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 (purchasing power parity):

$3.099 billion (2007 est.)

GDP (official exchange rate):

$1.714 billion (2007 est.)

GDP - real growth rate:

4.2% (2007 est.)

GDP - per capita (PPP):

$700 (2007 est.)

GDP - composition by sector:

agriculture: 55%
industry: 20%
services: 25% (2001 est.)

Labor force:

1.857 million (2006)

Unemployment rate:

8% (23% for Bangui) (2001 est.)

Population below poverty line:

NA%

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):

0.9% (2007 est.)

Budget:

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

Agriculture - products:

timber, cotton, coffee, tobacco, manioc (tapioca), yams, millet, corn, bananas; timber

Industries:

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

Industrial production growth rate:

3% (2002)

Electricity - production:

109 million kWh (2005)

Electricity - consumption:

101.4 million kWh (2005)

Electricity - exports:

0 kWh (2005)

Electricity - imports:

0 kWh (2005)

Oil - production:

0 bbl/day (2005)

Oil - consumption:

2,300 bbl/day (2005 est.)

Oil - exports:

0 bbl/day (2004)

Oil - imports:

2,201 bbl/day (2004)

Oil - proved reserves:

0 bbl (1 January 2006 est.)

Natural gas - production:

0 cu m (2005 est.)

Natural gas - consumption:

0 cu m (2005 est.)

Natural gas - exports:

0 cu m (2005 est.)

Natural gas - imports:

0 cu m (2005)

Natural gas - proved reserves:

0 cu m (1 January 2006)

Current account balance:

-$77 million (2007 est.)

Exports:

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

Exports - commodities:

diamonds, timber, cotton, coffee, tobacco

Exports - partners:

Canada 38.9%, Belgium 15.6%, Indonesia 6.5%, Italy 5.3%, France 4.9%, Spain 4.7%, Democratic Republic of the Congo 4.6% (2006)

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 16.4%, Netherlands 12.9%, Cameroon 9.6%, US 6.3% (2006)

Economic aid - recipient:

ODA, $95.29 million; note - traditional budget subsidies from France (2005 est.)

Debt - external:

$1.153 billion (2007 est.)

Market value of publicly traded shares:

$NA

Currency (code):

Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States

Exchange rates:

Communaute Financiere Africaine francs (XAF) per US dollar - 481.8 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)

Fiscal year:

calendar year