Central African Republic: Economic Outline

Economic Indicators

The growth in the Central African Republic (CAR) which had reached its highest level in ten years in 2006 (4.1%) was affected by the global economic crisis. After having fallen to 1.7% in 2009, it experienced a moderate revival in 2010, attaining 3.3% and it should become stable in 2011. Domestic demand remains the main growth driver, which is sustained by private investments.

The Central African Republic achieved the completion point of the HIPC initiative (Heavily Indebted Poor Countries Initiative) on June 30, 2009. Its structural reforms program is based on the objectives of the Poverty Reduction Strategy Paper (PRSP), as agreed with the IMF. The government has the intention of continuing its policy of domestic income mobilization and expenditures control. Its geographical landlocked location, a weak transportation system, a large majority of unskilled work force, inefficient economic policies and domestic political conflicts have slowed down the development of the country's economy.

The CAR is amongst the world's least developed countries (LDC): 67% of the population lives below the poverty threshold, the access to basic education and health services is not guaranteed, there are very strong inequalities and life expectancy at birth is 39 years. Unemployment is high, especially in the capital where it affects one person out of five.

Main Indicators	2009	2010	2011	2012 (e)	2013 (e)
GDP (billions USD)	1.99e	1.99e	2.29	2.48	2.67
GDP (Constant Prices, Annual % Change)	1.7e	3.3e	4.1	5.0	5.5
GDP per Capita (USD)	440e	429e	483e	510	535
General Government Gross Debt (in % of GDP)	36.8	41.9e	37.0	32.8	28.4
Inflation Rate (%)	3.5	1.5e	2.8	2.6	2.5
Current Account (billions USD)	-0.16	-0.20	-0.23	-0.24	-0.26
Current Account (in % of GDP)	-8.1	-10.1	-9.9e	-9.9	-

Source: IMF - World Economic Outlook Database - Last Available Data.

Note: (e) Estimated Data

Monetary Indicators	2008	2009	2010
Foreign Debt (million USD)	955	396	-
CFA Franc BEAC (XAF) - Average Annual Exchange Rate For 1 USD	447.81	472.19	495.28

Source: World Bank - Last Available Data.

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Main Sectors of Industry

Breakdown of Economic Activity By Sector	Agriculture	Industry	Services
Employment By Sector (in % of Total Employment)	-	-	-
Value Added (in % of GDP)	56.5	14.8	28.7
Value Added (Annual % Change)	3.1	5.6	4.3