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Congo

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Map of Congo Last reviewed: 17 December 2007

Country information

ECONOMY

Basic Economic Facts

GDP: US$5.03 bn (2006 est)
GDP per head: US$1,400 (2006 est)
Annual GDP growth: 7.2% (2006 est)
Inflation: 5.8% (2006 est)
Major Industries: Petroleum, timber, phosphates, natural gas, coffee, sugar
Major trading partners: France, US, Belgium, UK, Italy, Germany, Taiwan, China
Exchange rate: 1 Euro = CFA 655.96 (fixed rate).

The economy remains dependent on oil although production peaked in 2000 at 283,000 bpd, at which point oil accounted for 95% of exports. After a dip in production, volumes were back up to 267,000 bpd by 2005, and are expected to reach some 278,000 bpd by 2008 following the entry into production of new discoveries. Short of new discoveries in deep and ultra-deep waters, production is likely to decline in the medium-term. The oil sector has long been dominated by the French company TotalFinaElf but many new players including US-based multinationals have entered the market in recent years. While the oil sector was largely insulated during the civil war, the rest of the economy was severely disrupted.

Successive post-independence governments have not been able to translate the oil dividend into improvements in living conditions for the population. The opaque workings of the national oil company, SNPC, were recently exposed in an independent audit carried out by KPMG. SNPC’s virtual control of the country’s finances and the lack of transparency in its operations were highlighted as major problems. The country’s long term practice of securing oil-backed commercial loans has left it highly indebted. But the government is now working with both the World Bank and the IMF towards structural reform, re-establishment of basic public services, and promotion of post-conflict recovery through macro-economic stabilisation. In December 2004, the IMF approved a first Poverty Reduction and Growth Facility for 3 years valued at US$84.4 million, and in March 2006 approved Congo’s attainment of the Highly Indebted Poor Countries (HIPC) decision point. With a small population and as an oil producer, Congo has never been a major recipient of donor aid, except from France.

IMF Country Reports: Republic of Congo

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Congo

Address:

37 bis Rue Paul Valéry
75116 Paris
France


Telephone:

(00) 33 1 45 00 6057

Fax:

(00) 33 1 40 67 1733

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