Congo
IN 2007, THE COUNTRY RECORDED economic growth of 6.2 per cent, lower than the objective of 6.5 per cent but higher than the rate of 5.1 per cent rate posted in 2006. A faster growth rate is forecast for 2008 and 2009.
Congo, Rep.: Stock of Total External Debt (percentage of GDP) and Debt Service (percentage of exports of goods and services) appears in African Economic Outlook 2009.
Congo, Rep.: Real GDP Growth and Per Capita GDP (USD/PPP at current prices) appears in African Economic Outlook 2009.
Congo, Rep.: Public Finances (percentage of GDP at current prices) appears in African Economic Outlook 2009.
Congo, Rep.: Current Account (percentage of GDP at current prices) appears in African Economic Outlook 2009.
The Republic of Congo has made significant progress in restoring internal political peace and applying reforms launched under the three-year programme agreed with the International Monetary Fund (IMF) as part of the Poverty Reduction and Growth Facility (PRGF). President Denis Sassou Nguesso was re-elected in 2009 for another seven-year term in a vote disputed by the opposition. Despite the world crisis, the economy grew strongly (7.6%), driven mainly by oil production and the construction sector. Forestry and primary timber-processing was badly hit, though, by a drop in external demand and in export prices. Regardless, gross domestic product (GDP) growth remained largely sustained by exports and investment, and should increase to 11.9% in 2010 thanks to projected higher oil production.
Congo, Dem. Rep.:Current Account (percentage of GDP at current prices) appears in African Economic Outlook 2009.
Congo, Dem. Rep.: Stock of Total External Debt (percentage of GDP) and Debt Service (percentage of exports of goods and services) appears in African Economic Outlook 2009.
Congo, Dem. Rep.: Real GDP Growth and Per Capita GDP (USD/PPP at current prices) appears in African Economic Outlook 2009.
Congo, Dem. Rep.: Public finances (percentage of GDP in current prices) appears in African Economic Outlook 2009.
Congo’s economic outlook is still quite good but external factors are a major threat. Gross domestic product (GDP) should grow 5.1% in 2013 and 5.3% in 2014. Apart from oil, the main pillars of growth are forestry, transport and telecommunications, and continued government investment in the public sector. These growth rates will depend on faster reforms and proper management of risks from a deteriorating world economic outlook, especially lower demand for oil and thus lower prices. This shows how vulnerable the economy is and the need to diversify it by developing the non-oil private sector.