Republic of Congo: Selected Issues and Statistical Appendix

International Monetary Fund

doi:10.5089/9781451808520.002.A008

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Republic of Congo: Selected Issues and Statistical Appendix

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International Monetary Fund

International Monetary Fund
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Publication Date:: 02 Aug 2004

eISBN:: 9781451808520

Language:: English

Keywords:: ISCR; CR; oil sector; government; sector; Congo debt; poverty reduction effort; oil sector activity; policy discussion; deliberation mechanism; Poverty reduction and development

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This Selected Issues and Statistical Appendix paper outlines the recent developments in the political and security situation in Congo. It reviews economic performance during 1970–2003, including in the context of IMF-supported programs. The paper also reviews recent developments in public finance management, and examines the constraints on growth and poverty reduction. The sources of economic growth during 1970–2003 are analyzed. The paper also discusses the feasibility of an oil fiscal rule, and notes some key lessons and challenges for the Congo.

Abstract

VIII. Key Lessons and Challenges

63. The evaluation of the Congo’s economic and social performance during 1970–2003 suggests a number of lessons on to address the central challenges facing the country.

A. Avoiding Conflicts

64. As noted in Section II, the economic and social costs of the recent conflicts were enormous. Therefore, a crucial challenge for the Congolese government is to put in place the conditions necessary for a substantial reduction in the likelihood of future conflicts. This will require intense efforts in order to:

Secure social stability by promptly implementing the proposed demobilization program for former combatants.
Strengthen the institutional framework that supports the country’s democratic constitution (such as the Court of Accounts, the Economic and Social Council, and the Constitutional Court).
Achieve significant improvements in living conditions through the efficient delivery of government services and more equitable distribution of oil wealth. The dislocations caused by the recent conflicts make it even more imperative to place poverty reduction at the top of the priority list of economic policy objectives.
Increase governance in the oil sector, including through greater transparency on oil-related revenues and improved management of oil sector activities. More generally, public access to economic and social information should be a key component of attempts to improve decision-making, strengthen accountability, and mobilize internal and external support for reform efforts.
Broaden the policy discussions and expand ownership of the reform process by entrenching democratic institutions, and installing effective policy deliberation mechanisms and transparent decision-making practices.

B. Avoiding Pro-Cyclical Government Spending

65. As described in Section III, public investment has tended to be pro-cyclically related to oil revenue, thereby transmitting oil-sector volatility to the rest of the economy. The resulting boom-bust cycles of economic activity appear, in turn, to be correlated with the onset of conflicts. A transparent policy framework, underpinned by the institutionalized rational use of oil rents could be instrumental in strengthening the management of public resources and preventing frenzied levels of rent seeking activities. Recent oil sector developments, including continuing high international prices and brighter perspectives on production levels in the Congo, make it imperative to break with past policy trends.

66. A key component of such a strategy could be a price rule geared to ensuring the sustainability of fiscal policy. Complementary elements would include: wide ranging discussions at the level of the parliament and civil society to ensure the mechanism and its objectives are well understood and widely endorsed, and wide dissemination of regular and timely updates on budgetary execution. At a more technical level, it would be crucial to carefully vet decisions on public investment projects to safeguard the efficiency of capital use and to ensure a significant contribution to productive capacity.

C. Promoting Private Sector Growth

67. As noted in Section V, economic growth in the non-oil sector faces significant structural impediments. The importance of meeting this challenge arises primarily from the non-renewable nature of oil, and the lack of economic linkages from the oil sector to the rest of the economy. In order to enhance competitiveness in the non-oil sector, the government in concert with its development partners must urgently tackle the fundamental causes of high transaction costs. In the immediate term, key challenges include enhancing the overall governance framework and effectively combat corruption, improving efficiency in the delivery of public utilities, and promoting financial deepening.

68. To promote good governance, the government has recently: (i) enacted a code of conduct for civil servants and the enabling regulations for the related disciplinary councils; (ii) started preparing, with assistance from the UNDP, a National Anti-corruption Program; and (iii) proposed to the Council of Ministers the establishment of a National Anti-Corruption and Anti-Fraud Commission. A detailed strategy would provide a roadmap for follow-up actions and its wide dissemination would mobilize efforts and resources to assist with effective implementation of the action plan.

69. Additionally, it is urgent to:

Accelerate reforms in the water, electricity, telecommunications, and rail transport sectors, in order to begin to reduce the high costs of doing business in the non-oil sector.
Reinforce the legal and judicial framework to promote a stable business environment.
Nurture the ongoing expansion in the activities of the micro-finance sector, including by maintaining the tax exempt status of mutual micro-finance institutions whose activities are closely linked to poverty reduction efforts. This sector promises to significantly expand the availability of financial sector services to a segment of the population which, to date, is excluded from the more formal banking sector.

D. Alleviating the Debt Burden

70. The Congo is one of the most heavily indebted countries in the world, on the basis of per capita debt levels. It needs assistance from the international community to remove this debt overhang, and therefore, putting in place the conditions necessary to ensure such assistance is an immediate challenge. Given the structure of the Congo debt, exceptionally favorable treatment will be required from external creditors on certain categories of external arrears.

71. The international community, in turn, will need assurances from the government that it is making the maximum effort to: implement structural reforms, and to mobilize domestic resources and utilize them judiciously. Particularly critical for future debt sustainability is the adoption of sound debt management policies, including the elimination of the practice of contracting oil-collateralized debt. For reasons of social stability, domestic payment arrears should be settled in a transparent manner on the basis of a comprehensive domestic arrears settlement plan that is widely published. International debt relief should complement the country’s own efforts at mobilizing resources to raise spending aimed at poverty-reduction.

STATISTICAL APPENDIX

Republic of Congo: Basic Data, 1997–2003

Sources: Ministry of Economy, Finance, and the Budget; World Bank, World Development Indicators; and staff estimates.

Table 1.

Republic of Congo: Gross Domestic Product at Constant 1990 Prices, 1997–2003

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

Table 1.

Republic of Congo: Gross Domestic Product at Constant 1990 Prices, 1997–2003

		1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
		(In billions of CFA francs)
GDP at market prices		807.5	837.6	812.5	879.4	910.7	942.5	951.8
	Oil	346.5	367.8	386.5	382.6	353.9	348.6	323.5
	Non-oil	461.0	469.8	426.0	496.8	556.8	593.9	628.2
GDP at factor cost		789.5	811.3	792.2	850.0	871.3	905.3	913.4
	Agriculture, livestock, and fishing	73.1	73.1	69.0	71.9	75.8	79.1	84.1
	Forestry	16.1	17.6	15.8	17.5	19.9	21.8	22.3
	Petroleum sector	346.5	367.8	386.5	382.6	353.9	348.6	323.5
	Industry and mines	43.9	44.8	42.6	48.7	54.7	66.9	73.6
	Electricity, gas, and water	12.0	13.4	8.1	13.2	14.0	15.0	17.0
	Construction and public works	6.8	6.2	8.7	15.2	17.1	17.1	17.9
	Commerce, restaurants, and hotels	74.5	75.8	63.4	82.3	91.4	104.3	111.6
	Transport and communication	58.2	55.1	50.2	60.2	74.4	80.2	89.5
	Public administration	97.4	97.4	98.5	101.0	111.1	113.4	113.7
	Other services	61.0	60.1	49.4	57.4	59.0	58.9	60.3
Import duties		18.0	26.3	20.3	29.4	39.4	37.2	38.4
		(In percent of GDP)
GDP at market prices		100.0	100.0	100.0	100.0	100.0	100.0	100.0
	Oil	42.9	43.9	47.6	43.5	38.9	37.0	34.0
	Non-oil	57.1	56.1	52.4	56.5	61.1	63.0	66.0
GDP at factor cost		97.8	96.9	97.5	96.7	95.7	96.1	96.0
	Agriculture, livestock, and fishing	9.1	8.7	8.5	8.2	8.3	8.4	8.8
	Forestry	2.0	2.1	1.9	2.0	2.2	2.3	2.3
	Petroleum sector	42.9	43.9	47.6	43.5	38.9	37.0	34.0
	Industry and mines	5.4	5.3	5.2	5.5	6.0	7.1	7.7
	Electricity, gas, and water	1.5	1.6	1.0	1.5	1.5	1.6	1.8
	Construction and public works	0.8	0.7	1.1	1.7	1.9	1.8	1.9
	Commerce, restaurants, and hotels	9.2	9.1	7.8	9.4	10.0	11.1	11.7
	Transport and communication	7.2	6.6	6.2	6.8	8.2	8.5	9.4
	Public administration	12.1	11.6	12.1	11.5	12.2	12.0	12.0
	Other services	7.6	7.2	6.1	6.5	6.5	6.2	6.3
Import duties		2.2	3.1	2.5	3.3	4.3	3.9	4.0

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

Table 1.

Republic of Congo: Gross Domestic Product at Constant 1990 Prices, 1997–2003

		1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
		(In billions of CFA francs)
GDP at market prices		807.5	837.6	812.5	879.4	910.7	942.5	951.8
	Oil	346.5	367.8	386.5	382.6	353.9	348.6	323.5
	Non-oil	461.0	469.8	426.0	496.8	556.8	593.9	628.2
GDP at factor cost		789.5	811.3	792.2	850.0	871.3	905.3	913.4
	Agriculture, livestock, and fishing	73.1	73.1	69.0	71.9	75.8	79.1	84.1
	Forestry	16.1	17.6	15.8	17.5	19.9	21.8	22.3
	Petroleum sector	346.5	367.8	386.5	382.6	353.9	348.6	323.5
	Industry and mines	43.9	44.8	42.6	48.7	54.7	66.9	73.6
	Electricity, gas, and water	12.0	13.4	8.1	13.2	14.0	15.0	17.0
	Construction and public works	6.8	6.2	8.7	15.2	17.1	17.1	17.9
	Commerce, restaurants, and hotels	74.5	75.8	63.4	82.3	91.4	104.3	111.6
	Transport and communication	58.2	55.1	50.2	60.2	74.4	80.2	89.5
	Public administration	97.4	97.4	98.5	101.0	111.1	113.4	113.7
	Other services	61.0	60.1	49.4	57.4	59.0	58.9	60.3
Import duties		18.0	26.3	20.3	29.4	39.4	37.2	38.4
		(In percent of GDP)
GDP at market prices		100.0	100.0	100.0	100.0	100.0	100.0	100.0
	Oil	42.9	43.9	47.6	43.5	38.9	37.0	34.0
	Non-oil	57.1	56.1	52.4	56.5	61.1	63.0	66.0
GDP at factor cost		97.8	96.9	97.5	96.7	95.7	96.1	96.0
	Agriculture, livestock, and fishing	9.1	8.7	8.5	8.2	8.3	8.4	8.8
	Forestry	2.0	2.1	1.9	2.0	2.2	2.3	2.3
	Petroleum sector	42.9	43.9	47.6	43.5	38.9	37.0	34.0
	Industry and mines	5.4	5.3	5.2	5.5	6.0	7.1	7.7
	Electricity, gas, and water	1.5	1.6	1.0	1.5	1.5	1.6	1.8
	Construction and public works	0.8	0.7	1.1	1.7	1.9	1.8	1.9
	Commerce, restaurants, and hotels	9.2	9.1	7.8	9.4	10.0	11.1	11.7
	Transport and communication	7.2	6.6	6.2	6.8	8.2	8.5	9.4
	Public administration	12.1	11.6	12.1	11.5	12.2	12.0	12.0
	Other services	7.6	7.2	6.1	6.5	6.5	6.2	6.3
Import duties		2.2	3.1	2.5	3.3	4.3	3.9	4.0

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

Table 2.

Republic of Congo: Gross Domestic Product at Current Prices, 1997–2003

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

Table 2.

Republic of Congo: Gross Domestic Product at Current Prices, 1997–2003

		1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
		(In billions of CFA francs)
GDP at market prices		1,355.7	1,150.1	1,449.3	2,292.5	2,043.4	2,103.0	2,040.0
	Oil	666.7	419.6	773.3	1,502.3	1,158.6	1,126.4	1,003.4
	Non-oil	689.0	730.5	676.0	790.2	884.8	976.6	1,036.6
GDP at factor cost		1,325.5	1,100.2	1,412.9	2,238.7	1,966.5	2,030.9	1,963.7
	Agriculture, livestock, and fishing	106.9	106.3	104.2	102.0	99.9	107.9	104.5
	Forestry	17.0	19.7	16.9	19.6	18.9	23.9	23.5
	Petroleum sector	666.7	419.6	773.3	1,502.3	1,158.6	1,126.4	1,003.4
	Industry and mines	74.0	80.0	79.2	79.7	90.6	110.1	131.9
	Electricity, gas, and water	13.6	14.9	9.3	15.6	16.0	18.5	19.7
	Construction and public works	16.6	15.2	26.2	56.5	74.4	75.9	89.4
	Commerce, restaurants, and hotels	132.9	139.3	116.7	138.5	139.9	167.6	180.6
	Transport and communication	77.5	77.7	72.0	86.0	110.8	123.4	137.4
	Public administration	122.0	119.2	122.1	125.1	137.3	147.9	148.4
	Other services	98.3	108.3	93.0	113.4	120.1	129.3	124.9
Import duties		30.2	49.9	36.4	53.8	76.9	72.1	76.3
		(In percent of GDP)
GDP at market prices		100.0	100.0	100.0	100.0	100.0	100.0	100.0
	Oil	49.2	36.5	53.4	65.5	56.7	53.6	49.2
	Non-oil	50.8	63.5	46.6	34.5	43.3	46.4	50.8
GDP at factor cost		97.8	95.7	97.5	97.7	96.2	96.6	96.3
	Agriculture, livestock, and fishing	7.9	9.2	7.2	4.4	4.9	5.1	5.1
	Forestry	1.3	1.7	1.2	0.9	0.9	1.1	1.2
	Petroleum sector	49.2	36.5	53.4	65.5	56.7	53.6	49.2
	Industry and mines	5.5	7.0	5.5	3.5	4.4	5.2	6.5
	Electricity, gas, and water	1.0	1.3	0.6	0.7	0.8	0.9	1.0
	Construction and public works	1.2	1.3	1.8	2.5	3.6	3.6	4.4
	Commerce, restaurants, and hotels	9.8	12.1	8.1	6.0	6.8	8.0	8.9
	Transport and communication	5.7	6.8	5.0	3.8	5.4	5.9	6.7
	Public administration	9.0	10.4	8.4	5.5	6.7	7.0	7.3
	Other services	7.3	9.4	6.4	4.9	5.9	6.1	6.1
Import duties		2.2	4.3	2.5	2.3	3.8	3.4	3.7

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

Table 2.

