Economic Stats
The Republic of the Congo is a developing country. The oil business has resulted in a slightly raised economy that allows the population to live in relative prosperity, in comparison to other countries of the previous French dominance of Equatorial Africa. However, in recent years there have been some setbacks due to the decline to the price of oil and the import and export limitations due to the pandemic. To cope with this crisis, the government took steps to diversify all economic sections and spread the income to more fields than oil.
Here are the numbers of how we are doing:
Total nominal Gross Domestic Product (GDP) – (estimate for end of 2022) – 18.4 billion US$
Purchasing Power Parity – (estimate for end of 2022) – 25.9 billion US$
Nominal GDP per capita – 3,243 US$
Actual GDP per capita – 4,578 US$
Human Development Index (HDI) 0.574
GINI coefficient – 40.2
Inflation – 2.0 %
Development rates:
— 2021 – 3.5 %
— Estimate for 2022 – 3.5 %
— Estimate for 2023-2024 – 3.8 %
IBRD* and IDA** commitments for 2022
Public debt – 98% of GDP
Unemployment – 10.5 %
FDI net inflows – 4 billion US$
Cost of living
— for a family of four without rent – 3,468 US$
— for a single person without rent – 989 US$
— Rent for a 1-bedroom apartment per month, city center – 1,625 US$
— Rent for a 1-bedroom apartment per month, off city center – 783 US$
— Average monthly salary – 650 US$
— Basic Utilities (power, water, etc…) average per month – 125 US$
— Internet facilities per month – 200 US$
— 1 ltr of gasoline – 1.33 US$
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*IBRD = International Bank for Reconstruction and Development
**IDA = International Development Association – Part of the World Bank
Now that the oil prices are rising again, the financial and development potential of our country, in conjunction with bringing other industries in the vault, is greater than ever before.