Central African Republic
Central African Republic: Real GDP Growth and Per Capita GDP (USD/PPP at current prices) appears in African Economic Outlook 2009.
Central African Republic: Public finances (percentage of GDP in current prices) appears in African Economic Outlook 2009.
Central African Republic: GDP by Sector in 2008 (percentage) appears in African Economic Outlook 2009.
Central African Republic: Current Account (percentage of GDP in current prices) appears in African Economic Outlook 2009.
Central African Republic Stock of Total External Debt (percentage of GDP) and Debt Service (percentage of exports of goods and services) appears in African Economic Outlook 2009.
The increasingly fragile political and security situation has not only worsened the economic outlook for 2013, it has also made it highly uncertain. Despite the peace deal signed in Libreville on 11 January 2013, resulting in a national unity government, the Seleka rebels launched an offensive on the capital, Bangui, on 22 March 2013, setting up a new regime. Chief rebel Michel Djotodia proclaimed himself president, while former president François Bozizé was forced into exile. The events also sparked extensive looting and the destruction of public and private property in Bangui.
Prospects for 2012 are good, with real gross domestic product (GDP) expected to grow by 4.2% because of improved security conditions, the end of electoral uncertainty, good harvests and resumption of delayed investment in mining. Inflation is predicted to be below the convergence criteria of the Central African Economic and Monetary Community (CEMAC) but rising from 1% in 2011 to 2.8% in 2012 because of the recovery of domestic demand.
The economic recovery in the Central African Republic (CAR) was confirmed in 2010, with real gross domestic product (GDP) growth estimated at 3.4%. This positive growth came a year after the economy had suffered the full effects of the global economic and financial crisis that broke out in 2008. In 2010, the CAR also achieved the objectives set out in the 2008-10 poverty reduction strategy document (PRSP) and the year saw its economic and financial Programme negotiated with the International Monetary Fund (IMF), supported through the Extended Fund Facility (EFF) agreed upon with the IMF in December 2006. The sixth and final review of the EFF was approved by the IMF board on 25 August 2010, thus rewarding the efforts made in terms of economic and financial reform. The CAR reached the completion point of the Heavily Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI).
The 1994 Constitution of the Central African Republic guarantees equal rights to men and women in all domains of society. Due to chronic poverty and a lack of funding, the Central African Republic government admits that it has been unable to meet its obligation regarding general human rights. Moreover, local traditions that are unfavourable to women remain strong amidst the predominantly rural population.
FOR MANY YEARS, THE Central African Republic (CAR) has had to face political instability and internal conflicts which have weakened public institutions, undermined the economic infrastructures and basic social services, and led to a severe contraction of real Gross Domestic Product (GDP) and people’s incomes. This trend, however, was less pronounced during the 2004-07 period, which saw a gradual return to sociopolitical stability and economic growth. Real GDP growth is estimated at 2.6 per cent for 2008, or 1.6 per cent less than in 2007. This slowdown was due mainly to the combined effects of the external shocks that occurred during the year (soaring oil prices, food crisis, depreciation of the US dollar (USD) against the euro (EUR), to which the CFA franc (XAF) is pegged, the international financial crisis, and the decline in world demand for raw materials and consequent fall in their prices), as well as the electricity crisis that has prevailed in the CAR since June 2008.