Republic of Congo: Gross Domestic Product at Current Prices, 1997–2003

		1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
		(In billions of CFA francs)
GDP at market prices		1,355.7	1,150.1	1,449.3	2,292.5	2,043.4	2,103.0	2,040.0
	Oil	666.7	419.6	773.3	1,502.3	1,158.6	1,126.4	1,003.4
	Non-oil	689.0	730.5	676.0	790.2	884.8	976.6	1,036.6
GDP at factor cost		1,325.5	1,100.2	1,412.9	2,238.7	1,966.5	2,030.9	1,963.7
	Agriculture, livestock, and fishing	106.9	106.3	104.2	102.0	99.9	107.9	104.5
	Forestry	17.0	19.7	16.9	19.6	18.9	23.9	23.5
	Petroleum sector	666.7	419.6	773.3	1,502.3	1,158.6	1,126.4	1,003.4
	Industry and mines	74.0	80.0	79.2	79.7	90.6	110.1	131.9
	Electricity, gas, and water	13.6	14.9	9.3	15.6	16.0	18.5	19.7
	Construction and public works	16.6	15.2	26.2	56.5	74.4	75.9	89.4
	Commerce, restaurants, and hotels	132.9	139.3	116.7	138.5	139.9	167.6	180.6
	Transport and communication	77.5	77.7	72.0	86.0	110.8	123.4	137.4
	Public administration	122.0	119.2	122.1	125.1	137.3	147.9	148.4
	Other services	98.3	108.3	93.0	113.4	120.1	129.3	124.9
Import duties		30.2	49.9	36.4	53.8	76.9	72.1	76.3
		(In percent of GDP)
GDP at market prices		100.0	100.0	100.0	100.0	100.0	100.0	100.0
	Oil	49.2	36.5	53.4	65.5	56.7	53.6	49.2
	Non-oil	50.8	63.5	46.6	34.5	43.3	46.4	50.8
GDP at factor cost		97.8	95.7	97.5	97.7	96.2	96.6	96.3
	Agriculture, livestock, and fishing	7.9	9.2	7.2	4.4	4.9	5.1	5.1
	Forestry	1.3	1.7	1.2	0.9	0.9	1.1	1.2
	Petroleum sector	49.2	36.5	53.4	65.5	56.7	53.6	49.2
	Industry and mines	5.5	7.0	5.5	3.5	4.4	5.2	6.5
	Electricity, gas, and water	1.0	1.3	0.6	0.7	0.8	0.9	1.0
	Construction and public works	1.2	1.3	1.8	2.5	3.6	3.6	4.4
	Commerce, restaurants, and hotels	9.8	12.1	8.1	6.0	6.8	8.0	8.9
	Transport and communication	5.7	6.8	5.0	3.8	5.4	5.9	6.7
	Public administration	9.0	10.4	8.4	5.5	6.7	7.0	7.3
	Other services	7.3	9.4	6.4	4.9	5.9	6.1	6.1
Import duties		2.2	4.3	2.5	2.3	3.8	3.4	3.7

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

Table 3.

Republic of Congo: Supply and Use of Resources at Constant 1990 Prices, 1997–2003

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

Table 3.

Republic of Congo: Supply and Use of Resources at Constant 1990 Prices, 1997–2003

				1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
				(In billions of CFA francs)
Gross domestic product				807.5	837.6	812.5	879.4	910.7	942.5	951.8
Imports of goods and services				403.4	359.7	425.8	444.8	472.8	587.1	703.0
Total supply of resources = Total use of resources				1,210.8	1,197.4	1,238.3	1,324.2	1,383.5	1,529.6	1,654.7
Exports of goods and services				528.4	636.9	536.0	543.2	553.6	612.9	588.3
Consumption				534.2	428.3	521.6	581.2	617.7	663.4	763.0
	Private			394.7	286.0	423.6	471.2	504.3	479.6	598.5
	Public			139.6	142.3	98.0	110.0	113.4	183.8	164.5
Domestic investment				148.2	132.2	180.7	199.8	212.2	253.4	303.5
	Gross fixed capital formation			143.9	120.5	173.0	183.5	211.5	244.6	295.8
		Government		22.9	23.5	40.0	66.1	80.7	94.0	86.4
		Private		121.0	97.0	133.0	117.4	130.8	150.6	209.4
			Oil	116.5	91.5	124.7	103.5	119.9	112.9	160.7
			Non-oil	5.3	5.5	20.4	20.9	21.9	37.7	48.7
	Variation in stocks			4.2	11.6	7.7	16.3	0.7	8.8	7.7
				(In percent of GDP)
Gross domestic product				100.0	100.0	100.0	100.0	100.0	100.0	100.0
Imports of goods and services				50.0	42.9	52.4	50.6	51.9	62.3	73.9
Total supply of resources = Total use of resources				150.0	142.9	152.4	150.6	151.9	162.3	173.9
Exports of goods and services				65.4	76.0	66.0	61.8	60.8	65.0	61.8
Consumption				66.2	51.1	64.2	66.1	67.8	70.4	80.2
	Private			48.9	34.1	12.1	12.5	12.5	50.9	62.9
	Public			17.3	17.0	52.1	53.6	55.4	19.5	17.3
Domestic investment				18.3	15.8	22.2	22.7	23.3	26.9	31.9
	Gross fixed capital formation			17.8	14.4	21.3	20.9	23.2	25.9	31.1
		Government		2.8	2.8	4.9	7.5	8.9	10.0	9.1
		Private		15.0	11.6	16.4	13.3	14.4	16.0	22.0
			Oil	14.4	10.9	15.3	11.8	13.2	12.0	16.9
			Non-oil	0.7	0.7	2.5	2.4	2.4	4.0	5.1
	Variation in stocks			0.5	1.4	1.0	1.9	0.1	0.9	0.8

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

Table 3.

Republic of Congo: Supply and Use of Resources at Constant 1990 Prices, 1997–2003

				1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
				(In billions of CFA francs)
Gross domestic product				807.5	837.6	812.5	879.4	910.7	942.5	951.8
Imports of goods and services				403.4	359.7	425.8	444.8	472.8	587.1	703.0
Total supply of resources = Total use of resources				1,210.8	1,197.4	1,238.3	1,324.2	1,383.5	1,529.6	1,654.7
Exports of goods and services				528.4	636.9	536.0	543.2	553.6	612.9	588.3
Consumption				534.2	428.3	521.6	581.2	617.7	663.4	763.0
	Private			394.7	286.0	423.6	471.2	504.3	479.6	598.5
	Public			139.6	142.3	98.0	110.0	113.4	183.8	164.5
Domestic investment				148.2	132.2	180.7	199.8	212.2	253.4	303.5
	Gross fixed capital formation			143.9	120.5	173.0	183.5	211.5	244.6	295.8
		Government		22.9	23.5	40.0	66.1	80.7	94.0	86.4
		Private		121.0	97.0	133.0	117.4	130.8	150.6	209.4
			Oil	116.5	91.5	124.7	103.5	119.9	112.9	160.7
			Non-oil	5.3	5.5	20.4	20.9	21.9	37.7	48.7
	Variation in stocks			4.2	11.6	7.7	16.3	0.7	8.8	7.7
				(In percent of GDP)
Gross domestic product				100.0	100.0	100.0	100.0	100.0	100.0	100.0
Imports of goods and services				50.0	42.9	52.4	50.6	51.9	62.3	73.9
Total supply of resources = Total use of resources				150.0	142.9	152.4	150.6	151.9	162.3	173.9
Exports of goods and services				65.4	76.0	66.0	61.8	60.8	65.0	61.8
Consumption				66.2	51.1	64.2	66.1	67.8	70.4	80.2
	Private			48.9	34.1	12.1	12.5	12.5	50.9	62.9
	Public			17.3	17.0	52.1	53.6	55.4	19.5	17.3
Domestic investment				18.3	15.8	22.2	22.7	23.3	26.9	31.9
	Gross fixed capital formation			17.8	14.4	21.3	20.9	23.2	25.9	31.1
		Government		2.8	2.8	4.9	7.5	8.9	10.0	9.1
		Private		15.0	11.6	16.4	13.3	14.4	16.0	22.0
			Oil	14.4	10.9	15.3	11.8	13.2	12.0	16.9
			Non-oil	0.7	0.7	2.5	2.4	2.4	4.0	5.1
	Variation in stocks			0.5	1.4	1.0	1.9	0.1	0.9	0.8

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

Table 4.

Republic of Congo: Supply and Use of Resources at Current Prices, 1997–2003

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

Table 4.

Republic of Congo: Supply and Use of Resources at Current Prices, 1997–2003

				1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
				(In billions of CFA francs)
Gross domestic product				1,355.7	1,150.1	1,449.3	2,292.5	2,043.4	2,103.0	2,040.0
Imports of goods and services				815.6	835.3	856.6	999.8	1,092.0	1,135.4	1,097.0
Total supply of resources = Total use of resources				2,171.3	1,985.4	2,305.9	3,292.3	3,135.4	3,238.4	3,137.0
Exports of goods and services				1,025.2	877.4	1,047.9	1,841.0	1,636.3	1,696.4	1,608.0
Consumption				844.6	801.1	855.5	969.5	959.242	1,052.0	1,055.4
	Private			560.6	522.8	637.2	704.3	670.642	665.6	702.7
	Public			284.0	278.3	218.2	265.2	288.6	386.4	352.7
Domestic investment				301.4	306.9	402.5	481.8	539.9	489.9	473.6
	Gross fixed capital formation			292.8	279.9	385.3	442.5	538.063	472.9	461.6
		Government		46.6	54.6	89.1	159.4	205.363	181.7	134.8
		Private		246.2	225.3	296.2	283.1	332.7	291.2	326.8
			Oil	235.5	212.5	250.8	232.7	276.9	218.3	250.8
			Non-oil	10.7	12.8	45.4	50.4	55.8	72.9	76.0
		Variation in stocks		8.6	27.0	17.2	39.3	1.8	17.0	12.0
				(In percent of GDP)
Gross domestic product				100.0	100.0	100.0	100.0	100.0	100.0	100.0
Imports of goods and services				60.2	72.6	59.1	43.6	53.4	54.0	53.8
Total supply of resources = Total use of resources				159.3	182.7	154.2	140.3	149.1	150.1	151.1
Exports of goods and services				75.6	76.3	72.3	80.3	80.1	80.7	78.8
Consumption				62.3	69.7	59.0	42.3	46.9	50.0	51.7
	Private			41.4	45.5	15.1	11.6	14.1	18.4	17.3
	Public			20.9	24.2	44.0	30.7	32.8	31.6	34.4
Domestic investment				22.2	26.7	27.8	21.0	26.4	23.3	23.2
	Gross fixed capital formation			21.6	24.3	26.6	19.3	26.3	22.5	22.6
		Government		3.4	4.7	6.1	7.0	10.1	8.6	6.6
		Private		18.2	19.6	20.4	12.3	16.3	13.8	16.0
			Oil	17.4	18.5	17.3	10.2	13.6	10.4	12.3
			Non-oil	0.8	1.1	3.1	2.2	2.7	3.5	3.7
	Variation in stocks			0.6	2.3	1.2	1.7	0.1	0.8	0.6

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

Table 4.

Republic of Congo: Supply and Use of Resources at Current Prices, 1997–2003

				1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
				(In billions of CFA francs)
Gross domestic product				1,355.7	1,150.1	1,449.3	2,292.5	2,043.4	2,103.0	2,040.0
Imports of goods and services				815.6	835.3	856.6	999.8	1,092.0	1,135.4	1,097.0
Total supply of resources = Total use of resources				2,171.3	1,985.4	2,305.9	3,292.3	3,135.4	3,238.4	3,137.0
Exports of goods and services				1,025.2	877.4	1,047.9	1,841.0	1,636.3	1,696.4	1,608.0
Consumption				844.6	801.1	855.5	969.5	959.242	1,052.0	1,055.4
	Private			560.6	522.8	637.2	704.3	670.642	665.6	702.7
	Public			284.0	278.3	218.2	265.2	288.6	386.4	352.7
Domestic investment				301.4	306.9	402.5	481.8	539.9	489.9	473.6
	Gross fixed capital formation			292.8	279.9	385.3	442.5	538.063	472.9	461.6
		Government		46.6	54.6	89.1	159.4	205.363	181.7	134.8
		Private		246.2	225.3	296.2	283.1	332.7	291.2	326.8
			Oil	235.5	212.5	250.8	232.7	276.9	218.3	250.8
			Non-oil	10.7	12.8	45.4	50.4	55.8	72.9	76.0
		Variation in stocks		8.6	27.0	17.2	39.3	1.8	17.0	12.0
				(In percent of GDP)
Gross domestic product				100.0	100.0	100.0	100.0	100.0	100.0	100.0
Imports of goods and services				60.2	72.6	59.1	43.6	53.4	54.0	53.8
Total supply of resources = Total use of resources				159.3	182.7	154.2	140.3	149.1	150.1	151.1
Exports of goods and services				75.6	76.3	72.3	80.3	80.1	80.7	78.8
Consumption				62.3	69.7	59.0	42.3	46.9	50.0	51.7
	Private			41.4	45.5	15.1	11.6	14.1	18.4	17.3
	Public			20.9	24.2	44.0	30.7	32.8	31.6	34.4
Domestic investment				22.2	26.7	27.8	21.0	26.4	23.3	23.2
	Gross fixed capital formation			21.6	24.3	26.6	19.3	26.3	22.5	22.6
		Government		3.4	4.7	6.1	7.0	10.1	8.6	6.6
		Private		18.2	19.6	20.4	12.3	16.3	13.8	16.0
			Oil	17.4	18.5	17.3	10.2	13.6	10.4	12.3
			Non-oil	0.8	1.1	3.1	2.2	2.7	3.5	3.7
	Variation in stocks			0.6	2.3	1.2	1.7	0.1	0.8	0.6

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

Table 5.

Republic of Congo: Saving and Investment Balances, 1996–2003 ^1/

(In percent of GDP, unless otherwise indicated)

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

^{^1/}Data subject to a large degree of uncertainty; balance of payments being rebuilt.

^{^2/}Including public enterprises.

^{^3/}Owing to data limitations, the split between the saving of the oil and non-oil private sectors is subject to uncertainty.

Table 5.

