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Ambassador Frederick B. COOK embassy: Avenue David Dacko, Bangui mailing address: B. P. 924, Bangui telephone: [236] 61 02 00 FAX: [236] 61 44 94 note: the embassy is currently operating with a minimal staff

      Flag description:

      four equal horizontal bands of blue (top), white, green, and yellow with a vertical red band in center; a yellow five-pointed star to the hoist side of the blue band

      Economy

       Central African Republic

      Economy - overview:

      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 more than half of GDP. Timber has accounted for about 16% of export earnings and the diamond industry, for 40%. 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. Distribution of income is extraordinarily unequal. Grants from France and the international community can only partially meet humanitarian needs.

      GDP (purchasing power parity):

      $3.007 billion (2007 est.)

      GDP (official exchange rate):

      $1.714 billion (2007 est.)

      GDP - real growth rate:

      4% (2007 est.)

      GDP - per capita (PPP):

      $700 (2007 est.)

      GDP - composition by sector:

      agriculture: 55% industry: 20% services: 25% (2001 est.)

      Labor force:

      1.857 million (2006)

      Unemployment rate:

      8% (23% for Bangui) (2001 est.)

      Population below poverty line:

      NA%

      Household income or consumption by percentage share:

      lowest 10%: 0.7% highest 10%: 47.7% (1993)

      Distribution of family income - Gini index:

      61.3 (1993)

      Budget:

      revenues: $250 million expenditures: $273 million (2007 est.)

      Fiscal year:

      calendar year

      Inflation rate (consumer prices):

      0.9% (2007 est.)

      Central bank discount rate:

      5.25% (31 December 2007)

      Commercial bank prime lending rate:

      15% (31 December 2007)

      Stock of money:

      $218.3 million (31 December 2007)

      Stock of quasi money:

      $47.58 million (31 December 2007)

      Stock of domestic credit:

      $320.2 million (31 December 2007)

      Agriculture - products:

      timber, cotton, coffee, tobacco, manioc (tapioca), yams, millet, corn, bananas; timber

      Industries:

      gold and diamond mining, logging, brewing, textiles, footwear, assembly of bicycles and motorcycles

      Industrial production growth rate:

      3% (2002)

      Electricity - production:

      110 million kWh (2006 est.)

      Electricity - consumption:

      102.3 million kWh (2006 est.)

      Electricity - exports:

      0 kWh (2007 est.)

      Electricity - imports:

      0 kWh (2007 est.)

      Electricity - production by source:

      fossil fuel: 19.8% hydro: 80.2% nuclear: 0% other: 0% (2001)

      Oil - production:

      0 bbl/day (2007 est.)

      Oil - consumption:

      2,322 bbl/day (2006 est.)

      Oil - exports:

      0 bbl/day (2005)

      Oil - imports:

      2,057 bbl/day (2005)

      Oil - proved reserves:

      0 bbl (1 January 2006 est.)

      Natural gas - production:

      0 cu m (2007 est.)

      Natural gas - consumption:

      0 cu m (2007 est.)

      Natural gas - exports:

      0 cu m (2007 est.)

      Natural gas - imports:

      0 cu m (2007 est.)

      Natural gas - proved reserves:

      0 cu m (1 January 2006)

      Current account balance:

      -$77 million (2007 est.)

      Exports:

      $146.7 million f.o.b. (2007 est.)

      Exports - commodities:

      diamonds, timber, cotton, coffee, tobacco

      Exports - partners:

      Belgium 22.7%, Indonesia 19.3%, Italy 7.7%, France 7.1%, Spain 6.9%,

       Democratic Republic of the Congo 6.8%, China 4.9%, Turkey 4.7% (2007)

      Imports:

      $237.3 million f.o.b. (2007 est.)

      Imports - commodities:

      food, textiles, petroleum products, machinery, electrical equipment, motor vehicles, chemicals, pharmaceuticals

      Imports - partners:

      France 16.6%, Netherlands 13%, Cameroon 9.7%, US 6.3% (2007)

      Economic aid - recipient:

      ODA, $95.29 million; note - traditional budget subsidies from France (2005 est.)

      Debt - external:

      $1.153 billion (2007 est.)

      Market value of publicly traded shares:

      $NA

      Currency (code):

      Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States

      Currency code:

      XAF

      Exchange rates:

      Communaute Financiere Africaine francs (XAF) per US dollar - 481.8 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)

      Communications

       Central African Republic

      Telephones - main lines in use:

      12,000 (2006)

      Telephones - mobile cellular:

      130,000 (2007)

      Telephone

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