Economy Overview
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. The 50% devaluation of the currencies of 14 Francophone African nations on 12 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 1994 and nearly 5% in 1995. Military rebellions and social unrest in 1996 were accompanied by widespread destruction of property and a drop in GDP of 2%. The IMF approved an Extended Structure Adjustment Facility in 1998 and the World Bank extended further credits in 1999 and approved a $10 million loan in early 2001. As of January 2002, many civil servants were owed as much as 16 months pay during the PATASSE administration, as well as 14 months pay from the KOLINGBA administration.
Agriculture Products
cotton, coffee, tobacco, manioc (tapioca), yams, millet, corn, bananas; timber
Industries
diamond mining, sawmills, breweries, textiles, footwear, assembly of bicycles and motorcycles
Industrial Production Growth Rate
3.9% (2001)
Electricity production
104 million kWh (2000)
Electricity production by source
Fossil fuel: 20%
Hydro: 80%
Other: 0% (2000)
Nuclear: 0%
Electricity Consumption
96.72 million kWh (2000)
Electricity Exports
0 kWh (2000)
Electricity Imports
0 kWh (2000)
Currency
Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States
Unemployment Rate
8% (23% for Bangui) (2001 est.)
Population Below Poverty Line
NA%
Household Income or Consumption by Percentage Share
Lowest 10%: 1%
Highest 10%: 48% (1993) (1993)
Distribution of Family Income Gini Index
61 (1993)
Budget
Revenues: $NA
Expenditures: $NA, including capital expenditures of $NA
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$881.4 million (2000 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Communaute Financiere Africaine francs (XAF) per US dollar - 742.79 (January 2002), 733.04 (2001), 711.98 (2000), 615.70 (1999), 589.95 (1998), 583.67 (1997); note - from 1 January 1999, the XAF is pegged to the euro at a rate of 655.957 XAF per euro