Republic of Congo: Saving and Investment Balances, 1996–2003 ^1/

(In percent of GDP, unless otherwise indicated)

					1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Total economy
	Gross national saving				9.3	6.1	10.6	29.0	23.3	23.0	23.6
	Gross domestic saving				37.7	30.3	41.0	57.7	53.1	50.0	48.3
	Investment				22.2	26.7	27.8	21.0	26.4	23.3	23.2
		Net domestic financial balance (external resource balance)			15.5	3.7	13.2	36.7	26.6	26.7	25.0
		Net financial balance (external current account balance)			-12.9	-20.6	-17.1	7.9	-3.2	-0.3	0.4
			Excluding official transfers		-13.2	-21.0	-17.2	7.6	-3.4	-0.5	0.2
Government
	Gross national saving				-4.1	-13.6	1.9	9.2	10.1	3.5	9.2
	Gross domestic saving				7.8	-1.0	12.3	15.3	17.0	9.2	13.3
	Investment				3.4	4.7	6.1	7.0	10.1	8.6	6.6
		Net domestic financial balance			4.3	-5.8	6.2	8.4	6.9	0.5	6.7
		Net financial balance			-7.5	-18.3	-4.2	2.2	0.0	-5.1	2.5
			Excluding official transfers		-4.4	-14.0	1.9	8.8	9.9	3.3	8.9
Private sector ^2/
	Gross national saving				13.4	19.6	8.7	19.8	13.2	19.5	14.4
	Gross domestic saving				29.9	31.4	28.6	42.4	36.1	40.8	35.0
	Investment				18.8	21.9	21.6	14.1	16.4	14.7	16.6
		Net domestic financial balance			11.2	9.4	7.0	28.3	19.7	26.2	18.4
		Net financial balance			-5.4	-2.3	-12.9	5.7	-3.2	4.8	-2.2
		Oil sector
			Gross national saving		2.5	11.4	4.8	-6.9	6.2	20.1	16.6
			Gross domestic saving ^3/		23.7	19.6	28.0	30.6	33.0	39.0	36.7
			Investment		17.4	18.5	17.3	10.2	13.6	10.4	12.3
				Net domestic financial balance	6.3	1.1	10.7	20.4	19.4	28.6	24.4
				Net financial balance	-14.9	-7.1	-12.5	-17.1	-7.4	9.7	4.3
		Non-oil sector
			Gross national saving		10.9	8.3	3.9	26.7	7.0	-0.7	-2.2
			Gross domestic saving ^3/		6.2	11.8	0.7	11.8	3.1	1.8	-1.7
			Investment		1.4	3.5	4.3	3.9	2.8	4.3	4.3
				Net domestic financial balance	4.8	8.3	-3.7	7.9	0.3	-2.5	-6.0
				Net financial balance	9.5	4.8	-0.4	22.8	4.2	-4.9	-6.5
Memorandum items:
	Private consumption
		As a percent of total GDP			41.4	45.5	44.0	30.7	32.8	31.6	34.4
		As a percent of non-oil GDP			81.4	71.6	94.3	89.1	75.8	68.2	67.8

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

^{^1/}Data subject to a large degree of uncertainty; balance of payments being rebuilt.

^{^2/}Including public enterprises.

^{^3/}Owing to data limitations, the split between the saving of the oil and non-oil private sectors is subject to uncertainty.

Table 5.

Republic of Congo: Saving and Investment Balances, 1996–2003 ^1/

(In percent of GDP, unless otherwise indicated)

					1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Total economy
	Gross national saving				9.3	6.1	10.6	29.0	23.3	23.0	23.6
	Gross domestic saving				37.7	30.3	41.0	57.7	53.1	50.0	48.3
	Investment				22.2	26.7	27.8	21.0	26.4	23.3	23.2
		Net domestic financial balance (external resource balance)			15.5	3.7	13.2	36.7	26.6	26.7	25.0
		Net financial balance (external current account balance)			-12.9	-20.6	-17.1	7.9	-3.2	-0.3	0.4
			Excluding official transfers		-13.2	-21.0	-17.2	7.6	-3.4	-0.5	0.2
Government
	Gross national saving				-4.1	-13.6	1.9	9.2	10.1	3.5	9.2
	Gross domestic saving				7.8	-1.0	12.3	15.3	17.0	9.2	13.3
	Investment				3.4	4.7	6.1	7.0	10.1	8.6	6.6
		Net domestic financial balance			4.3	-5.8	6.2	8.4	6.9	0.5	6.7
		Net financial balance			-7.5	-18.3	-4.2	2.2	0.0	-5.1	2.5
			Excluding official transfers		-4.4	-14.0	1.9	8.8	9.9	3.3	8.9
Private sector ^2/
	Gross national saving				13.4	19.6	8.7	19.8	13.2	19.5	14.4
	Gross domestic saving				29.9	31.4	28.6	42.4	36.1	40.8	35.0
	Investment				18.8	21.9	21.6	14.1	16.4	14.7	16.6
		Net domestic financial balance			11.2	9.4	7.0	28.3	19.7	26.2	18.4
		Net financial balance			-5.4	-2.3	-12.9	5.7	-3.2	4.8	-2.2
		Oil sector
			Gross national saving		2.5	11.4	4.8	-6.9	6.2	20.1	16.6
			Gross domestic saving ^3/		23.7	19.6	28.0	30.6	33.0	39.0	36.7
			Investment		17.4	18.5	17.3	10.2	13.6	10.4	12.3
				Net domestic financial balance	6.3	1.1	10.7	20.4	19.4	28.6	24.4
				Net financial balance	-14.9	-7.1	-12.5	-17.1	-7.4	9.7	4.3
		Non-oil sector
			Gross national saving		10.9	8.3	3.9	26.7	7.0	-0.7	-2.2
			Gross domestic saving ^3/		6.2	11.8	0.7	11.8	3.1	1.8	-1.7
			Investment		1.4	3.5	4.3	3.9	2.8	4.3	4.3
				Net domestic financial balance	4.8	8.3	-3.7	7.9	0.3	-2.5	-6.0
				Net financial balance	9.5	4.8	-0.4	22.8	4.2	-4.9	-6.5
Memorandum items:
	Private consumption
		As a percent of total GDP			41.4	45.5	44.0	30.7	32.8	31.6	34.4
		As a percent of non-oil GDP			81.4	71.6	94.3	89.1	75.8	68.2	67.8

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

^{^1/}Data subject to a large degree of uncertainty; balance of payments being rebuilt.

^{^2/}Including public enterprises.

^{^3/}Owing to data limitations, the split between the saving of the oil and non-oil private sectors is subject to uncertainty.

Table 6.

Republic of Congo: Production of Principal Crops, 1996/97–2002/03

Source: National Center of Statistics and Economic Research (CNSEE).

Table 6.

Republic of Congo: Production of Principal Crops, 1996/97–2002/03

		1996/97	1997/98	1998/99	1999/2000	2000/01	2001/02 Est.	2002/03 Prel.
		(In thousands of tons)
Local crops
	Cassava	768	701	647	692	739	…	…
	Plantains	69	71	67	70	73	…	…
	Rice	1	1	1	1	1	…	…
	Corn	9	10	9	8	9	…	…
	Sugarcane	420	454	409	506	543	…	…
	Peanuts	18	20	17	18	…	…	…
		(In tons)
Export crops
	Coffee	800	850	935	…	…	…	…
	Cocoa	300	1,000	1,100	1,045	…	…	…

Source: National Center of Statistics and Economic Research (CNSEE).

Table 6.

Republic of Congo: Production of Principal Crops, 1996/97–2002/03

		1996/97	1997/98	1998/99	1999/2000	2000/01	2001/02 Est.	2002/03 Prel.
		(In thousands of tons)
Local crops
	Cassava	768	701	647	692	739	…	…
	Plantains	69	71	67	70	73	…	…
	Rice	1	1	1	1	1	…	…
	Corn	9	10	9	8	9	…	…
	Sugarcane	420	454	409	506	543	…	…
	Peanuts	18	20	17	18	…	…	…
		(In tons)
Export crops
	Coffee	800	850	935	…	…	…	…
	Cocoa	300	1,000	1,100	1,045	…	…	…

Source: National Center of Statistics and Economic Research (CNSEE).

Table 7.

Republic of Congo: Fishing Production, 1997–2003

(In tons)

Source: National Center of Statistics and Economic Research (CNSEE).

Table 7.

Republic of Congo: Fishing Production, 1997–2003

(In tons)

		1997	1998	1999	2000	2001 Est.	2002 Est.	2003 Est.
Total		29,765	30,144	31,789	32,893	35,488	…	…
	Industrial	17,365	17,000	17,659	17,350	18,391	…	…
	Artisanal	12,400	13,144	14,130	15,543	17,097	…	…

Source: National Center of Statistics and Economic Research (CNSEE).

Table 7.

Republic of Congo: Fishing Production, 1997–2003

(In tons)

		1997	1998	1999	2000	2001 Est.	2002 Est.	2003 Est.
Total		29,765	30,144	31,789	32,893	35,488	…	…
	Industrial	17,365	17,000	17,659	17,350	18,391	…	…
	Artisanal	12,400	13,144	14,130	15,543	17,097	…	…

Source: National Center of Statistics and Economic Research (CNSEE).

Table 8.

Republic of Congo: Wood Production, 1997–2003

(In thousands of cubic meters)

Source: Ministry of Forestry and Fisheries.

Table 8.

Republic of Congo: Wood Production, 1997–2003

(In thousands of cubic meters)

		1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Timber production		685.1	741.1	530.0	631.0	883.0	…	…
Eucalyptus log production		362.9	486.1	631.4	545.0	233.0	…	…
Exports
	Logs	325.5	313.7	219.2	281.6	464.4	…	…
	Other	343.8	402.9	552.2	485.8	331.0	…	…
	Sawn timber and veneer	102.1	109.0	81.2	69.0	94.1	…	…
Wood transformation		126.3	137.3	100.3	105.0	142.5	…	…
	Sawn timber	77.9	88.0	77.3	95.5	127.0	…	…
	Peeled veneer	40.5	40.7	20.0	8.2	14.2	…	…
	Cut veneer	3.5	2.8	0.0	0.0	0.0	…	…
	Plywood	4.4	5.8	3.0	1.3	1.3	…	…

Source: Ministry of Forestry and Fisheries.

Table 8.

Republic of Congo: Wood Production, 1997–2003

(In thousands of cubic meters)

		1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Timber production		685.1	741.1	530.0	631.0	883.0	…	…
Eucalyptus log production		362.9	486.1	631.4	545.0	233.0	…	…
Exports
	Logs	325.5	313.7	219.2	281.6	464.4	…	…
	Other	343.8	402.9	552.2	485.8	331.0	…	…
	Sawn timber and veneer	102.1	109.0	81.2	69.0	94.1	…	…
Wood transformation		126.3	137.3	100.3	105.0	142.5	…	…
	Sawn timber	77.9	88.0	77.3	95.5	127.0	…	…
	Peeled veneer	40.5	40.7	20.0	8.2	14.2	…	…
	Cut veneer	3.5	2.8	0.0	0.0	0.0	…	…
	Plywood	4.4	5.8	3.0	1.3	1.3	…	…

Source: Ministry of Forestry and Fisheries.

Table 9.

Republic of Congo: Oil Production by Field, 1997–2003

(In thousands of tons)

Source: Ministry of Hydrocarbons.

Table 9.

Republic of Congo: Oil Production by Field, 1997–2003

(In thousands of tons)

			1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Total liquids			11,412.0	13,092.5	13,363.7	13,774.1	12,123.4	11,937.2	11,163.2
	Crude oil		11,412.0	12,747.5	12,968.1	13,397.7	11,764.4	11,584.5	10,897.2
		Emeraude	440.7	419.8	421.1	309.9	233.4	238.1	289.7
		Likouala	366.7	380.1	384.4	868.6	270.7	269.3	250.5
		Yanga	463.5	454.3	446.3	407.1	364.4	287.9	294.9
		Sendji	628.8	730.8	727.4	715.7	735.8	713.5	758.6
		Tchibouéla	1,966.7	1,711.8	1,583.3	1,536.3	1,564.6	1,543.2	1,304.0
		Tchendo	420.6	346.3	315.5	338.4	269.4	327.3	357.1
		Tchibouéla Est	0.0	293.1	343.3	262.1	213.8	216.2	176.3
		Kombi	0.0	0.0	116.9	581.8	391.2	392.3	438.7
		Likalala	0.0	0.0	69.9	525.5	510.7	456.8	451.5
		Tchibéli	0.0	0.0	0.0	310.6	449.9	486.7	345.7
		Likouala Est	0.0	0.0	0.0	0.0	96.1	124.2	78.9
		Nkossa Huile	3,346.9	2,450.7	2,974.8	2,618.3	2,124.3	1,651.5	1,299.3
		Loango	1,400.0	1,479.5	1,387.6	1,267.4	1,160.8	1,130.3	1,103.2
		Zatchi	1,636.8	1,634.8	1,574.3	1,456.2	1,382.3	1,278.7	1,257.0
		Mwafi	0.0	0.0	0.0	0.0	60.8	367.8	311.7
		Kitina	17.1	2,030.6	1,744.5	1,323.6	874.1	619.4	637.1
		Djambala	0.0	0.0	115.2	72.3	55.8	203.4	134.5
		Foukanda	0.0	0.0	0.0	0.0	155.4	380.7	390.8
		Yombo	718.6	809.8	758.7	781.5	788.4	768.1	726.3
		Pointe Indienne	5.7	5.8	5.0	6.0	5.7	7.0	5.5
		Kouak/Mboudi	0.0	0.0	0.0	16.4	57.0	122.2	285.8
	Refined products		0.0	345.0	395.6	376.4	359.1	352.7	266.1
		Nkossa Butane	0.0	149.1	165.5	153.9	145.9	147.2	105.2
		Nkossa Propane	0.0	196.0	230.1	222.5	213.1	205.5	160.9

Source: Ministry of Hydrocarbons.

Table 9.

Republic of Congo: Oil Production by Field, 1997–2003

(In thousands of tons)

			1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Total liquids			11,412.0	13,092.5	13,363.7	13,774.1	12,123.4	11,937.2	11,163.2
	Crude oil		11,412.0	12,747.5	12,968.1	13,397.7	11,764.4	11,584.5	10,897.2
		Emeraude	440.7	419.8	421.1	309.9	233.4	238.1	289.7
		Likouala	366.7	380.1	384.4	868.6	270.7	269.3	250.5
		Yanga	463.5	454.3	446.3	407.1	364.4	287.9	294.9
		Sendji	628.8	730.8	727.4	715.7	735.8	713.5	758.6
		Tchibouéla	1,966.7	1,711.8	1,583.3	1,536.3	1,564.6	1,543.2	1,304.0
		Tchendo	420.6	346.3	315.5	338.4	269.4	327.3	357.1
		Tchibouéla Est	0.0	293.1	343.3	262.1	213.8	216.2	176.3
		Kombi	0.0	0.0	116.9	581.8	391.2	392.3	438.7
		Likalala	0.0	0.0	69.9	525.5	510.7	456.8	451.5
		Tchibéli	0.0	0.0	0.0	310.6	449.9	486.7	345.7
		Likouala Est	0.0	0.0	0.0	0.0	96.1	124.2	78.9
		Nkossa Huile	3,346.9	2,450.7	2,974.8	2,618.3	2,124.3	1,651.5	1,299.3
		Loango	1,400.0	1,479.5	1,387.6	1,267.4	1,160.8	1,130.3	1,103.2
		Zatchi	1,636.8	1,634.8	1,574.3	1,456.2	1,382.3	1,278.7	1,257.0
		Mwafi	0.0	0.0	0.0	0.0	60.8	367.8	311.7
		Kitina	17.1	2,030.6	1,744.5	1,323.6	874.1	619.4	637.1
		Djambala	0.0	0.0	115.2	72.3	55.8	203.4	134.5
		Foukanda	0.0	0.0	0.0	0.0	155.4	380.7	390.8
		Yombo	718.6	809.8	758.7	781.5	788.4	768.1	726.3
		Pointe Indienne	5.7	5.8	5.0	6.0	5.7	7.0	5.5
		Kouak/Mboudi	0.0	0.0	0.0	16.4	57.0	122.2	285.8
	Refined products		0.0	345.0	395.6	376.4	359.1	352.7	266.1
		Nkossa Butane	0.0	149.1	165.5	153.9	145.9	147.2	105.2
		Nkossa Propane	0.0	196.0	230.1	222.5	213.1	205.5	160.9

Source: Ministry of Hydrocarbons.

