Congo: Economic and Political Overview
In this page: Economic Indicators | Foreign Trade in Figures | Sources of General Economic Information | Political Outline | COVID-19 Country Response
Heavily reliant on oil revenues, the Republic of Congo's economy has been significantly affected by fluctuations in global oil prices since 2015. The country experienced a major economic and financial crisis due to the decline in international oil prices, leading to a substantial drop in export revenues. Following two years of recession, slight growth resumed in 2018 and 2019. However, the COVID-19 pandemic caused another recession of 8.1% in 2020. Subsequently, the economy began to recover, with growth rates of 1.5% in 2021 and 1.7% in 2022. According to the IMF, growth in the Republic of Congo was estimated to reach 4% in 2023, driven by growth in both the oil GDP (4.4%) and the non-oil sector (3.9%). Further growth is anticipated in 2024, with a projected rate of 4.4%, primarily due to increased oil production exports (6.5%) and expansion in the non-oil sector (4%).
The budget bill for 2024 outlines budgetary resources of XOF 2,605.7 billion and expenditures of XOF 2,069.7 billion, resulting in an overall budget balance of XOF 536.0 billion. However, the projected cash flow shortfall is expected to be XOF 1,174.0 billion, resulting in an overall budget financing gap of XOF 638 billion. Regarding public debt, substantial restructuring and improved oil prices have restored debt sustainability under the IMF program. In 2022, Congo's total public debt stood at USD 13.0 billion (92.5% of GDP), comprising 47% external debt and 53.5% domestic debt. The IMF projects a decrease in debt to 87.3% of GDP by 2025 amid nominal GDP growth.
Inflation, which averaged 3% in 2022, was projected to accelerate to 3.5% in 2023 due to factors like fuel price deregulation and increases in electricity prices. However, inflation is expected to decelerate to 3.2% in 2024 and return to the 3% threshold in 2025, according to the IMF. Reducing debt vulnerabilities, enhancing domestic revenue mobilization, improving public spending efficiency, and implementing structural reforms are key priorities. The National Development Plan 2022-2026 emphasizes social and infrastructure spending. However, economic diversification remains a significant challenge for the country.
The poverty rate in Congo was alarming, reaching 52% in 2021, with a low GDP per capita estimated at USD 3,791 (PPP) by the World Bank. The unemployment rate was estimated at around 20.5% in 2022, with the informal sector playing a prominent role, engaging about 80% of urban workers.
| Main Indicators | 2022 | 2023 (E) | 2024 (E) | 2025 (E) | 2026 (E) |
|---|---|---|---|---|---|
| GDP (billions USD) | 13.96 | 14.42 | 15.50 | 16.23 | 17.08 |
| GDP (Constant Prices, Annual % Change) | 1.8 | 4.0 | 4.4 | 3.2 | 3.7 |
| GDP per Capita (USD) | 2,338 | 2,350 | 2,457 | 2,502 | 2,562 |
| General Government Gross Debt (in % of GDP) | 92.5 | 100.8 | 94.6 | 89.4 | 83.6 |
| Inflation Rate (%) | 3.0 | 4.5 | 3.6 | 3.0 | 3.0 |
| Current Account (billions USD) | 2.59 | 0.47 | 0.39 | -0.01 | -0.22 |
| Current Account (in % of GDP) | 18.5 | 3.2 | 2.5 | -0.1 | -1.3 |
Source: IMF – World Economic Outlook Database , Latest available data
Note: (e) Estimated Data
In Congo, agriculture contributes 8% of GDP and employs 32% of the active population (World Bank, latest data available), with the majority practicing subsistence farming. Despite having fertile lands, only a small portion is cultivated, less than 10%. The country's territory is mostly covered by forests, accounting for 70% of its land area. However, the forestry sector's contribution to GDP is only 5.6%. Agriculture focuses on subsistence farming, leading Congo to heavily rely on food imports, with "food products and beverages" comprising over half of the country's imported goods and about 80% of domestic food consumption. The main crops include cassava, plantains, bananas, peanuts, and palm oil.
The industrial sector contributes 49.2% of GDP and employs 42% of the workforce, driven by the petroleum, timber, and mining sectors. Congo is the primary oil-producing nation within the CEMAC region, with an estimated annual production of at least 270,000 barrels per day in 2023. Oil contributes to a quarter of GDP, two-thirds of budgetary revenues, and over 80% of export revenues in 2023, making Congo highly vulnerable to fluctuations in commodity prices. Foreign companies dominate the oil sector, with TotalEnergies being the largest contributor to the country's total annual oil production. Congo boasts significant hydrocarbon reserves, with an estimated 1.8 billion barrels of oil reserves and 284 billion cubic meters of natural gas (OPEC). The manufacturing sector accounts for an estimated 13% of GDP (World Bank).
The services sector represents 37.3% of Congo’s GDP and employs 46% of the workforce, mainly providing support services for the oil sector. It includes retail establishments, eateries, hotels, banks, telecommunications companies (such as Airtel and MTN), internet service providers (including Congo Telecom and Vivendi Africa Group), port operators, oil service providers, transportation firms, and public administration services. Tourism faces challenges primarily due to security issues and inadequate infrastructure.
| Breakdown of Economic Activity By Sector | Agriculture | Industry | Services |
|---|---|---|---|
| Employment By Sector (in % of Total Employment) | 36.3 | 21.2 | 42.5 |
| Value Added (in % of GDP) | 8.5 | 36.2 | 48.5 |
| Value Added (Annual % Change) | 3.1 | -1.7 | 5.5 |
Source: World Bank - Latest available data.
