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 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. Distribution of income is extraordinarily unequal. Grants from France and the international community can only partially meet humanitarian needs.
Agriculture Products
timber, 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
3% (2002)country comparison to the world: 85
Labor Force
1.926 million (2007)country comparison to the world: 121
Electricity production
115 million kWh (2007 est.)country comparison to the world: 187
Electricity Consumption
107 million kWh (2007 est.)country comparison to the world: 188
Electricity Exports
0 kWh (2008 est.)
Electricity Imports
0 kWh (2008 est.)
Unemployment Rate
8% (2001 est.)country comparison to the world: 111 note: 23% unemployment for 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
61.3 (1993)country comparison to the world: 6
Budget
Revenues: $250 million
Expenditures: $273 million (2007 est.)
Central Bank Discount Rate
4.75% (31 December 2008)country comparison to the world: 85 5.25% (31 December 2007)
Commercial Bank Prime Lending Rate
Stock of Domestic Credit
$NA (31 December 2008)$320.2 million (31 December 2007)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
Debt External
$1.153 billion (2007 est.)country comparison to the world: 152
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar - 447.81 (2008 est.), 481.8 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004) note: since 1 January 1999, the Central African CFA franc (XAF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; Central African CFA franc (XAF) coins and banknotes are not accepted in countries using West African CFA francs (XOF), and vice versa, even though the two currencies trade at par