Table 10.

Republic of Congo: Oil Refinery Production, 1997–2003 ^1/

(In thousands of metric tons)

Source: Ministry of Hydrocarbons.

^{^1/}Refinery suspended operations from end-1997 until March 2000.

Table 10.

Republic of Congo: Oil Refinery Production, 1997–2003 ^1/

(In thousands of metric tons)

		1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Butane		1.1	0.2	0.3	0.2	0.2	0.2	…
Kerosene		18.9	0.2	0.3	0.2	0.2	0.2	…
Diesel		31.1	0.0	0.0	74.0	69.9	…	…
Premium		20.5	0.0	0.0	35.0	38.7	…	…
Fuel oil 1,500		8.2	0.0	0.0	3.3	5.3	…	…
Fuel oil V. 630		100.7	0.0	0.0	208.0	225.7	…	…
	Total	180.5	0.5	0.5	320.8	340.0	0.4	…

Source: Ministry of Hydrocarbons.

^{^1/}Refinery suspended operations from end-1997 until March 2000.

Table 10.

Republic of Congo: Oil Refinery Production, 1997–2003 ^1/

(In thousands of metric tons)

		1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Butane		1.1	0.2	0.3	0.2	0.2	0.2	…
Kerosene		18.9	0.2	0.3	0.2	0.2	0.2	…
Diesel		31.1	0.0	0.0	74.0	69.9	…	…
Premium		20.5	0.0	0.0	35.0	38.7	…	…
Fuel oil 1,500		8.2	0.0	0.0	3.3	5.3	…	…
Fuel oil V. 630		100.7	0.0	0.0	208.0	225.7	…	…
	Total	180.5	0.5	0.5	320.8	340.0	0.4	…

Source: Ministry of Hydrocarbons.

^{^1/}Refinery suspended operations from end-1997 until March 2000.

Table 11.

Republic of Congo: Consumption of Refined Petroleum Products, 1997–2003

(In thousands of metric tons)

Source: Ministry of Hydrocarbons.

Table 11.

Republic of Congo: Consumption of Refined Petroleum Products, 1997–2003

(In thousands of metric tons)

		1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Butane		1.1	1.6	0.5	1.0	2.1	…	…
Jet fuel		18.9	22.8	32.8	50.0	51.3	…	…
Premium gasoline		20.6	28.9	22.7	38.8	39.1	…	…
Diesel		31.2	54.1	46.9	57.0	64.6	…	…
Kerosene		9.6	12.3	4.8	7.5	8.3	…	…
Heating oil		…	1.1	…	…	…	…	…
	Total	81.4	120.8	107.7	154.3	165.4	…	…

Source: Ministry of Hydrocarbons.

Table 11.

Republic of Congo: Consumption of Refined Petroleum Products, 1997–2003

(In thousands of metric tons)

		1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Butane		1.1	1.6	0.5	1.0	2.1	…	…
Jet fuel		18.9	22.8	32.8	50.0	51.3	…	…
Premium gasoline		20.6	28.9	22.7	38.8	39.1	…	…
Diesel		31.2	54.1	46.9	57.0	64.6	…	…
Kerosene		9.6	12.3	4.8	7.5	8.3	…	…
Heating oil		…	1.1	…	…	…	…	…
	Total	81.4	120.8	107.7	154.3	165.4	…	…

Source: Ministry of Hydrocarbons.

Table 12.

Republic of Congo: Industrial Production, 1997–2003

(In tons, unless otherwise indicated)

Source: National Center of Statistics and Economic Research (CNSEE).

Table 12.

Republic of Congo: Industrial Production, 1997–2003

(In tons, unless otherwise indicated)

	1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Cement	20,156	…	…	…	…	…	…
Refined sugar	38,774	42,861	39,772	74,626	71,814	…	…
Palm oil	…	…	10,230	…	…	…	…
Peanut oil	…	…	…	…	…	…	…
Soap	1,683	1,733	1,473	1,620	…	…	…
Cloth (millions of meters)	…	…	…	…	…	…	…
Cigarettes (millions of cartons)	380	…	…	…	4	…	…
Beer (thousands of hectoliters)	342	494	480	526	610	…	…
Nonalcoholic beverages (thousands of hectoliters)	165	195	194	290	349	…	…
Flour	8,177	4,002	…	1,636	35,000	…	…
Electricity (millions of kilowatt-hours)	366	408	196	298	339	…	…

Source: National Center of Statistics and Economic Research (CNSEE).

Table 12.

Republic of Congo: Industrial Production, 1997–2003

(In tons, unless otherwise indicated)

	1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Cement	20,156	…	…	…	…	…	…
Refined sugar	38,774	42,861	39,772	74,626	71,814	…	…
Palm oil	…	…	10,230	…	…	…	…
Peanut oil	…	…	…	…	…	…	…
Soap	1,683	1,733	1,473	1,620	…	…	…
Cloth (millions of meters)	…	…	…	…	…	…	…
Cigarettes (millions of cartons)	380	…	…	…	4	…	…
Beer (thousands of hectoliters)	342	494	480	526	610	…	…
Nonalcoholic beverages (thousands of hectoliters)	165	195	194	290	349	…	…
Flour	8,177	4,002	…	1,636	35,000	…	…
Electricity (millions of kilowatt-hours)	366	408	196	298	339	…	…

Source: National Center of Statistics and Economic Research (CNSEE).

Table 13.

Republic of Congo: Electricity Generation, 1997–2003

(In millions of kilowatt-hours)

Source: National Electricity Company.

Table 13.

Republic of Congo: Electricity Generation, 1997–2003

(In millions of kilowatt-hours)

		1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
National production		366.0	408.0	196.0	298.0	335.0	398.0	399.0
	Hydroelectric	366.0	408.0	196.0	298.0	339.0	…	342.0
	Thermal	…	…	16.0	0.9	0.1	0.1	57.0
Purchases from the Democratic Republic of the Congo		37.6	126.7	191.0	262.0	297.0	364.0	359.0
	Total	403.6	534.7	387.0	…	632.0	762.0	758.0

Source: National Electricity Company.

Table 13.

Republic of Congo: Electricity Generation, 1997–2003

(In millions of kilowatt-hours)

		1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
National production		366.0	408.0	196.0	298.0	335.0	398.0	399.0
	Hydroelectric	366.0	408.0	196.0	298.0	339.0	…	342.0
	Thermal	…	…	16.0	0.9	0.1	0.1	57.0
Purchases from the Democratic Republic of the Congo		37.6	126.7	191.0	262.0	297.0	364.0	359.0
	Total	403.6	534.7	387.0	…	632.0	762.0	758.0

Source: National Electricity Company.

Table 14.

Republic of Congo: Rail and River Traffic, 1997–2003

Source: Ministry of Transport and Civil Aviation.

^{^1/}No consistent data are available.

^{^2/}Oil export included.

Table 14.

Republic of Congo: Rail and River Traffic, 1997–2003

		1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Rail transport
	Passengers (thousands of persons)	1,040.8	926.6	56.5	546.0	742.0	…	…
	Freight (thousands of tons)	441.3	398.7	65.7	236.0	548.0	…	…
Port activity ^1/
	Pointe-Noire (thousands of tons) ^2/	…	9,501.0	9,438.0	10,101.0	9,608.0	…	…
	River ports (thousands of tons)	…	…	105.7	74.6	101.2	…	…
River transport ^1/
	Barges (thousands of tons)	…	…	…	…	…	…	…
	Rafts (thousands of tons)	…	…	…	…	…	…	…
	Passengers (thousands)	…	…	47.7	198.8	213.8	…	…

Source: Ministry of Transport and Civil Aviation.

^{^1/}No consistent data are available.

^{^2/}Oil export included.

Table 14.

Republic of Congo: Rail and River Traffic, 1997–2003

		1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Rail transport
	Passengers (thousands of persons)	1,040.8	926.6	56.5	546.0	742.0	…	…
	Freight (thousands of tons)	441.3	398.7	65.7	236.0	548.0	…	…
Port activity ^1/
	Pointe-Noire (thousands of tons) ^2/	…	9,501.0	9,438.0	10,101.0	9,608.0	…	…
	River ports (thousands of tons)	…	…	105.7	74.6	101.2	…	…
River transport ^1/
	Barges (thousands of tons)	…	…	…	…	…	…	…
	Rafts (thousands of tons)	…	…	…	…	…	…	…
	Passengers (thousands)	…	…	47.7	198.8	213.8	…	…

Source: Ministry of Transport and Civil Aviation.

^{^1/}No consistent data are available.

^{^2/}Oil export included.

Table 15.

Republic of Congo: Price lndices for Brazzaville, 1997–2003

(Index, 1977=100, unless otherwise indicated)

Source: National Center of Statistics and Economic Research (CNSEE).

^{^1/}Brazzaville consumer price index only; therefore data differ from the aggregate consumer price index for Brazzaville and Pointe-Noire included in the basic data table.

Table 15.

Republic of Congo: Price lndices for Brazzaville, 1997–2003

(Index, 1977=100, unless otherwise indicated)

		1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
	Foodstuffs	378.4	376.8	394.8	374.3	368.0	385.3	362.8
	Clothing	436.0	419.1	433.4	459.7	465.2	488.6	439.1
	Beverages and tobacco	743.4	456.8	454.4	456.0	458.7	342.4	448.7
	Construction and rent	541.8	537.0	543.5	587.4	551.8	562.2	567.1
	Fuel and electricity	326.2	353.2	375.0	387.9	513.8	502.5	470.6
	Health	324.3	348.8	374.4	400.1	405.1	444.1	428.2
	Transportation and leisure	650.5	547.4	581.3	609.0	623.4	696.5	788.0
	Other	352.5	350.4	345.7	351.9	352.7	379.9	386.5
General index ^1/		420.3	403.7	420.4	416.7	417.0	435.2	432.5
	Percentage change from previous year	19.1	-3.9	4.1	-0.9	0.1	4.4	-0.6

Source: National Center of Statistics and Economic Research (CNSEE).

^{^1/}Brazzaville consumer price index only; therefore data differ from the aggregate consumer price index for Brazzaville and Pointe-Noire included in the basic data table.

Table 15.

Republic of Congo: Price lndices for Brazzaville, 1997–2003

(Index, 1977=100, unless otherwise indicated)

		1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
	Foodstuffs	378.4	376.8	394.8	374.3	368.0	385.3	362.8
	Clothing	436.0	419.1	433.4	459.7	465.2	488.6	439.1
	Beverages and tobacco	743.4	456.8	454.4	456.0	458.7	342.4	448.7
	Construction and rent	541.8	537.0	543.5	587.4	551.8	562.2	567.1
	Fuel and electricity	326.2	353.2	375.0	387.9	513.8	502.5	470.6
	Health	324.3	348.8	374.4	400.1	405.1	444.1	428.2
	Transportation and leisure	650.5	547.4	581.3	609.0	623.4	696.5	788.0
	Other	352.5	350.4	345.7	351.9	352.7	379.9	386.5
General index ^1/		420.3	403.7	420.4	416.7	417.0	435.2	432.5
	Percentage change from previous year	19.1	-3.9	4.1	-0.9	0.1	4.4	-0.6

Source: National Center of Statistics and Economic Research (CNSEE).

^{^1/}Brazzaville consumer price index only; therefore data differ from the aggregate consumer price index for Brazzaville and Pointe-Noire included in the basic data table.

Table 16.

Republic of Congo: Representative Retail Prices of Major Food Items in Brazzaville, 1997–2003

(CFA francs per kilogram, unless otherwise indicated; end of period)

Source: National Center of Statistics and Economic Research (CNSEE).

Table 16.

Republic of Congo: Representative Retail Prices of Major Food Items in Brazzaville, 1997–2003

(CFA francs per kilogram, unless otherwise indicated; end of period)

	1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Manioc flour	275	320	379	291	338	376	312
Corn	392	533	598	622	558	557	684
Yams	276	304	353	303	289	392	361
Sweet potatoes	603	974	809	656	673	827	781
Sweet bananas	380	349	571	413	349	425	414
Palm kernels	253	270	387	169	164	225	177
Palm oil (per liter)	564	615	715	476	523	606	578
Peanut oil (per liter)	1,099	982	922	784	762	869	788
Shelled peanuts	711	787	861	891	712	651	684
Salt	372	414	487	513	352	321	352
Beef, boneless	2,543	2,843	2,816	2,994	3,058	3,036	3,046
Chicken	2,129	2,248	2,192	2,409	2,388	2,466	2,345
Fresh fish (river)	1,296	1,412	1,318	1,267	1,258	1,350	1,445
Smoked fish	4,521	3,880	3,590	3,556	3,982	4,015	4,083

Source: National Center of Statistics and Economic Research (CNSEE).

Table 16.

Republic of Congo: Representative Retail Prices of Major Food Items in Brazzaville, 1997–2003

(CFA francs per kilogram, unless otherwise indicated; end of period)

	1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Manioc flour	275	320	379	291	338	376	312
Corn	392	533	598	622	558	557	684
Yams	276	304	353	303	289	392	361
Sweet potatoes	603	974	809	656	673	827	781
Sweet bananas	380	349	571	413	349	425	414
Palm kernels	253	270	387	169	164	225	177
Palm oil (per liter)	564	615	715	476	523	606	578
Peanut oil (per liter)	1,099	982	922	784	762	869	788
Shelled peanuts	711	787	861	891	712	651	684
Salt	372	414	487	513	352	321	352
Beef, boneless	2,543	2,843	2,816	2,994	3,058	3,036	3,046
Chicken	2,129	2,248	2,192	2,409	2,388	2,466	2,345
Fresh fish (river)	1,296	1,412	1,318	1,267	1,258	1,350	1,445
Smoked fish	4,521	3,880	3,590	3,556	3,982	4,015	4,083

Source: National Center of Statistics and Economic Research (CNSEE).

