Central African Republic Economy 1997

Economy - overview Subsistence agriculture, together with forestry, remains the backboneof the economy of the Central African Republic (CAR), with more than 70% ofthe population living in outlying areas. The agricultural sector generateshalf of GDP. Timber has accounted for about 16% of export earnings and the diamond industry for nearly 54%. Important constraints to economic developmentinclude the CAR's landlocked position, a poor transportation system, a largelyunskilled work force, and a legacy of misdirected macroeconomic policies.The 50% devaluation of the currencies of 14 Francophone African nations on12 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 1994and nearly 5% in 1995. Inflation, however, remains a problem. Moreover, ongoingviolence between the government and rebel military and civilian groups overpay issues, living conditions, and opposition party political representationhas destroyed many businesses in the capital, reducing tax revenues for thegovernment, and delaying negotiations for an IMF financial aid agreement.

GDP purchasing power parity - $2.5 billion (1995 est.)

GDP - real growth rate 4.8% (1995 est.)

GDP - per capita purchasing power parity - $800 (1995 est.)

GDP - composition by sector
agriculture: 50%
industry: 14%
services: 36% (1994 est.)

Inflation rate - consumer price index 19.4% (1995)

Labor force NA

Unemployment rate NA%

Budget
revenues: $638 million
expenditures: $1.9 billion, including capital expenditures of $888 million (1994 est.)

Industries diamond mining, sawmills, breweries, textiles, footwear, assembly ofbicycles and motorcycles

Industrial production growth rate NA%

Electricity - capacity 40,000 kW (1991)

Electricity - production 95 million kWh (1991)

Electricity - consumption per capita 32 kWh (1991 est.)

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

Exports
total value: $181 million (f.o.b., 1995 est.)
commodities : diamonds, timber, cotton, coffee, tobacco
partners: France 16%, Belgium-Luxembourg 40.1%, Italy, Japan, US, Spain, Iran,Democratic Republic of the Congo, Republic of the Congo

Imports
total value: $176 million (f.o.b., 1995 est.)
commodities: food, textiles, petroleum products, machinery, electrical equipment,motor vehicles, chemicals, pharmaceuticals, consumer goods, industrial products
partners: France 37%, other EU countries, Japan 24%, Algeria, Cameroon, Namibia

Debt - external $890 million (1994 est.)

Economic aid
recipient : ODA, $NA

Currency 1 Communaute Financiere Africaine franc (CFAF) = 100 centimes

Exchange rates CFA francs (CFAF) per US$1 - 541.69 (January 1997), 511.55 (1996), 499.15(1995), 555.20 (1994), 283.16 (1993), 264.69 (1992)
note: beginning 12 January 1994, the CFA franc was devalued to CFAF 100 perFrench franc from CFAF 50 at which it had been fixed since 1948

Fiscal year calendar year

NOTE: The information regarding Central African Republic on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Central African Republic Economy 1997 information contained here. All suggestions for corrections of any errors about Central African Republic Economy 1997 should be addressed to the CIA.