damage, and looting also will undermined investor confidence. As a result, Congo has little American investment outside of the oil sector. The examples and perspective in this article or section may not represent a worldwide view. ...


Statisitics

GDP: purchasing power parity - $4.15 billion (1999 est.)


GDP - real growth rate: 5% (1999 est.)


GDP - per capita: purchasing power parity - $1,530 (1999 est.)


GDP - composition by sector:
agriculture: 10%
industry: 59%
services: 31% (1997 est.)


Population below poverty line: NA%


Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%


Inflation rate (consumer prices): 4% (1999 est.)


Labor force: NA


Unemployment rate: NA%


Budget:
revenues: $870 million
expenditures: $970 million, including capital expenditures of $NA (1997 est.)


Industries: petroleum extraction, cement kilning, lumbering, brewing, sugar milling, palm oil, soap, cigarette making


Industrial production growth rate: NA%


Electricity - production: 503 GWh (1998)


Electricity - production by source:
fossil fuel: 0.6%
hydro: 99.4%
nuclear: 0%
other: 0% (1998)


Electricity - consumption: 588 GWh (1998)


Electricity - exports: 0 kWh (1998)


Electricity - imports: 120 GWh (1998)


Agriculture - products: cassava (tapioca), sugar, rice, maize, peanuts, vegetables, coffee, cocoa; forest products Binomial name Manihot esculenta Crantz The cassava or manioc (Manihot esculenta) is a woody shrub of the Euphorbiaceae (spurge family) that is extensively cultivated as an annual crop in tropical and subtropical regions for its edible starchy tuberous root, a major source of carbohydrate. ... Tapioca is an essentially flavourless starchy ingredient, or fecula, produced from treated and dried cassava (manioc) root and used in cooking. ... Magnified crystals of refined sugar In general use, non-scientists take sugar to mean sucrose, also called table sugar or saccharose, a white crystalline solid disaccharide. ... Species Oryza glaberrima Oryza sativa Rice refers to two species (Oryza sativa and Oryza glaberrima) of grass, native to tropical and subtropical southeastern Asia and to Africa, which together provide more than one fifth of the calories consumed by humans[1]. Rice is an annual plant, growing to 1-1. ... Binomial name Zea mays L. Maize (Zea mays ssp. ... Binomial name Arachis hypogaea L. The peanut or groundnut (Arachis hypogaea) is a species in the pea family Fabaceae native to South America. ... Coffee in beverage form Coffee is a beverage, served hot or with ice, prepared from the roasted seeds of the coffee plant. ... Cocoa beans in a cacao pod Cocoa is the dried and partially fermented fatty seed of the cacao tree from which chocolate is made. ...


Exports: $1.7 billion (f.o.b., 1999)


Exports - commodities: petroleum 50%, lumber, plywood, sugar, cocoa, coffee, diamonds Pumpjack pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and elaion – oil or Latin oleum – oil ) or crude oil, sometimes colloquially called black gold, is a thick, dark brown or greenish liquid. ... Magnified crystals of refined sugar In general use, non-scientists take sugar to mean sucrose, also called table sugar or saccharose, a white crystalline solid disaccharide. ... Cocoa beans in a cacao pod Cocoa is the dried and partially fermented fatty seed of the cacao tree from which chocolate is made. ... Coffee in beverage form Coffee is a beverage, served hot or with ice, prepared from the roasted seeds of the coffee plant. ... For other uses, including the shape ◊, see Diamond (disambiguation). ...


Exports - partners: United States 23%, Benelux 14%, Germany, Italy, Taiwan, Mainland China (1998) Satellite image of the Benelux countries Benelux Benelux is an economic union in Western Europe comprising three neighbouring monarchies, Belgium, the Netherlands, and Luxembourg. ... PRC redirects here. ...


Imports: $770 million (f.o.b., 1999)


Imports - commodities: petroleum products, capital equipment, construction materials, foodstuffs Pumpjack pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and elaion – oil or Latin oleum – oil ) or crude oil, sometimes colloquially called black gold, is a thick, dark brown or greenish liquid. ...


Imports - partners: France 23%, United States 9%, Belgium 8%, United Kingdom 7%, Italy (1997 est.)


Debt - external: $5 billion (1997)


Economic aid - recipient: $159.1 million (1995)


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)


Fiscal year: calendar year


See also

World Trade Organization (WTO)
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  Results from FactBites:
 
Economy of the Republic of the Congo - Wikipedia, the free encyclopedia (1013 words)
The economy of the Republic of the Congo is a mixture of village agriculture and handicrafts, an industrial sector based largely on petroleum extraction, support services, and a government characterized by budget problems and overstaffing.
Earlier in the decade, Congo's major employer was the state bureaucracy, which had a payroll of 80,000, which is enormous for a country of Congo's size.
Economy of: Algeria  • Angola  • Benin  • Botswana  • Burkina Faso  • Burundi  • Cameroon  • Cape Verde  • Central African Republic  • Chad  • Comoros  • Democratic Republic of the Congo  •
Republic of the Congo - Wikipedia, the free encyclopedia (1581 words)
The Republic of the Congo, also known as Congo-Brazzaville (locally as Brazza), and Congo (but not to be confused with the Democratic Republic of the Congo, formerly Zaire, which was also at one time known as the Republic of the Congo), is a former French colony of west-central Africa.
Its borders are Gabon, Cameroon, Central African Republic, Democratic Republic of the Congo, Angola and the Gulf of Guinea.
To the south and east it is bounded by the Congo River and its tributary the Ubangi River, across which is the larger Democratic Republic of the Congo.
  More results at FactBites »

 
 

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