Economy

Economy
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Economy

The RoC is the fourth largest oil producer in Sub-Saharan Africa, producing circa 100 million barrels of oil per year and has estimated reserves of 2 billion barrels. Pointe Noire, the second city, and business capital, with an estimated 1 million inhabitants, is home to the extensive oil industry and large container port.

In 2013, the national GDP was US$20billion, or US$4,800 per capita – significantly above other Sub-Saharan African countries. GDP Growth is strong, at an average of between 6-7% between 2013 and 2015. Economic activity is dominated by oil though investment is growing in construction and public works, telecommunications and agriculture.

The average consumer price inflation between 2011 and 2015 is expected to be 3.2%, significantly below other West African countries.

The count is rated Ba3/Stable and B+/Stable according by Moody’s and Standard & Poor’s respectively. The currency is the CFA Franc, pegged to Euro at 657.8 CFA to the euro.

ECONOMY

The government is intent on reducing the country’s oil dependence, increasing investment in infrastructure and granting significant investment allowances to the private sector for inwards investment. To this end, the government rewrote the Mining Code in 2005, since when 48 prospecting licenses have been awarded to 28 companies, 49 exploration permits to 26 companies and 3 production permits awarded to 2 companies.

The government is a signatory of the World Bank’s Extractive Industry Transparency Initiative (EITI), a member of the United Nations, African Union, African Development Bank, World Trade Organisation, CEMAC (Central African Customs and Economic Union), Economic Community of Central African States and Interpol. Congo held a seat on the United Nations Security Council during 2006-2007.