Table 17.

Republic of Congo: Central Government Employment by Ministry, 1997–2003

(Number of employees)

Source: Congolese authorities.

Table 17.

Republic of Congo: Central Government Employment by Ministry, 1997–2003

(Number of employees)

	1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Education	21,667	21,070	20,382	22,619	22,050	21,825	21,413
Health and social affairs	8,922	8,676	8,392	9,313	9,079	8,986	8,817
Rural economy	3,796	3,692	3,571	3,963	3,863	3,824	3,752
Finance	4,149	4,034	3,903	4,331	4,222	4,179	4,100
Interior	1,522	1,480	1,432	1,589	1,549	1,533	1,504
Culture and sports	1,874	1,822	1,763	1,956	1,907	1,887	1,852
Information	1,382	1,344	1,300	1,443	1,407	1,392	1,366
Presidency	1,200	1,167	1,129	1,253	1,221	1,209	1,186
Justice	843	820	793	880	858	849	833
Foreign affairs	1,019	991	959	1,064	1,038	1,027	1,008
Public works	539	524	507	562	548	543	533
Defense and security	14,905	14,494	14,021	15,560	15,169	15,013	14,731
Other	5,326	5,179	5,010	5,560	5,420	5,365	5,264
Total	67,144	65,293	63,162	70,093	68,331	67,632	66,358

Source: Congolese authorities.

Table 17.

Republic of Congo: Central Government Employment by Ministry, 1997–2003

(Number of employees)

	1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Education	21,667	21,070	20,382	22,619	22,050	21,825	21,413
Health and social affairs	8,922	8,676	8,392	9,313	9,079	8,986	8,817
Rural economy	3,796	3,692	3,571	3,963	3,863	3,824	3,752
Finance	4,149	4,034	3,903	4,331	4,222	4,179	4,100
Interior	1,522	1,480	1,432	1,589	1,549	1,533	1,504
Culture and sports	1,874	1,822	1,763	1,956	1,907	1,887	1,852
Information	1,382	1,344	1,300	1,443	1,407	1,392	1,366
Presidency	1,200	1,167	1,129	1,253	1,221	1,209	1,186
Justice	843	820	793	880	858	849	833
Foreign affairs	1,019	991	959	1,064	1,038	1,027	1,008
Public works	539	524	507	562	548	543	533
Defense and security	14,905	14,494	14,021	15,560	15,169	15,013	14,731
Other	5,326	5,179	5,010	5,560	5,420	5,365	5,264
Total	67,144	65,293	63,162	70,093	68,331	67,632	66,358

Source: Congolese authorities.

Table 18.

Republic of Congo: Central Government Financial Operations, 1997–2003

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

Table 18.

Republic of Congo: Central Government Financial Operations, 1997–2003

						1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
						(In billions of CFA francs)
Revenue and grants						387.7	263.0	390.6	609.4	631.8	575.4	613.5
	Revenue					386.3	259.4	384.3	602.6	628.1	571.7	603.6
		Oil revenue				296.9	137.8	275.6	466.2	430.8	397.5	421.6
		Non-oil revenue				89.3	121.7	108.7	136.4	197.3	174.2	182.0
			Domestic taxes			43.1	78.0	76.4	92.6	126.9	125.3	134.0
			Customs receipts			35.0	34.8	21.7	31.2	43.3	36.1	43.3
			Domestic petroleum taxes			9.5	8.4	7.8	10.7	15.6	10.0	0.0
			Nontax revenue			1.8	0.4	2.8	1.9	11.5	2.8	4.7
	Grants					1.4	3.6	6.3	6.8	3.7	3.7	9.9
Expenditure and net lending						508.6	492.8	475.4	583.5	645.9	746.4	606.1
	Current expenditure					462.0	438.2	386.3	424.1	440.6	563.1	470.5
		Wage bill				104.2	102.4	100.7	106.7	118.1	120.4	120.2
		Other current expenditure				177.8	175.0	111.0	156.1	159.8	256.7	223.6
			Materials and supplies			125.3	107.3	51.1	36.7	32.1	78.4	50.0
			Common charges			27.0	35.4	33.6	72.4	55.0	73.4	42.8
			Transfers			25.5	32.2	26.4	47.0	72.7	104.9	130.8
			Local authorities			2.0	0.9	6.5	2.4	10.7	9.3	8.9
		Interest				178.0	159.9	168.1	158.9	152.0	176.7	117.8
			Domestic			14.6	11.5	17.3	9.7	7.7	14.4	23.4
			External			163.5	148.4	150.8	149.2	144.3	162.3	94.4
	Capital expenditure					46.6	54.6	89.1	159.4	205.4	181.7	134.8
		Domestically financed				42.0	50.5	81.9	144.6	200.4	158.1	111.0
		Externally financed				4.6	4.1	7.2	14.8	5.0	23.6	23.8
	Net lending					0.0	0.0	0.0	0.0	0.0	1.6	0.8
Primary balance						55.7	-73.4	77.0	192.8	139.2	25.7	139.1
Balance, commitment basis
	Excluding grants					-122.4	-233.4	-91.1	19.1	-17.8	-174.6	-2.5
	Including grants					-121.0	-229.8	-84.8	25.9	-14.1	-171.0	7.4
Change in arrears						-59.9	354.2	294.6	268.2	73.6	205.9	124.8
	External					37.6	338.3	262.5	283.4	104.5	210.8	164.2
	Domestic					-97.5	15.9	32.1	-15.2	-30.9	-5.0	-39.5
Balance, cash basis						-180.9	124.4	209.8	294.1	59.5	34.9	132.2
						(In billions of CFA francs)
Financing						180.9	-124.4	-209.8	-294.0	-59.5	-34.9	-132.1
	Foreign (net)					149.7	-152.7	-177.1	-239.4	-85.0	-15.0	-146.1
		Drawings				15.6	2.3	4.3	44.0	73.4	234.1	21.6
				Project financing		3.2	0.5	0.9	8.0	1.3	20.0	13.9
				Nonproject financing		12.4	2.3	3.4	36.0	28.0	0.0	7.7
					Other	0.0	0.0	0.0	0.0	44.1	214.1	0.0
		Amortization due				-245.1	-268.2	-258.8	-292.7	-233.6	-259.7	-169.3
		Rescheduling obtained				175.8	85.7	68.8	2.8	11.6	4.3	1.5
		Debt cancellation				203.3	27.7	8.6	6.5	63.6	6.4	0.1
	Domestic (net)					31.2	28.3	-32.7	-54.6	25.5	-19.9	14.0
		Banking system (net)				31.7	12.4	-21.9	-13.9	75.1	23.2	1.0
		Nonbank financing				-0.5	15.9	-10.8	-40.7	-49.5	-43.1	13.0
			Sale of assets			0.0	0.0	0.0	3.1	3.0	7.5	2.1
			Cost of financial sector reforms			0.0	0.0	-2.3	-18.7	-20.9	-3.8	-0.6
			Bond issues			0.0	0.0	0.0	0.0	0.0	0.0	0.0
			Cost of structural reforms			-0.5	0.0	-8.7	-9.2	-1.2	-7.6	-7.6
			Exceptional oil receipts			0.0	18.4	3.9	0.0	0.0	0.0	59.2
						0.0	-2.5	-3.7	-15.9	-9.3	-16.9	-40.1
Financing gap						0.0	0.0	0.0	0.0	0.0	0.0	0.0
						(In percent of GDP)
Revenue and grants						28.6	22.9	27.0	26.6	30.9	27.4	30.1
	Of which: revenue					28.5	22.6	26.5	26.3	30.7	27.2	29.6
Expenditure						37.5	42.9	32.8	25.5	31.6	35.5	29.7
	Current					34.1	38.1	26.7	18.5	21.6	26.8	23.1
	Capital					12.1	12.9	10.4	6.5	7.1	7.7	4.6
Balance, commitment basis
	Including grants					-8.9	-20.0	-5.9	1.1	-0.7	-8.1	0.4
	Excluding grants					-9.0	-20.3	-6.3	0.8	-0.9	-8.3	-0.1
Primary balance						4.1	-6.4	5.3	8.4	6.8	1.2	6.8
Memorandum items:						(In billions of CFA francs, unless otherwise indicated)
	GDP at current market prices					1,355.7	1,150.1	1,449.3	2,292.5	2,043.4	2,103.0	2,040.0
	Non-oil GDP at current market prices					689.0	730.5	676.0	790.2	884.8	976.6	1,036.6
	Oil production (millions of barrels)					85.7	91.0	94.8	96.8	89.6	88.0	81.7

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

Table 18.

Republic of Congo: Central Government Financial Operations, 1997–2003

						1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
						(In billions of CFA francs)
Revenue and grants						387.7	263.0	390.6	609.4	631.8	575.4	613.5
	Revenue					386.3	259.4	384.3	602.6	628.1	571.7	603.6
		Oil revenue				296.9	137.8	275.6	466.2	430.8	397.5	421.6
		Non-oil revenue				89.3	121.7	108.7	136.4	197.3	174.2	182.0
			Domestic taxes			43.1	78.0	76.4	92.6	126.9	125.3	134.0
			Customs receipts			35.0	34.8	21.7	31.2	43.3	36.1	43.3
			Domestic petroleum taxes			9.5	8.4	7.8	10.7	15.6	10.0	0.0
			Nontax revenue			1.8	0.4	2.8	1.9	11.5	2.8	4.7
	Grants					1.4	3.6	6.3	6.8	3.7	3.7	9.9
Expenditure and net lending						508.6	492.8	475.4	583.5	645.9	746.4	606.1
	Current expenditure					462.0	438.2	386.3	424.1	440.6	563.1	470.5
		Wage bill				104.2	102.4	100.7	106.7	118.1	120.4	120.2
		Other current expenditure				177.8	175.0	111.0	156.1	159.8	256.7	223.6
			Materials and supplies			125.3	107.3	51.1	36.7	32.1	78.4	50.0
			Common charges			27.0	35.4	33.6	72.4	55.0	73.4	42.8
			Transfers			25.5	32.2	26.4	47.0	72.7	104.9	130.8
			Local authorities			2.0	0.9	6.5	2.4	10.7	9.3	8.9
		Interest				178.0	159.9	168.1	158.9	152.0	176.7	117.8
			Domestic			14.6	11.5	17.3	9.7	7.7	14.4	23.4
			External			163.5	148.4	150.8	149.2	144.3	162.3	94.4
	Capital expenditure					46.6	54.6	89.1	159.4	205.4	181.7	134.8
		Domestically financed				42.0	50.5	81.9	144.6	200.4	158.1	111.0
		Externally financed				4.6	4.1	7.2	14.8	5.0	23.6	23.8
	Net lending					0.0	0.0	0.0	0.0	0.0	1.6	0.8
Primary balance						55.7	-73.4	77.0	192.8	139.2	25.7	139.1
Balance, commitment basis
	Excluding grants					-122.4	-233.4	-91.1	19.1	-17.8	-174.6	-2.5
	Including grants					-121.0	-229.8	-84.8	25.9	-14.1	-171.0	7.4
Change in arrears						-59.9	354.2	294.6	268.2	73.6	205.9	124.8
	External					37.6	338.3	262.5	283.4	104.5	210.8	164.2
	Domestic					-97.5	15.9	32.1	-15.2	-30.9	-5.0	-39.5
Balance, cash basis						-180.9	124.4	209.8	294.1	59.5	34.9	132.2
						(In billions of CFA francs)
Financing						180.9	-124.4	-209.8	-294.0	-59.5	-34.9	-132.1
	Foreign (net)					149.7	-152.7	-177.1	-239.4	-85.0	-15.0	-146.1
		Drawings				15.6	2.3	4.3	44.0	73.4	234.1	21.6
				Project financing		3.2	0.5	0.9	8.0	1.3	20.0	13.9
				Nonproject financing		12.4	2.3	3.4	36.0	28.0	0.0	7.7
					Other	0.0	0.0	0.0	0.0	44.1	214.1	0.0
		Amortization due				-245.1	-268.2	-258.8	-292.7	-233.6	-259.7	-169.3
		Rescheduling obtained				175.8	85.7	68.8	2.8	11.6	4.3	1.5
		Debt cancellation				203.3	27.7	8.6	6.5	63.6	6.4	0.1
	Domestic (net)					31.2	28.3	-32.7	-54.6	25.5	-19.9	14.0
		Banking system (net)				31.7	12.4	-21.9	-13.9	75.1	23.2	1.0
		Nonbank financing				-0.5	15.9	-10.8	-40.7	-49.5	-43.1	13.0
			Sale of assets			0.0	0.0	0.0	3.1	3.0	7.5	2.1
			Cost of financial sector reforms			0.0	0.0	-2.3	-18.7	-20.9	-3.8	-0.6
			Bond issues			0.0	0.0	0.0	0.0	0.0	0.0	0.0
			Cost of structural reforms			-0.5	0.0	-8.7	-9.2	-1.2	-7.6	-7.6
			Exceptional oil receipts			0.0	18.4	3.9	0.0	0.0	0.0	59.2
						0.0	-2.5	-3.7	-15.9	-9.3	-16.9	-40.1
Financing gap						0.0	0.0	0.0	0.0	0.0	0.0	0.0
						(In percent of GDP)
Revenue and grants						28.6	22.9	27.0	26.6	30.9	27.4	30.1
	Of which: revenue					28.5	22.6	26.5	26.3	30.7	27.2	29.6
Expenditure						37.5	42.9	32.8	25.5	31.6	35.5	29.7
	Current					34.1	38.1	26.7	18.5	21.6	26.8	23.1
	Capital					12.1	12.9	10.4	6.5	7.1	7.7	4.6
Balance, commitment basis
	Including grants					-8.9	-20.0	-5.9	1.1	-0.7	-8.1	0.4
	Excluding grants					-9.0	-20.3	-6.3	0.8	-0.9	-8.3	-0.1
Primary balance						4.1	-6.4	5.3	8.4	6.8	1.2	6.8
Memorandum items:						(In billions of CFA francs, unless otherwise indicated)
	GDP at current market prices					1,355.7	1,150.1	1,449.3	2,292.5	2,043.4	2,103.0	2,040.0
	Non-oil GDP at current market prices					689.0	730.5	676.0	790.2	884.8	976.6	1,036.6
	Oil production (millions of barrels)					85.7	91.0	94.8	96.8	89.6	88.0	81.7

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

Table 19.

Republic of Congo: Central Government Revenue, 1997–2003

(In billions of CFA francs)

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

^{^1/}SNPC = Société Nationale des Pétroles du Congo (national oil company).

