Economy 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 and diamonds account for most export earnings, followed by cotton. 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. In 2012 the World Bank approved $125 million in funding for transport infrastructure and regional trade, focused on the route between CAR's capital and the port of Douala in Cameroon. After a two year lag in donor support, the IMF's first review of CAR's extended credit facility for 2012-2015 praised improvements in revenue collection but warned of weak management of spending.
Agriculture Products
cotton, coffee, tobacco, manioc (tapioca), yams, millet, corn, bananas; timber
Industrial Production Growth Rate
3% (2002)country comparison to the world: 99
Labor Force
1.926 million (2007)country comparison to the world: 123
Unemployment Rate
8% (2001 est.)country comparison to the world: 94 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
61.3 (1993)country comparison to the world: 6
Budget
Revenues: $335.1 million
Expenditures: $352.2 million (2012 est.)
Central Bank Discount Rate
4.25% (31 December 2009)country comparison to the world: 78 4.75% (31 December 2008)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$372.8 million (31 December 2012 est.)country comparison to the world: 166 $329.7 million (31 December 2011 est.)
Stock of Broad Money
$459.7 million (31 December 2012 est.)country comparison to the world: 178 $406.6 million (31 December 2011 est.)
Stock of Domestic Credit
$510.6 million (31 December 2012 est.)country comparison to the world: 171 $444.7 million (31 December 2011 est.)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
Debt External
$469.5 million (31 December 2012 est.)country comparison to the world: 172 $404.4 million (31 December 2011 est.)
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 -514.1 (2012 est.) 471.87 (2011 est.) 495.28 (2010) 472.19 (2009) 447.81 (2008)
