Congo, Democratic Rep.
The economy of the Democratic Republic of the Congo - a nation endowed with vast potential wealth - is slowly recovering from two decades of decline. Conflict that began in August 1998 has dramatically reduced national output and government revenue, increased external debt, and resulted in the deaths of more than 5 million people from violence, famine, and disease. Foreign businesses curtailed operations due to uncertainty about the outcome of the conflict, lack of infrastructure, and the difficult operating environment. Conditions began to improve in late 2002 with the withdrawal of a large portion of the invading foreign troops. The transitional government reopened relations with international financial institutions and international donors, and President KABILA began implementing reforms, although progress has been slow and the International Monetary Fund curtailed their program for the DRC at the end of March 2006 because of fiscal overruns. Much economic activity still occurs in the informal sector, and is not reflected in GDP data. Renewed activity in the mining sector, the source of most export income, boosted Kinshasa's fiscal position and GDP growth from 2006-2008, however, the government's review of mining contracts that began in 2006, combined with a fall in world market prices for the DRC's key mineral exports inflicted major damage on the sector. An uncertain legal framework, corruption, a lack of transparency in government policy are long-term problems for the mining sector and the economy as a whole. The global recession cut economic growth in 2009 to half its 2008 level, but donor assistance and diligence on the part of the central bank have brought foreign exchange reserves to their highest levels in 25 year after the financial crisis caused reserves to fall to less than one day's worth of imports in early 2009. The DRC signed a new Poverty Reduction and Growth Facility with the IMF this year.... More..
|SOURCE: CIA - The World Factbook|
|GDP (PPP)||$21.33 billion (2009 est.)|
|GDP (per capita)||$300 (2009 est.)|
|Exports||$6.1 billion (2007)|
|Imports||$5.2 billion (2007)|
|Main Industries||Mining (Diamonds, Gold, Copper, Cobalt, Coltan, Zinc), Mineral Processing, Consumer Products (Including Textiles, Footwear, Cigarettes, Processed Foods and Beverages), Cement, Commercial Ship Repair|
|Exports - Commodities||Diamonds, Gold, Copper, Cobalt, Wood Products, Crude Oil, Coffee|
|Imports - Commodities||Foodstuffs, Mining and Other Machinery, Transport Equipment, Fuels|
|Exports Partners||China 47.3%, Belgium 15.4%, Finland 9.6%, US 8.1%, Zambia 4.4% (2008)|
|Imports Partners||South Africa 28.4%, Belgium 9.9%, Zambia 7.1%, Zimbabwe 6%, China 5.9%, Kenya 5%, France 4.6% (2008)|
Business Registry Number: 120-86-03931