Table 19.

Republic of Congo: Central Government Revenue, 1997–2003

(In billions of CFA francs)

				1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Revenue and grants				387.7	263.0	390.6	609.4	631.8	575.4	613.5
Revenue				386.3	259.4	384.3	602.6	628.1	571.7	603.6
	Oil receipts			296.9	137.8	275.6	468.1	430.8	397.5	421.6
		Royalties		109.0	76.6	101.6	468.1	430.8	395.7	381.1
		Profit sharing		146.8	66.9	65.7	0.0	0.0	0.0	0.0
			Of which: government share sold by SNPC ^1/	12.8	10.8	99.6	119.3	37.2	120.4	251.1
		Earmarked investment funds		5.1	3.3	4.5	1.9	0.7	3.7	6.2
		Other (net)		23.2	-19.8	4.1	164.8	270.5	193.6	0.0
	Non-oil revenue			89.3	121.7	108.7	136.4	197.3	174.2	182.0
		Taxes		43.1	78.0	76.4	92.6	126.9	125.3	134.0
			Direct taxes	33.8	39.0	42.0	48.2	59.1	57.3	64.3
			Indirect taxes	9.3	39.0	34.4	44.4	67.8	68.0	69.7
		Customs receipts		35.0	34.8	21.7	31.2	43.3	36.1	43.3
		Domestic petroleum taxes		9.5	8.4	7.8	10.7	15.6	10.0	0.0
		Nontax revenue		1.8	0.4	2.8	1.9	11.5	2.8	4.7
Grants				1.4	3.6	6.3	6.8	3.7	3.7	9.9

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

^{^1/}SNPC = Société Nationale des Pétroles du Congo (national oil company).

Table 19.

Republic of Congo: Central Government Revenue, 1997–2003

(In billions of CFA francs)

				1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Revenue and grants				387.7	263.0	390.6	609.4	631.8	575.4	613.5
Revenue				386.3	259.4	384.3	602.6	628.1	571.7	603.6
	Oil receipts			296.9	137.8	275.6	468.1	430.8	397.5	421.6
		Royalties		109.0	76.6	101.6	468.1	430.8	395.7	381.1
		Profit sharing		146.8	66.9	65.7	0.0	0.0	0.0	0.0
			Of which: government share sold by SNPC ^1/	12.8	10.8	99.6	119.3	37.2	120.4	251.1
		Earmarked investment funds		5.1	3.3	4.5	1.9	0.7	3.7	6.2
		Other (net)		23.2	-19.8	4.1	164.8	270.5	193.6	0.0
	Non-oil revenue			89.3	121.7	108.7	136.4	197.3	174.2	182.0
		Taxes		43.1	78.0	76.4	92.6	126.9	125.3	134.0
			Direct taxes	33.8	39.0	42.0	48.2	59.1	57.3	64.3
			Indirect taxes	9.3	39.0	34.4	44.4	67.8	68.0	69.7
		Customs receipts		35.0	34.8	21.7	31.2	43.3	36.1	43.3
		Domestic petroleum taxes		9.5	8.4	7.8	10.7	15.6	10.0	0.0
		Nontax revenue		1.8	0.4	2.8	1.9	11.5	2.8	4.7
Grants				1.4	3.6	6.3	6.8	3.7	3.7	9.9

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

^{^1/}SNPC = Société Nationale des Pétroles du Congo (national oil company).

Table 20.

Republic of Congo: Central Government Revenue Trends, 1997–2003

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

^{^1/}SNPC = Société Nationale des Pétroles du Congo (national oil company).

Table 20.

Republic of Congo: Central Government Revenue Trends, 1997–2003

				1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
				(In percent of GDP)
Revenue and grants				28.6	22.9	27.0	26.6	30.9	27.4	30.1
Revenue				28.5	22.6	26.5	26.3	30.7	27.2	29.6
	Fiscal oil receipts			21.9	12.0	19.0	20.4	21.1	18.9	20.7
		Royalties		8.0	6.7	7.0	20.4	21.1	18.8	18.7
		Profit sharing		10.8	5.8	4.5	0.0	0.0	0.0	0.0
			Of which: government share sold by SNPC ^1/	0.9	0.9	6.9	5.2	1.8	5.7	12.3
		Earmarked investment funds		0.4	0.3	0.3	0.1	0.0	0.2	0.3
		Other (net)		1.7	-1.7	0.3	7.2	13.2	9.2	0.0
	Non-oil revenue			6.6	10.6	7.5	5.9	9.7	8.3	8.9
		Taxes		3.2	6.8	5.3	4.0	6.2	6.0	6.6
			Direct taxes	2.5	3.4	2.9	2.1	2.9	2.7	3.2
			Indirect taxes	0.7	3.4	2.4	1.9	3.3	3.2	3.4
		Customs receipts		2.6	3.0	1.5	1.4	2.1	1.7	2.1
		Domestic petroleum taxes		0.7	0.7	0.5	0.5	0.8	0.5	0.0
		Nontax revenue		0.1	0.0	0.2	0.1	0.6	0.1	0.2
Grants				0.1	0.3	0.4	0.3	0.2	0.2	0.5
				(In percent of non-oil GDP)
	Non-oil revenue			13.0	16.7	16.1	17.3	22.3	17.8	17.6
		Taxes		6.2	10.7	11.3	11.7	14.3	12.8	12.9
			Direct taxes	4.9	5.3	6.2	6.1	6.7	5.9	6.2
			Indirect taxes	1.3	5.3	5.1	5.6	7.7	7.0	6.7
		Customs receipts		5.1	4.8	3.2	3.9	4.9	3.7	4.2
		Domestic petroleum taxes		1.4	1.1	1.2	1.4	1.8	1.0	0.0
		Nontax revenue		0.3	0.1	0.4	0.2	1.3	0.3	0.5
				(In percent of oil GDP)
	Oil revenue			44.5	32.8	35.6	31.0	37.2	35.3	42.0
		Royalties		16.3	18.3	13.1	31.2	37.2	35.1	38.0
		Other		28.2	14.6	22.5	-0.1	0.0	0.2	4.0
				(Annual percentage change)
Revenue and grants				7.1	-32.1	48.5	56.0	3.7	-8.9	6.6
	Revenue			8.0	-32.8	48.1	56.8	4.2	-9.0	5.6
		Fiscal oil receipts		39.3	-53.6	100.0	69.1	-7.6	-7.7	6.1
		Non-oil revenue		-38.2	36.2	-10.7	25.5	44.7	-11.7	4.4
			Taxes	-38.1	81.2	-2.1	21.2	37.0	-1.2	6.9
			Customs receipts	-40.0	-0.4	-37.7	43.8	38.7	-16.6	19.9
			Domestic petroleum taxes	-31.2	-11.8	-6.8	37.2	45.8	-35.9	-100.0
			Nontax revenue	-40.0	-75.1	523.6	-32.1	507.2	-75.7	67.9
				(In percent of total revenue, excluding grants)
		Fiscal oil receipts		76.9	53.1	71.7	77.4	68.6	69.5	69.8
		Non-oil revenue		23.1	46.9	28.3	22.6	31.4	30.5	30.2
			Taxes	11.1	30.1	19.9	15.4	20.2	21.9	22.2
			Customs receipts	9.1	13.4	5.6	5.2	6.9	6.3	7.2
			Domestic petroleum taxes	2.5	3.2	2.0	1.8	2.5	1.7	0.0
			Nontax revenue	0.5	0.2	0.7	0.3	1.8	0.5	0.8

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

^{^1/}SNPC = Société Nationale des Pétroles du Congo (national oil company).

Table 20.

Republic of Congo: Central Government Revenue Trends, 1997–2003

				1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
				(In percent of GDP)
Revenue and grants				28.6	22.9	27.0	26.6	30.9	27.4	30.1
Revenue				28.5	22.6	26.5	26.3	30.7	27.2	29.6
	Fiscal oil receipts			21.9	12.0	19.0	20.4	21.1	18.9	20.7
		Royalties		8.0	6.7	7.0	20.4	21.1	18.8	18.7
		Profit sharing		10.8	5.8	4.5	0.0	0.0	0.0	0.0
			Of which: government share sold by SNPC ^1/	0.9	0.9	6.9	5.2	1.8	5.7	12.3
		Earmarked investment funds		0.4	0.3	0.3	0.1	0.0	0.2	0.3
		Other (net)		1.7	-1.7	0.3	7.2	13.2	9.2	0.0
	Non-oil revenue			6.6	10.6	7.5	5.9	9.7	8.3	8.9
		Taxes		3.2	6.8	5.3	4.0	6.2	6.0	6.6
			Direct taxes	2.5	3.4	2.9	2.1	2.9	2.7	3.2
			Indirect taxes	0.7	3.4	2.4	1.9	3.3	3.2	3.4
		Customs receipts		2.6	3.0	1.5	1.4	2.1	1.7	2.1
		Domestic petroleum taxes		0.7	0.7	0.5	0.5	0.8	0.5	0.0
		Nontax revenue		0.1	0.0	0.2	0.1	0.6	0.1	0.2
Grants				0.1	0.3	0.4	0.3	0.2	0.2	0.5
				(In percent of non-oil GDP)
	Non-oil revenue			13.0	16.7	16.1	17.3	22.3	17.8	17.6
		Taxes		6.2	10.7	11.3	11.7	14.3	12.8	12.9
			Direct taxes	4.9	5.3	6.2	6.1	6.7	5.9	6.2
			Indirect taxes	1.3	5.3	5.1	5.6	7.7	7.0	6.7
		Customs receipts		5.1	4.8	3.2	3.9	4.9	3.7	4.2
		Domestic petroleum taxes		1.4	1.1	1.2	1.4	1.8	1.0	0.0
		Nontax revenue		0.3	0.1	0.4	0.2	1.3	0.3	0.5
				(In percent of oil GDP)
	Oil revenue			44.5	32.8	35.6	31.0	37.2	35.3	42.0
		Royalties		16.3	18.3	13.1	31.2	37.2	35.1	38.0
		Other		28.2	14.6	22.5	-0.1	0.0	0.2	4.0
				(Annual percentage change)
Revenue and grants				7.1	-32.1	48.5	56.0	3.7	-8.9	6.6
	Revenue			8.0	-32.8	48.1	56.8	4.2	-9.0	5.6
		Fiscal oil receipts		39.3	-53.6	100.0	69.1	-7.6	-7.7	6.1
		Non-oil revenue		-38.2	36.2	-10.7	25.5	44.7	-11.7	4.4
			Taxes	-38.1	81.2	-2.1	21.2	37.0	-1.2	6.9
			Customs receipts	-40.0	-0.4	-37.7	43.8	38.7	-16.6	19.9
			Domestic petroleum taxes	-31.2	-11.8	-6.8	37.2	45.8	-35.9	-100.0
			Nontax revenue	-40.0	-75.1	523.6	-32.1	507.2	-75.7	67.9
				(In percent of total revenue, excluding grants)
		Fiscal oil receipts		76.9	53.1	71.7	77.4	68.6	69.5	69.8
		Non-oil revenue		23.1	46.9	28.3	22.6	31.4	30.5	30.2
			Taxes	11.1	30.1	19.9	15.4	20.2	21.9	22.2
			Customs receipts	9.1	13.4	5.6	5.2	6.9	6.3	7.2
			Domestic petroleum taxes	2.5	3.2	2.0	1.8	2.5	1.7	0.0
			Nontax revenue	0.5	0.2	0.7	0.3	1.8	0.5	0.8

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

^{^1/}SNPC = Société Nationale des Pétroles du Congo (national oil company).

Table 21.

Republic of Congo: Central Government Expenditure Trends, 1997–2003

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

Table 21.

Republic of Congo: Central Government Expenditure Trends, 1997–2003

			1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
			(In percent of GDP)
Total current expenditure			37.5	42.9	32.8	25.5	31.6	35.4	29.7
	Noninterest current expenditure		20.9	24.2	15.1	11.6	14.1	18.4	17.3
		Wages and salaries	7.7	8.9	6.9	4.7	5.8	5.7	5.9
		Goods and services	9.2	9.3	3.5	1.6	1.6	3.7	2.5
		Common charges	2.0	3.1	2.3	3.2	2.7	3.5	2.1
		Transfers and subsidies	1.9	2.8	1.8	2.1	3.6	5.0	6.4
		Local authorities	0.1	0.1	0.4	0.1	0.5	0.4	0.4
	Interest due		13.1	13.9	11.6	6.9	7.4	8.4	5.8
			(In percent of non-oil GDP)
Total current expenditure			67.1	60.0	57.1	53.7	49.8	57.7	45.4
	Noninterest current expenditure		41.2	38.1	32.3	33.6	32.6	39.6	34.0
		Wages and salaries	15.1	14.0	14.9	13.5	13.3	12.3	11.6
		Goods and services	18.2	14.7	7.6	4.6	3.6	8.0	4.8
		Common charges	3.9	4.9	5.0	9.2	6.2	7.5	4.1
		Transfers and subsidies	3.7	4.4	3.9	5.9	8.2	10.7	12.6
		Local authorities	0.3	0.1	1.0	0.3	1.2	1.0	0.9
	Interest due		25.8	21.9	24.9	20.1	17.2	18.1	11.4
			(In percent of total current expenditure)
Wages and salaries			22.6	23.4	26.1	25.2	26.8	21.4	25.5
Other current expenditure			38.5	39.9	28.7	36.8	36.3	45.6	47.5
Interest due			38.5	36.5	43.5	37.5	34.5	31.4	25.0
			(Annual percentage change)
Total current expenditure			39.4	-5.1	-11.8	9.8	3.9	27.8	-16.4
Other current expenditure			209.7	-1.6	-36.6	40.6	2.4	60.6	-12.9
Interest due			8.3	-10.1	5.1	-5.5	-4.4	16.3	-33.3

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

Table 21.