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| Monetary Indicators | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|---|
| CFA Franc BEAC (XAF) - Average Annual Exchange Rate For 1 MUR | 16.68 | 16.88 | 16.38 | 16.50 | 14.63 |
Source: World Bank - Latest available data.
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The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labour freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms.
Economic freedom in the world (interactive map)
Source: Index of Economic Freedom, Heritage Foundation
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Congo's foreign trade policy aims to create a conducive environment for international trade, which constitutes around 96% of its GDP (World Bank, latest data available). Customs duties are harmonized by the Central African Customs and Economic Union (UDEAC), ranging from 5% to 30%. As a member of the Central African Economic and Monetary Community (CEMAC) and the Economic Community of Central African States (ECCAS), Congo is integrated into regional trade frameworks. Crude oil is the primary export of Congo, accounting for 91% of total exports in 2022. Raw timber follows as the second-largest export item (3%), with petroleum oils or bituminous minerals (2.04%) and sawn timber (2.0%) also contributing (data French Ministry of Economy). In terms of imports, agricultural and agri-food products are the primary items, with a total value of XOF 400 billion. This category includes products like "meat and edible offal," "wheat and meslin," "fish," palm oil, and rice. "Instruments and apparatus for medicine" constitute the second-largest import category (6.2%), followed by "medicines" (2.4% - data French Ministry of Economy).
In 2022, China emerged as the leading customer and supplier of Congo, accounting for 51% of Congolese exports and holding a 29% market share in imports (data French Ministry of Economy). Asia absorbed 72% of Congo's exports, primarily comprising petroleum and timber, followed by Europe (19%), America (4%), and Africa (3%). Despite this, exports to other African countries remained marginal, indicating limited regional integration and diversification.
Congo maintains a structurally positive trade balance, largely due to its high exports of hydrocarbons. In 2022, its exports and imports of goods were valued at USD 10.6 billion and USD 3 billion, respectively (WTO data). The country's trade surplus was estimated at 29.5% of GDP, up from 20.1% in the previous year (World Bank, latest data available).
| Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Imports of Goods (million USD) | 2,242 | 1,908 | 2,352 | 3,040 | 3,950 |
| Exports of Goods (million USD) | 5,576 | 4,893 | 7,390 | 7,160 | 5,970 |
| Imports of Services (million USD) | 1,663 | 1,041 | 0 | 0 | n/a |
| Exports of Services (million USD) | 265 | 234 | 0 | 0 | n/a |
| Imports of Goods and Services (Annual % Change) | 3.2 | -36.3 | 2.5 | 4.8 | n/a |
| Exports of Goods and Services (Annual % Change) | 7.4 | -11.1 | -12.2 | -0.9 | n/a |
| Imports of Goods and Services (in % of GDP) | 53.2 | 42.4 | 37.2 | 40.2 | n/a |
| Exports of Goods and Services (in % of GDP) | 73.8 | 57.0 | 58.5 | 71.4 | n/a |
| Trade Balance (million USD) | 4,308 | 2,199 | n/a | n/a | n/a |
| Trade Balance (Including Service) (million USD) | 2,910 | 1,391 | n/a | n/a | n/a |
| Foreign Trade (in % of GDP) | 127.0 | 99.4 | 95.6 | 111.6 | n/a |
Source: WTO – World Trade Organisation ; World Bank , Latest Available Data
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| 0.2 bn USD of services exported in 2020 | |
|---|---|
| 59.42% | |
| 32.32% | |
| 3.60% | |
| 1.71% | |
| Personal travelPersonal travel | 1.14% |
| OtherOther | 65.97% |
| Business travelBusiness travel | 0.57% |
| 1.65% | |
| 1.06% | |
| 0.18% | |
| 0.04% | |
| 0.01% | |
| 0.01% | |
| 1.0 bn USD of services imported in 2020 | |
|---|---|
| 59.07% | |
| 21.66% | |
| 10.32% | |
| 3.43% | |
| 3.09% | |
| Personal travelPersonal travel | 2.70% |
| OtherOther | 75.25% |
| Business travelBusiness travel | 0.39% |
| 0.78% | |
| 0.70% | |
| 0.58% | |
| 0.27% | |
| 0.10% | |
Source: United Nations Statistics Division, Latest Available Data
The world rankings, published annually, measures violations of press freedom worldwide. It reflects the degree of freedom enjoyed by journalists, the media and digital citizens of each country and the means used by states to respect and uphold this freedom. Finally, a note and a position are assigned to each country. To compile this index, Reporters Without Borders (RWB) prepared a questionnaire incorporating the main criteria (44 in total) to assess the situation of press freedom in a given country. This questionnaire was sent to partner organisations,150 RWB correspondents, journalists, researchers, jurists and human rights activists. It includes every kind of direct attacks against journalists and digital citizens (murders, imprisonment, assault, threats, etc.) or against the media (censorship, confiscation, searches and harassment etc.).
The Indicator of Political Freedom provides an annual evaluation of the state of freedom in a country as experienced by individuals. The survey measures freedom according to two broad categories: political rights and civil liberties. The ratings process is based on a checklist of 10 political rights questions (on Electoral Process, Political Pluralism and Participation, Functioning of Government) and 15 civil liberties questions (on Freedom of Expression, Belief, Associational and Organizational Rights, Rule of Law, Personal Autonomy and Individual Rights). Scores are awarded to each of these questions on a scale of 0 to 4, where a score of 0 represents the smallest degree and 4 the greatest degree of rights or liberties present. The total score awarded to the political rights and civil liberties checklist determines the political rights and civil liberties rating. Each rating of 1 through 7, with 1 representing the highest and 7 the lowest level of freedom, corresponds to a range of total scores.
Political freedom in the world (interactive map)
Source: Freedom in the World Report, Freedom House
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Latest Update: September 2024
