Central African Republic
Economy
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| Economy | Central African Republic |
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Economy - overview:
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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 half of GDP. Timber has accounted for about 16% of export earnings and the diamond industry for 54%. 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, with GDP growth likely to be no more than 1.3% in 2003. Distribution of income is extraordinarily unequal. Grants from France and the international community can only partially meet humanitarian needs. |
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GDP:
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purchasing power parity - $4.296 billion (2002 est.) |
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GDP - real growth rate:
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1.5% (2002 est.) |
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GDP - per capita:
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purchasing power parity - $1,200 (2002 est.) |
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GDP - composition by sector:
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agriculture: 55%
industry: 20% services: 25% (2001 est.) |
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Population below poverty line:
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NA% |
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Household income or consumption by percentage share:
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lowest 10%: 0.7%
highest 10%: 47.7% (1993) |
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Distribution of family income - Gini index:
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61.3 (1993) |
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Inflation rate (consumer prices):
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3.6% (2001 est.) |
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Labor force:
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NA |
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Unemployment rate:
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8% (23% for Bangui) (2001 est.) |
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Budget:
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revenues: $NA
expenditures: $NA, including capital expenditures of $NA |
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Industries:
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diamond mining, logging, brewing, textiles, footwear, assembly of bicycles and motorcycles |
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Industrial production growth rate:
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3% (2002) |
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Electricity - production:
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106 million kWh (2001) |
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Electricity - production by source:
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fossil fuel: 19.8%
hydro: 80.2% other: 0% (2001) nuclear: 0% |
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Electricity - consumption:
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98.63 million kWh (2001) |
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Electricity - exports:
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0 kWh (2001) |
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Electricity - imports:
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0 kWh (2001) |
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Oil - production:
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0 bbl/day (2001 est.) |
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Oil - consumption:
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2,400 bbl/day (2001 est.) |
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Oil - exports:
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NA (2001) |
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Oil - imports:
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NA (2001) |
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Agriculture - products:
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cotton, coffee, tobacco, manioc (tapioca), yams, millet, corn, bananas; timber |
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Exports:
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$134 million f.o.b. (2002 est.) |
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Exports - commodities:
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diamonds, timber, cotton, coffee, tobacco |
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Exports - partners:
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Belgium 66.8%, Spain 6.4%, Kazakhstan 4% (2002) |
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Imports:
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$102 million f.o.b. (2002 est.) |
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Imports - commodities:
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food, textiles, petroleum products, machinery, electrical equipment, motor vehicles, chemicals, pharmaceuticals |
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Imports - partners:
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France 30%, US 5.2%, Cameroon 4.5%, Germany 4.3% (2002) |
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Debt - external:
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$881.4 million (2000 est.) |
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Economic aid - recipient:
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ODA $73 million; note - traditional budget subsidies from France (2000 est.) |
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Currency:
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Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States |
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Currency code:
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XAF |
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Exchange rates:
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Communaute Financiere Africaine francs (XAF) per US dollar - 696.99 (2002), 733.04 (2001), 711.98 (2000), 615.7 (1999), 589.95 (1998) |
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Fiscal year:
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calendar year |
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