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Concept
Economy of the Central African Republic
Summary
The economy of the Central African Republic is 805 as measured by purchasing power parity in 2019.
Sparsely populated and landlocked, the Central African Republic is overwhelmingly agrarian. The vast bulk of the population engages in subsistence farming and 55% of the country's GDP derives from agriculture. 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.
Principal food crops include cassava, peanuts, sorghum, millet, maize, sesame, and plantains. Principal cash crops for export include cotton, coffee, and tobacco. Timber has accounted for about 16% of export earnings and the diamond industry for nearly 54%. Central African Republic is a least developed country according to United Nations.
Much of the country's limited electrical supply is provided by hydroelectric plants located in Boali. Fuel supplies must be barged in via the Oubangui River or trucked overland through Cameroon, resulting in frequent shortages of gasoline, diesel, and jet fuel. The C.A.R.'s transportation and communication network is limited. The country has only 429 kilometers of paved road, limited international, and no domestic air service, and does not possess a railroad.
River traffic on the Oubangui River is impossible from April to July, and conflict in the region has sometimes prevented shipments from moving between Kinshasa and Bangui. The telephone system functions, albeit imperfectly. Four radio stations operate in the C.A.R., as well as one television station. Numerous newspapers and pamphlets are published on a regular basis, and one company provides Internet access.
In 2014, the country exported 59.3 million US dollars of forest products. This accounts for 40% of total export earnings in the C.A.R.
The country has rich natural resources in the form of diamonds, gold, uranium, and other minerals.
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