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The Economy of Central African Republic

Central African Economy

Central African Republic's map

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 more than half of GDP. Timber has accounted for about 16% of export earnings and the diamond industry, for 40%. 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. Factional fighting between the government and its opponents remains a drag on economic revitalization. Distribution of income is extraordinarily unequal. Grants from France and the international community can only partially meet humanitarian needs.

GDP:

GDP - real growth rate: 3.5% (2008 est.) 4.2% (2007 est.) 4% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 55% industry: 20% services: 25% (2001 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: 0.7% highest 10%: 47.7% (1993)

Distribution of family income - Gini index: 61.3 (1993)

Inflation rate (consumer prices):

Labor force: 1.857 million (2006)

Labor force - by occupation:

Unemployment rate: 8% (23% for Bangui) (2001 est.)

Budget: revenues: $250 million expenditures: $273 million (2007 est.)

Industries: gold and diamond mining, logging, brewing, textiles, footwear, assembly of bicycles and motorcycles

Industrial production growth rate: 3% (2002)

Electricity - production: 110 million kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 102.3 million kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 2,322 bbl/day (2006 est.)

Oil - exports: 0 bbl/day (2005)

Oil - imports: 2,057 bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006)

Agriculture - products: timber, cotton, coffee, tobacco, manioc (tapioca), yams, millet, corn, bananas; timber

Exports: $146.7 million f.o.b. (2007 est.)

Exports - commodities: diamonds, timber, cotton, coffee, tobacco

Exports - partners: Belgium 22.7%, Indonesia 19.3%, Italy 7.7%, France 7.1%, Spain 6.9%, Democratic Republic of the Congo 6.8%, China 4.9%, Turkey 4.7% (2007)

Imports: $237.3 million f.o.b. (2007 est.)

Imports - commodities: food, textiles, petroleum products, machinery, electrical equipment, motor vehicles, chemicals, pharmaceuticals

Imports - partners: France 16.6%, Netherlands 13%, Cameroon 9.7%, US 6.3% (2007)

Debt - external: $1.153 billion (2007 est.)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar - 447.81 (2008 est.), 481.8 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004) note: since 1 January 1999, the Central African CFA franc (XAF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; Central African CFA franc (XAF) coins and banknotes are not accepted in countries using West African CFA francs (XOF), and vice versa, even though the two currencies trade at par

Fiscal year: