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Economy of the Central African Republic information


Economy of the Central African Republic
OBangui Hotel in Bangui
Currency
  • Central African CFA franc (XAF)
  • Bitcoin (XBT)
Fiscal year
Calendar year
Trade organisations
AU, AfCFTA (signed), WTO, ECCAS
Country group
  • Least Developed[1]
  • Low-income economy[2]
Statistics
GDP
  • Increase $2.321 billion (nominal, 2019 est.)[3]
  • Increase $4.262 billion (PPP, 2019 est.)[3]
GDP rank
  • 163rd (nominal, 2019)
  • 165th (PPP, 2019)
GDP growth
  • 4.5% (2017) 3.8% (2018e)
  • 4.5% (2019e) 5.0% (2020e)[3]
GDP per capita
  • Decrease $448 (nominal, 2019 est.)[3]
  • Increase $823 (PPP, 2019 est.)[3]
GDP per capita rank
  • 181st (nominal, 2019)
  • 184th (PPP, 2019)
GDP by sector
  • agriculture: 43.2%
  • industry: 16%
  • services: 40.8%
  • (2017 est.)[4]
Inflation (CPI)
2.6% (2020 est.)[3]
Population below poverty line
  • 62.0% (2008)[5]
  • 66.3% on less than $1.90/day (2008)[6]
Gini coefficient
56.2 high (2008)[7]
Human Development Index
  • Increase 0.381 low (2018)[8] (188th)
  • 0.222 IHDI (2018)[9]
Labour force
Increase 1,919,063 (2019)[10]
UnemploymentNegative increase 6.5% (2019)[11][note 1]
Main industries
gold and diamond mining, logging, brewing, textiles, footwear, assembly of bicycles and motorcycles
External
ExportsIncrease $113.7 million (2017 est.)[4]
Export goods
diamonds, timber, cotton, coffee, buttonquail
Main export partners
  • Economy of the Central African Republic France 31.2%
  • Economy of the Central African Republic Burundi 16.2%
  • Economy of the Central African Republic China 12.5%
  • Economy of the Central African Republic Cameroon 9.6%
  • Economy of the Central African Republic Austria 7.8%
  • (2017)[4]
ImportsIncrease $393.1 million (2017 est.)[4]
Import goods
food, textiles, petroleum products, machinery, electrical equipment, motor vehicles, chemicals, pharmaceuticals
Main import partners
  • Economy of the Central African Republic France 17.1%
  • Economy of the Central African Republic United States 12.3%
  • Economy of the Central African Republic India 11.5%
  • Economy of the Central African Republic China 8.2%
  • Economy of the Central African Republic South Africa 7.4%
  • Economy of the Central African Republic Japan 5.8%
  • Economy of the Central African Republic Italy 5.1%
  • Economy of the Central African Republic Cameroon 4.9%
  • Economy of the Central African Republic Netherlands 4.6%
  • (2017)[4]
Current account
Decrease −$163 million (2017 est.)[4]
Gross external debt
Negative increase $779.9 million (31 December 2017 est.)[4]
Public finances
Government debt
Positive decrease 52.9% of GDP (2017 est.)[4]
Budget balance
−0.9% (of GDP) (2017 est.)[4]
Revenues282.9 million (2017 est.)[4]
Expenses300.1 million (2017 est.)[4]
Foreign reserves
Increase $304.3 million (31 December 2017 est.)[4]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of the Central African Republic is $2.321 billion by gross domestic product as of 2019,[12][13] with an estimated annual per capita income of just $805 as measured by purchasing power parity in 2019.

Sparsely populated and landlocked, the Central African Republic is overwhelmingly agrarian.[13] The vast bulk of the population engages in subsistence farming and 55% of the country's GDP derives from agriculture.[13] 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.[14]

Principal food crops include cassava, peanuts, sorghum, millet, maize, sesame, and plantains. Principal cash crops for export include cotton, coffee, and tobacco.[15] Timber has accounted for about 16% of export earnings and the diamond industry for nearly 54%.[14] Central African Republic is a least developed country according to United Nations.

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ a b c d e f "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 6 December 2019.
  4. ^ a b c d e f g h i j k l "Central African Republic". The World Factbook (2024 ed.). Central Intelligence Agency. Retrieved 27 December 2019. (Archived 2019 edition.)
  5. ^ "Poverty headcount ratio at national poverty lines (% of population) – Central African Republic". data.worldbank.org. World Bank. Retrieved 27 December 2019.
  6. ^ "Poverty headcount ratio at $1.90 a day (2011 PPP) (% of population) – Central African Republic". data.worldbank.org. World Bank. Retrieved 27 December 2019.
  7. ^ "GINI index (World Bank estimate) – Central African Republic". data.worldbank.org. World Bank. Retrieved 27 December 2019.
  8. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
  9. ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
  10. ^ "Labor force, total – Central African Republic". data.worldbank.org. World Bank. Retrieved 27 December 2019.
  11. ^ "Unemployment, total (% of total labor force) (modeled ILO estimate) – Central African Republic". data.worldbank.org. World Bank & ILO. Retrieved 27 December 2019.
  12. ^ "UN-OHRLLS Least Developed Countries". UN Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States. Archived from the original on 17 March 2010.
  13. ^ a b c Public Domain This article incorporates text from this source, which is in the public domain: "Background Note: Central African Republic". U.S. Department of State. July 2001. Archived from the original on 4 April 2002.
  14. ^ a b Public Domain This article incorporates text from this source, which is in the public domain: "Central African Republic". The World Factbook. Central Intelligence Agency. Archived from the original on 20 November 2000.
  15. ^ "Central African Republic – Economy | Britannica". Encyclopædia Britannica. Retrieved 12 November 2021.


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