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EconomyEconomy - overview
Subsistence agriculture, together with forestry, remains the backbone of the economy of the Central African Republic (CAR), with about 60% 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. Since 2009 the IMF has worked closely with the government to institute reforms that have resulted in some improvement in budget transparency, but other problems remain. The government's additional spending in the run-up to the election in 2011 worsened CAR's fiscal situation. Distribution of income is extraordinarily unequal. Grants from France and the international community can only partially meet humanitarian needs. CAR currently lacks an IMF program. Gdp (purchasing power parity) World Ranking: 174
$3.688 billion (2011 est.)
$3.576 billion (2010 est.) $3.461 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$2.165 billion (2011 est.)
Gdp - real growth rate World Ranking: 115
3.1% (2011 est.)
3.3% (2010 est.) 1.7% (2009 est.) Gdp - per capita (ppp) World Ranking: 219
$800 (2011 est.)
$800 (2010 est.) $800 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 53.1%
Industry 14.5% Services 32.4% (2011 est.) Labor force World Ranking: 123
1.926 million (2007)
Unemployment rate World Ranking: 95
8% (2001 est.)
Note 23% unemployment in Bangui Population below poverty line
NA%
Household income or consumption by percentage share
Lowest 10% 2.1%
Highest 10% 33% (2003) Distribution of family income - gini index World Ranking: 6
61.3 (1993)
Budget
Revenues $376 million
Expenditures $401 million (2011 est.) Taxes and other revenues World Ranking: 183
17.4% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 66
-1.2% of GDP (2011 est.)
Inflation rate (consumer prices) World Ranking: 18
1.7% (2011 est.)
1.5% (2010 est.) Central bank discount rate World Ranking: 76
4.25% (31 December 2009)
4.75% (31 December 2008) Commercial bank prime lending rate World Ranking: 40
15% (31 December 2011 est.)
15% (31 December 2010 est.) Stock of narrow money World Ranking: 171
$329.6 million (31 December 2011 est.) $304.4 million (31 December 2010 est.) Stock of broad money World Ranking: 180
$406.6 million (31 December 2011 est.) $365.1 million (31 December 2010 est.) Stock of domestic credit World Ranking: 170
$492.7 million (31 December 2011 est.) $381.4 million (31 December 2010 est.) Market value of publicly traded shares
$NA
Agriculture - products
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 World Ranking: 104
3% (2002)
Electricity - production World Ranking: 182
160 million kWh (2008 est.)
Electricity - consumption World Ranking: 188
148.8 million kWh (2008 est.)
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
0 kWh (2009 est.)
Oil - production World Ranking: 162
0 bbl/day (2010 est.)
Oil - consumption World Ranking: 191
2,000 bbl/day (2010 est.)
Oil - exports World Ranking: 146
0 bbl/day (2009 est.)
Oil - imports World Ranking: 175
2,418 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 117
0 bbl (1 January 2011 est.)
Natural gas - production World Ranking: 164
0 cu m (2009 est.)
Natural gas - consumption World Ranking: 162
0 cu m (2009 est.)
Natural gas - exports World Ranking: 76
0 cu m (2009 est.)
Natural gas - imports World Ranking: 170
0 cu m (2009 est.)
Natural gas - proved reserves World Ranking: 162
0 cu m (1 January 2011 est.)
Current account balance World Ranking: 88
-$234.4 million (2011 est.)
-$178 million (2010 est.) Exports World Ranking: 186
$169.2 million (2011 est.)
$152.8 million (2010 est.) Exports - commodities
Diamonds, timber, cotton, coffee, tobacco Exports - partners
Belgium 29.1%, China 16.4%, Morocco 7.6%, Democratic Republic of the Congo 7.6%, France 6.8%, Indonesia 6% (2011) Imports World Ranking: 191
$380.1 million (2011 est.)
$313 million (2010 est.) Imports - commodities
Food, textiles, petroleum products, machinery, electrical equipment, motor vehicles, chemicals, pharmaceuticals Imports - partners
South Korea 45.6%, Netherlands 8.8%, France 7.1%, Cameroon 5.1% (2011) Debt - external World Ranking: 170
$483.9 million (31 December 2011 est.) $404 million (31 December 2010 est.) Exchange rates
Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar - 471.87 (2011)495.28 (2010) 472.19 (2009) 447.81 (2008) 493.51 (2007) Fiscal year
Calendar year
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Central African Republic (Bangui):
 
GPS points from Central African Republic (Bangui)
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The former French colony of Ubangi-Shari became the Central African Republic upon independence in 1960. After three tumultuous decades of misrule - mostly by military governments - civilian rule was established in 1993 and lasted for one decade. President Ange-Felix PATASSE's civilian government was plagued by unrest, and in March 2003 he was deposed in a military coup led by General Francois BOZIZE, who established a transitional government. Though the government has the tacit support of civil society groups and the main parties, a wide field of candidates contested the municipal, legislative, and presidential elections held in March and May of 2005 in which General BOZIZE was affirmed as president. BOZIZE was reelected in the 2011 elections, which were widely viewed as having gross inaccuracies and discrepancies. The government still does not fully control the countryside, where pockets of lawlessness persist. Militant group Lord's Resistance Army (LRA) continues to affect stability in the Central African Republic as well.