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Sub Saharan Africa

Congo (Democratic Republic)

 Flag of Congo (Democratic Republic)

Map of Democratic Republic of Congo Last reviewed: 17 March 2008

Country information

ECONOMY

Basic Economic Facts (2006 estimates)

GDP: US$9.1 bn
GDP growth: 6.2% (2008 est).
Inflation: 9% (2008 est).
Major Exports: Diamonds, oil, cobalt, copper.
Major Trading Partners (2005): Exports - Belgium, China, Chile, Finland. Imports - South Africa, Belgium, France, Kenya.
Exchange Rate: Franc Congolais 510 = $1 (2007).

DRC's economy is dominated by the mining sector – copper, cobalt and diamonds. But decades of mismanagement and corruption, together with the war, caused virtual economic collapse. In January 2001, the government announced a comprehensive change to economic policy, freeing up the currency, lifting foreign exchange restrictions and ending the monopoly on diamond export sales. But progress in reversing decades of decline is slow.

DRC is potentially one of the richest countries in Africa, with rich mineral resources, timber (75% of the country is forested) and extensive energy resources in HEP. It is however one of the poorest. Real GDP per capita fell from $380 in 1960 to $115 by 2004. The tense political situation, corruption and smuggling, as highlighted by the UN Panel on the Illegal Exploitation of Mineral Resources of October 2003, have resulted in a shortage of development capital that has stifled the development of the mining and other sectors. The DRC signed up to the Extractive Industries Transparency Initiative (EITI) in 2005 and is a member of the Kimberley Process.

IMF Country Reports - Democratic Republic of Congo
Government Diamond Office

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