Republic of Congo: Central Government Expenditure Trends, 1997–2003

			1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
			(In percent of GDP)
Total current expenditure			37.5	42.9	32.8	25.5	31.6	35.4	29.7
	Noninterest current expenditure		20.9	24.2	15.1	11.6	14.1	18.4	17.3
		Wages and salaries	7.7	8.9	6.9	4.7	5.8	5.7	5.9
		Goods and services	9.2	9.3	3.5	1.6	1.6	3.7	2.5
		Common charges	2.0	3.1	2.3	3.2	2.7	3.5	2.1
		Transfers and subsidies	1.9	2.8	1.8	2.1	3.6	5.0	6.4
		Local authorities	0.1	0.1	0.4	0.1	0.5	0.4	0.4
	Interest due		13.1	13.9	11.6	6.9	7.4	8.4	5.8
			(In percent of non-oil GDP)
Total current expenditure			67.1	60.0	57.1	53.7	49.8	57.7	45.4
	Noninterest current expenditure		41.2	38.1	32.3	33.6	32.6	39.6	34.0
		Wages and salaries	15.1	14.0	14.9	13.5	13.3	12.3	11.6
		Goods and services	18.2	14.7	7.6	4.6	3.6	8.0	4.8
		Common charges	3.9	4.9	5.0	9.2	6.2	7.5	4.1
		Transfers and subsidies	3.7	4.4	3.9	5.9	8.2	10.7	12.6
		Local authorities	0.3	0.1	1.0	0.3	1.2	1.0	0.9
	Interest due		25.8	21.9	24.9	20.1	17.2	18.1	11.4
			(In percent of total current expenditure)
Wages and salaries			22.6	23.4	26.1	25.2	26.8	21.4	25.5
Other current expenditure			38.5	39.9	28.7	36.8	36.3	45.6	47.5
Interest due			38.5	36.5	43.5	37.5	34.5	31.4	25.0
			(Annual percentage change)
Total current expenditure			39.4	-5.1	-11.8	9.8	3.9	27.8	-16.4
Other current expenditure			209.7	-1.6	-36.6	40.6	2.4	60.6	-12.9
Interest due			8.3	-10.1	5.1	-5.5	-4.4	16.3	-33.3

Sources: Ministry of Economy, Finance, and the Budget; and staff estimates.

Table 22.

Republic of Congo: Monetary Survey, 1997–2003

Sources: Bank of Central African States (BEAC); and staff estimates.

^{^1/}Including public enterprises.

Table 22.

Republic of Congo: Monetary Survey, 1997–2003

							1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
							(In billions of CFA francs; end of period)
Net foreign assets							26.2	-35.6	5.0	151.8	26.9	38.0	6.0
	Central bank						18.0	-28.4	8.3	128.4	23.9	-0.9	4.6
	Deposit money banks						8.2	-7.2	-3.3	23.4	3.0	38.9	1.4
Net domestic assets							175.5	211.5	205.9	182.5	231.1	253.7	278.6
	Net domestic credit						237.5	252.7	276.0	257.1	267.2	249.7	265.5
		Net credit to the public sector					116.2	123.1	102.6	93.2	158.2	183.3	183.8
			Net credit to the government				116.6	129.0	107.0	93.2	163.5	186.8	187.9
				Central bank			101.4	111.8	108.0	107.7	160.3	173.9	182.0
					Claims		121.0	123.1	120.8	128.7	173.2	181.6	195.3
						Statutory advances	66.9	82.3	81.8	81.7	123.1	137.3	161.0
						Use of IMF credit	20.1	19.1	18.9	29.1	28.8	20.8	14.6
						Consolidated credit	34.0	21.7	20.0	17.9	21.3	23.6	19.7
					Deposits		19.6	11.3	12.8	21.0	12.9	7.7	13.1
				Deposit money banks			15.2	17.2	-0.9	-14.5	3.2	12.8	5.8
			Claims on public agencies, net				-0.4	-5.9	-4.5	0.0	-5.3	-3.4	-4.1
		Credit to the economy ^1/					121.3	129.6	173.4	163.9	109.0	66.4	81.7
	Other items, net						-62.0	-41.2	-70.1	-74.6	-36.1	4.0	13.1
Broad money							201.7	175.9	210.9	334.3	258.0	291.7	284.6
	Currency outside banks						93.3	73.3	102.3	123.9	142.9	129.0	131.9
	Demand deposits						73.3	70.7	81.7	185.7	95.2	142.2	103.3
	Time deposits						35.1	31.9	26.8	24.7	19.9	20.5	49.4
							(Changes in percent of beginning-of-period broad money)
Net foreign assets							-3.9	-30.6	23.1	69.6	-37.3	4.3	-11.0
Net domestic assets							13.5	17.9	-3.2	-11.1	14.5	8.8	8.5
	Net domestic credit						21.2	7.5	13.2	-8.9	3.0	-6.8	5.4
		Net credit to the government					17.2	6.1	-12.5	-6.6	21.0	9.0	0.4
		Credit to the economy					4.5	4.1	24.9	-4.5	-16.4	-16.5	5.3
Broad money							9.5	-12.8	19.9	58.5	-22.8	13.1	-2.4
							(Annual percent changes, unless otherwise indicated)
Credit to the economy							7.3	6.8	33.8	-5.4	-33.5	-39.1	23.1
Broad money							9.5	-12.8	19.9	58.5	-22.8	13.1	-2.4
	Currency outside banks						6.8	-21.5	39.7	21.0	15.4	-9.7	2.3
Memorandum items:
	Velocity
		Total GDP/average M2					3.6	3.9	3.5	2.9	3.0	3.6	3.6
		Non-oil GDP/average M2					7.0	6.1	7.5	8.4	6.9	7.7	7.1
		Non-oil GDP/end-period M2					3.4	4.2	3.2	2.4	3.4	3.3	3.6
	Total GDP growth						4.3	-15.2	26.0	58.2	-10.9	2.9	-3.0
	Non-oil GDP growth						-8.0	6.0	-7.5	16.9	12.0	10.4	6.1
	Credit to the economy/non-oil GDP (in percent)						17.6	17.7	25.6	20.7	12.3	6.8	7.9

Sources: Bank of Central African States (BEAC); and staff estimates.

^{^1/}Including public enterprises.

Table 22.

Republic of Congo: Monetary Survey, 1997–2003

							1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
							(In billions of CFA francs; end of period)
Net foreign assets							26.2	-35.6	5.0	151.8	26.9	38.0	6.0
	Central bank						18.0	-28.4	8.3	128.4	23.9	-0.9	4.6
	Deposit money banks						8.2	-7.2	-3.3	23.4	3.0	38.9	1.4
Net domestic assets							175.5	211.5	205.9	182.5	231.1	253.7	278.6
	Net domestic credit						237.5	252.7	276.0	257.1	267.2	249.7	265.5
		Net credit to the public sector					116.2	123.1	102.6	93.2	158.2	183.3	183.8
			Net credit to the government				116.6	129.0	107.0	93.2	163.5	186.8	187.9
				Central bank			101.4	111.8	108.0	107.7	160.3	173.9	182.0
					Claims		121.0	123.1	120.8	128.7	173.2	181.6	195.3
						Statutory advances	66.9	82.3	81.8	81.7	123.1	137.3	161.0
						Use of IMF credit	20.1	19.1	18.9	29.1	28.8	20.8	14.6
						Consolidated credit	34.0	21.7	20.0	17.9	21.3	23.6	19.7
					Deposits		19.6	11.3	12.8	21.0	12.9	7.7	13.1
				Deposit money banks			15.2	17.2	-0.9	-14.5	3.2	12.8	5.8
			Claims on public agencies, net				-0.4	-5.9	-4.5	0.0	-5.3	-3.4	-4.1
		Credit to the economy ^1/					121.3	129.6	173.4	163.9	109.0	66.4	81.7
	Other items, net						-62.0	-41.2	-70.1	-74.6	-36.1	4.0	13.1
Broad money							201.7	175.9	210.9	334.3	258.0	291.7	284.6
	Currency outside banks						93.3	73.3	102.3	123.9	142.9	129.0	131.9
	Demand deposits						73.3	70.7	81.7	185.7	95.2	142.2	103.3
	Time deposits						35.1	31.9	26.8	24.7	19.9	20.5	49.4
							(Changes in percent of beginning-of-period broad money)
Net foreign assets							-3.9	-30.6	23.1	69.6	-37.3	4.3	-11.0
Net domestic assets							13.5	17.9	-3.2	-11.1	14.5	8.8	8.5
	Net domestic credit						21.2	7.5	13.2	-8.9	3.0	-6.8	5.4
		Net credit to the government					17.2	6.1	-12.5	-6.6	21.0	9.0	0.4
		Credit to the economy					4.5	4.1	24.9	-4.5	-16.4	-16.5	5.3
Broad money							9.5	-12.8	19.9	58.5	-22.8	13.1	-2.4
							(Annual percent changes, unless otherwise indicated)
Credit to the economy							7.3	6.8	33.8	-5.4	-33.5	-39.1	23.1
Broad money							9.5	-12.8	19.9	58.5	-22.8	13.1	-2.4
	Currency outside banks						6.8	-21.5	39.7	21.0	15.4	-9.7	2.3
Memorandum items:
	Velocity
		Total GDP/average M2					3.6	3.9	3.5	2.9	3.0	3.6	3.6
		Non-oil GDP/average M2					7.0	6.1	7.5	8.4	6.9	7.7	7.1
		Non-oil GDP/end-period M2					3.4	4.2	3.2	2.4	3.4	3.3	3.6
	Total GDP growth						4.3	-15.2	26.0	58.2	-10.9	2.9	-3.0
	Non-oil GDP growth						-8.0	6.0	-7.5	16.9	12.0	10.4	6.1
	Credit to the economy/non-oil GDP (in percent)						17.6	17.7	25.6	20.7	12.3	6.8	7.9

Sources: Bank of Central African States (BEAC); and staff estimates.

^{^1/}Including public enterprises.

Table 23.

Republic of Congo: Summary Accounts of the Central Bank, 1997–2003

Sources: Bank of Central African States (BEAC); and staff estimates.

Table 23.

Republic of Congo: Summary Accounts of the Central Bank, 1997–2003

					1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
					(In billions of CFA francs; end of period)
Net foreign assets					18.0	-28.4	8.3	128.4	23.9	-0.9	4.6
	Assets				37.8	2.3	27.8	158.6	53.6	22.2	21.4
	Liabilities				-19.8	-30.7	-19.5	-30.3	-29.7	-23.0	-16.8
Net domestic assets					90.3	115.5	106.8	101.5	149.1	159.2	157.4
	Net credit to the government				101.4	111.8	108.0	107.7	160.3	173.9	182.0
		Claims			121.0	123.1	120.8	128.7	173.2	181.6	195.3
			Of which
				Statutory advances	66.9	82.3	81.8	81.7	123.1	137.3	161.0
				Use of IMF credit	20.1	19.1	18.9	29.1	28.8	20.8	14.6
		Deposits			19.6	11.3	12.8	21.0	12.9	7.7	13.1
	Claims on deposit money banks				5.0	7.2	6.2	6.5	2.4	0.0	0.0
	Claims on nonbank institutions				0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Other items, net				-16.0	-3.5	-7.4	-12.6	-13.6	-14.7	-24.6
Reserve money at BEAC					108.3	87.1	115.1	229.9	173.0	158.3	162.0
	Currency outside banks				93.3	73.3	102.3	123.9	142.9	129.0	131.9
	Banks’ reserves				15.1	13.9	12.7	106.0	30.1	29.3	30.1
		Deposits at BEAC			9.0	2.9	1.7	93.1	19.7	18.2	19.2
		Currency in vault			6.1	10.9	11.0	12.9	10.4	11.2	10.9
Memorandum items:					(In percent, unless otherwise indicated)
	Reserve money/deposits				99.9	84.9	106.0	109.2	150.3	97.3	106.1
	Reserve money/broad money				53.7	49.5	54.6	68.8	67.0	54.3	56.9
	Reserve money multiplier (level)				1.9	2.0	1.8	1.5	1.5	1.8	1.8
	Reserve money annual growth				12.5	-19.6	32.1	99.8	-24.7	-8.5	2.3

Sources: Bank of Central African States (BEAC); and staff estimates.

Table 23.

Republic of Congo: Summary Accounts of the Central Bank, 1997–2003

					1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
					(In billions of CFA francs; end of period)
Net foreign assets					18.0	-28.4	8.3	128.4	23.9	-0.9	4.6
	Assets				37.8	2.3	27.8	158.6	53.6	22.2	21.4
	Liabilities				-19.8	-30.7	-19.5	-30.3	-29.7	-23.0	-16.8
Net domestic assets					90.3	115.5	106.8	101.5	149.1	159.2	157.4
	Net credit to the government				101.4	111.8	108.0	107.7	160.3	173.9	182.0
		Claims			121.0	123.1	120.8	128.7	173.2	181.6	195.3
			Of which
				Statutory advances	66.9	82.3	81.8	81.7	123.1	137.3	161.0
				Use of IMF credit	20.1	19.1	18.9	29.1	28.8	20.8	14.6
		Deposits			19.6	11.3	12.8	21.0	12.9	7.7	13.1
	Claims on deposit money banks				5.0	7.2	6.2	6.5	2.4	0.0	0.0
	Claims on nonbank institutions				0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Other items, net				-16.0	-3.5	-7.4	-12.6	-13.6	-14.7	-24.6
Reserve money at BEAC					108.3	87.1	115.1	229.9	173.0	158.3	162.0
	Currency outside banks				93.3	73.3	102.3	123.9	142.9	129.0	131.9
	Banks’ reserves				15.1	13.9	12.7	106.0	30.1	29.3	30.1
		Deposits at BEAC			9.0	2.9	1.7	93.1	19.7	18.2	19.2
		Currency in vault			6.1	10.9	11.0	12.9	10.4	11.2	10.9
Memorandum items:					(In percent, unless otherwise indicated)
	Reserve money/deposits				99.9	84.9	106.0	109.2	150.3	97.3	106.1
	Reserve money/broad money				53.7	49.5	54.6	68.8	67.0	54.3	56.9
	Reserve money multiplier (level)				1.9	2.0	1.8	1.5	1.5	1.8	1.8
	Reserve money annual growth				12.5	-19.6	32.1	99.8	-24.7	-8.5	2.3

Sources: Bank of Central African States (BEAC); and staff estimates.

Table 24.

Republic of Congo: Summary Accounts of the Commercial Banks, 1997–2003

(In billions of CFA francs; end of period)

Sources: Bank of Central African States (BEAC); and staff estimates.

^{^1/}Including public enterprises.

Table 24.

