Economy Of 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 likely to contract in 2004. 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 - $4.183 billion (2004 est.)
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GDP - real growth rate
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-7% (2004 est.)
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GDP - per capita
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purchasing power parity - $1,100 (2004 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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Investment gross fixed
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Population below poverty line
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NA (1993)
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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 (2000 est.)
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Labor force by occupation
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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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Public debt
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Agriculture products
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cotton, coffee, tobacco, manioc (tapioca), yams, millet, corn, bananas; timber
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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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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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Exports
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$172 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 41.8%, Italy 10.7%, Spain 9.8%, France 7.4%, Indonesia 6.6% (2003)
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Imports
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$136 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 27%, Cameroon 9.2%, US 5.3% (2003)
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Reserves of foreign exchange gold
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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 - 581.2 (2003), 696.988 (2002), 733.039 (2001), 711.976 (2000), 615.699 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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