Republic of Congo: Summary Accounts of the Commercial Banks, 1997–2003

(In billions of CFA francs; end of period)

				1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Net foreign assets				8.2	-7.2	-3.3	23.4	3.0	38.9	1.4
	Assets			16.6	16.3	22.2	36.1	16.3	81.8	22.1
	Liabilities			-8.5	-23.5	-25.6	-12.7	-13.2	-43.0	-20.7
Net domestic assets				100.3	109.9	111.9	187.0	112.1	123.8	151.4
	Net credit to the public sector			14.8	11.3	-5.4	-14.5	3.2	30.4	15.4
		Net credit to the government		15.2	17.2	-1.0	-14.5	8.5	33.9	15.4
			Claims	23.9	26.9	-1.5	-22.8	14.5	57.5	26.1
			Deposits	-8.7	-9.8	0.5	8.3	-6.0	-23.6	-10.7
		Net credit to public agencies		-0.4	-5.9	-4.5	0.0	-5.3	-3.4	0.0
			Claims	3.6	3.5	1.6	6.2	0.6	1.2	0.0
			Deposits	-4.1	-9.3	-6.0	-6.2	-5.9	-4.6	0.0
	Credit to private sector ^1/			121.3	129.6	173.4	163.9	109.0	66.4	81.7
	Net position with central bank			20.1	21.0	18.9	112.4	32.5	29.3	30.1
		Borrowing		5.0	7.2	6.2	6.5	2.4	0.0	0.0
		Reserves		15.1	13.9	12.7	106.0	30.1	29.3	30.1
			Deposits	9.0	2.9	1.7	93.1	19.7	18.2	19.2
			Currency in vault	6.1	10.9	11.0	12.9	10.4	11.2	10.9
	Other items, net			-56.0	-52.1	-75.0	-74.9	-32.6	-2.4	24.1
Liabilities to the private sector				108.4	102.7	108.5	210.4	115.1	162.7	152.8
	Demand deposits			73.3	70.7	81.7	185.7	95.2	142.2	103.3
	Time deposits			35.1	31.9	26.8	24.7	19.9	20.5	49.4

Sources: Bank of Central African States (BEAC); and staff estimates.

^{^1/}Including public enterprises.

Table 24.

Republic of Congo: Summary Accounts of the Commercial Banks, 1997–2003

(In billions of CFA francs; end of period)

				1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Net foreign assets				8.2	-7.2	-3.3	23.4	3.0	38.9	1.4
	Assets			16.6	16.3	22.2	36.1	16.3	81.8	22.1
	Liabilities			-8.5	-23.5	-25.6	-12.7	-13.2	-43.0	-20.7
Net domestic assets				100.3	109.9	111.9	187.0	112.1	123.8	151.4
	Net credit to the public sector			14.8	11.3	-5.4	-14.5	3.2	30.4	15.4
		Net credit to the government		15.2	17.2	-1.0	-14.5	8.5	33.9	15.4
			Claims	23.9	26.9	-1.5	-22.8	14.5	57.5	26.1
			Deposits	-8.7	-9.8	0.5	8.3	-6.0	-23.6	-10.7
		Net credit to public agencies		-0.4	-5.9	-4.5	0.0	-5.3	-3.4	0.0
			Claims	3.6	3.5	1.6	6.2	0.6	1.2	0.0
			Deposits	-4.1	-9.3	-6.0	-6.2	-5.9	-4.6	0.0
	Credit to private sector ^1/			121.3	129.6	173.4	163.9	109.0	66.4	81.7
	Net position with central bank			20.1	21.0	18.9	112.4	32.5	29.3	30.1
		Borrowing		5.0	7.2	6.2	6.5	2.4	0.0	0.0
		Reserves		15.1	13.9	12.7	106.0	30.1	29.3	30.1
			Deposits	9.0	2.9	1.7	93.1	19.7	18.2	19.2
			Currency in vault	6.1	10.9	11.0	12.9	10.4	11.2	10.9
	Other items, net			-56.0	-52.1	-75.0	-74.9	-32.6	-2.4	24.1
Liabilities to the private sector				108.4	102.7	108.5	210.4	115.1	162.7	152.8
	Demand deposits			73.3	70.7	81.7	185.7	95.2	142.2	103.3
	Time deposits			35.1	31.9	26.8	24.7	19.9	20.5	49.4

Sources: Bank of Central African States (BEAC); and staff estimates.

^{^1/}Including public enterprises.

Table 25.

Republic of Congo: Interest Rate Structure, 1997–2003

(In percent per annum; end of period or date of change)

Source: Bank of Central African States (BEAC).

^{^1/}Since February 5, 1996, the BEAC has used certificates of investment (certificat de placement—appels d’offres négatifs) auctioned to eligible financial institutions at rates and in amounts determined by the Governor of the BEAC; it has also extended access to the money market to selected nonbank financial institutions, monitored the publication of prime lending rates by lending rates at commercial banks (taux de base bancaire), set maximum penalty rates plus 700 points, and limited the application of minimum deposit rates to passbook saving deposits of less than CFAF 5 million.

^{^2/}Rates apply to advances to national treasuries in the BEAC zone within the central bank’s statutory ceilings.

^{^3/}Rates apply to advances to national treasuries in the BEAC zone above the central bank’s statutory ceilings.

^{^4/}Rates apply to direct access to central bank credit subject to the provision of acceptable collateral. Rates are set at 100–300 basis points above the money market rates.

^{^5/}The financial institutions admitted to the money market currently are the BIDC, UCB, BGFI, CAIC, and MUCODEC.

^{^6/}The rates are administered by the BEAC and apply to lending operations through auctions in the money market (positive auctions).

^{^7/}Penalty rates apply to nonreimbursed advances in the money market, or as a sanction on individual banking institutions.

^{^8/}Rates apply to free reserves in addition to required reserves deposited with the central bank. Remuneration of free reserves was discontinued on February 5, 1996 after the introduction of certificates of investment.

^{^9/}The rates are administered by the BEAC and apply to certificates of investment offered in the money market since February 5, 1996.

^{^10/}TDM, taux débiteur maximum.

^{^11/}TCM, taux créditeur minimum. Rates apply to small savings deposits only.

Table 25.

Republic of Congo: Interest Rate Structure, 1997–2003

(In percent per annum; end of period or date of change)

				1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Central bank rates ^1/
	National treasury
		Lending operations
			Advances ^2/	7.50	7.00	7.60	7.00	6.50	6.30	6.00
			Penalty ^3/	10.25	10.50	10.50	10.50	10.50	10.50	10.00
		Borrowing operations
			Special deposit (TDRS)	3.00	2.75	3.15	3.60	3.60	2.70	1.95
	Banking institutions
		Lending operations
			Prise en pension (TIPP) ^4/	9.50	9.00	9.60	9.00	8.50	8.30	7.80
			Money market (TIAO) ^5/ ^6/	7.50	7.00	7.60	7.00	6.50	6.30	6.00
			Penalty (TPB) ^7/	15.00	15.00	15.00	15.00	15.00	15.00	15.00
		Required reserves		…	…	…	…	1.20	0.8	…
		Borrowing operations
			Special deposit (TDRS) ^8/	3.00	2.75	3.15	3.60	3.60	2.70	1.95
			Money market (TISP) ^5/ ^9/	9.50-15	9.00-15	9.60-15	9.00-15	8.50-15	8.30-15	7.80-15
			Certificates 7 days	3.00	2.75	3.15	3.60	3.60	2.70	1.95
			Certificates 28 days	3.06	2.81	3.21	3.66	3.66	2.76	2.01
			Certificates 84 days	3.13	2.88	3.28	3.73	3.73	2.83	2.08
Commercial bank rates
	Maximum lending rate (TDM) ^10/			22.00	22.00	22.00	22.00	18.00	18.00	18.00
	Minimum deposit rate (TCM) ^11/			5.00	4.75	5.00	5.00	5.00	5.00	5.00

Source: Bank of Central African States (BEAC).

^{^2/}Rates apply to advances to national treasuries in the BEAC zone within the central bank’s statutory ceilings.

^{^3/}Rates apply to advances to national treasuries in the BEAC zone above the central bank’s statutory ceilings.

^{^4/}Rates apply to direct access to central bank credit subject to the provision of acceptable collateral. Rates are set at 100–300 basis points above the money market rates.

^{^5/}The financial institutions admitted to the money market currently are the BIDC, UCB, BGFI, CAIC, and MUCODEC.

^{^6/}The rates are administered by the BEAC and apply to lending operations through auctions in the money market (positive auctions).

^{^7/}Penalty rates apply to nonreimbursed advances in the money market, or as a sanction on individual banking institutions.

^{^9/}The rates are administered by the BEAC and apply to certificates of investment offered in the money market since February 5, 1996.

^{^10/}TDM, taux débiteur maximum.

^{^11/}TCM, taux créditeur minimum. Rates apply to small savings deposits only.

Table 25.

Republic of Congo: Interest Rate Structure, 1997–2003

(In percent per annum; end of period or date of change)

				1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Central bank rates ^1/
	National treasury
		Lending operations
			Advances ^2/	7.50	7.00	7.60	7.00	6.50	6.30	6.00
			Penalty ^3/	10.25	10.50	10.50	10.50	10.50	10.50	10.00
		Borrowing operations
			Special deposit (TDRS)	3.00	2.75	3.15	3.60	3.60	2.70	1.95
	Banking institutions
		Lending operations
			Prise en pension (TIPP) ^4/	9.50	9.00	9.60	9.00	8.50	8.30	7.80
			Money market (TIAO) ^5/ ^6/	7.50	7.00	7.60	7.00	6.50	6.30	6.00
			Penalty (TPB) ^7/	15.00	15.00	15.00	15.00	15.00	15.00	15.00
		Required reserves		…	…	…	…	1.20	0.8	…
		Borrowing operations
			Special deposit (TDRS) ^8/	3.00	2.75	3.15	3.60	3.60	2.70	1.95
			Money market (TISP) ^5/ ^9/	9.50-15	9.00-15	9.60-15	9.00-15	8.50-15	8.30-15	7.80-15
			Certificates 7 days	3.00	2.75	3.15	3.60	3.60	2.70	1.95
			Certificates 28 days	3.06	2.81	3.21	3.66	3.66	2.76	2.01
			Certificates 84 days	3.13	2.88	3.28	3.73	3.73	2.83	2.08
Commercial bank rates
	Maximum lending rate (TDM) ^10/			22.00	22.00	22.00	22.00	18.00	18.00	18.00
	Minimum deposit rate (TCM) ^11/			5.00	4.75	5.00	5.00	5.00	5.00	5.00

Source: Bank of Central African States (BEAC).

^{^2/}Rates apply to advances to national treasuries in the BEAC zone within the central bank’s statutory ceilings.

^{^3/}Rates apply to advances to national treasuries in the BEAC zone above the central bank’s statutory ceilings.

^{^4/}Rates apply to direct access to central bank credit subject to the provision of acceptable collateral. Rates are set at 100–300 basis points above the money market rates.

^{^5/}The financial institutions admitted to the money market currently are the BIDC, UCB, BGFI, CAIC, and MUCODEC.

^{^6/}The rates are administered by the BEAC and apply to lending operations through auctions in the money market (positive auctions).

^{^7/}Penalty rates apply to nonreimbursed advances in the money market, or as a sanction on individual banking institutions.

^{^9/}The rates are administered by the BEAC and apply to certificates of investment offered in the money market since February 5, 1996.

^{^10/}TDM, taux débiteur maximum.

^{^11/}TCM, taux créditeur minimum. Rates apply to small savings deposits only.

Table 26.

Republic of Congo: Balance of Payments, 1997–2003 ^1/

Table 26.

Republic of Congo: Balance of Payments, 1997–2003 ^1/

					1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
						(In billions of CFA francs)
Current account					-175.3	-237.0	-248.4	182.0	-64.6	-6.9	7.6
	Trade balance				588.4	478.5	636.2	1,319.7	1,007.1	1,075.1	1,003.8
		Exports, f.o.b.			967.1	808.0	958.0	1,743.8	1,506.6	1,567.3	1,475.6
				Oil sector	769.6	708.2	879.6	1,633.2	1,341.4	1,373.8	1,225.7
				Non-oil sector	197.5	99.8	78.5	110.6	165.2	193.5	249.9
		Imports, f.o.b.			-378.7	-329.4	-321.8	-424.1	-499.5	-492.2	-471.8
				Oil sector	-65.4	-108.4	-48.6	-70.3	-179.3	-70.1	-70.1
				Government	-153.7	-83.1	-69.9	-91.9	-123.2	-108.4	-81.2
				Non-oil private sector	-159.6	-137.9	-203.4	-262.0	-197.0	-313.7	-320.4
	Balance of services				-378.7	-436.4	-444.9	-478.5	-462.8	-514.0	-492.8
		Oil sector			-302.0	-391.5	-388.5	-381.9	-358.8	-352.4	-352.3
		Non-oil sector			-76.6	-45.0	-56.4	-96.6	-104.1	-161.6	-140.5
Balance of goods and services					209.7	42.1	191.3	841.2	544.3	561.1	511.0
Income					-386.1	-277.3	-436.5	-672.6	-611.3	-570.7	-507.2
	Labor income				-16.2	-16.7	-19.2	-16.6	-19.2	-21.7	-13.2
	Investment income				-369.9	-260.6	-417.3	-656.0	-592.0	-549.0	-494.0
		Of which: interest on public debt			-164.3	-148.9	-151.1	-149.5	-145.1	-123.3	-88.3
Current transfers (net)					1.2	-1.8	-3.3	13.4	2.3	2.7	3.8
	Private				-2.4	-6.3	-3.6	5.0	-1.9	-1.7	-0.6
	Public				3.6	4.5	0.4	8.4	4.2	4.4	4.3
Capital account					211.4	31.3	14.9	14.3	69.2	10.7	8.5
	Official grants				1.4	3.6	6.3	6.8	3.7	3.7	9.9
	Debt cancellation				203.3	27.7	8.6	6.5	63.6	6.4	-2.6
	Other				6.7	0.0	0.0	1.0	1.9	0.7	1.2
Financial account					-34.3	253.7	256.7	-35.1	-107.2	20.8	-5.5
	Direct investment (net)				44.2	24.1	319.5	340.2	160.0	156.6	187.4
		Of which: oil sector			39.9	43.3	306.9	286.9	152.1	147.8	150.9
	Portfolio investment				-3.0	-7.5	-10.9	0.2	-5.3	-5.9	-3.7
	Other investment				-75.5	237.1	-51.9	-375.5	-262.0	-129.9	-189.2
		Medium and long term			-73.7	139.5	-343.7	-116.4	-206.5	107.3	-65.9
			Public sector		-16.1	158.0	76.8	36.6	-44.1	189.4	15.8
				Drawings	15.6	2.3	4.3	44.0	73.4	234.1	21.6
				Project	3.2	0.5	0.9	8.0	1.3	20.0	13.9
				Program	12.4	2.3	3.4	36.0	28.0	0.0	7.7
			Amortization		-245.1	-268.2	-258.8	-292.7	-233.6	-259.7	-174.5
			Net change in arrears		37.6	338.3	262.5	282.6	104.5	210.8	167.3
			Debt rescheduling		175.8	85.7	68.8	2.8	11.6	4.3	1.4

Table 26.

Republic of Congo: Balance of Payments, 1997–2003 ^1/

					1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
						(In billions of CFA francs)
Current account					-175.3	-237.0	-248.4	182.0	-64.6	-6.9	7.6
	Trade balance				588.4	478.5	636.2	1,319.7	1,007.1	1,075.1	1,003.8
		Exports, f.o.b.			967.1	808.0	958.0	1,743.8	1,506.6	1,567.3	1,475.6
				Oil sector	769.6	708.2	879.6	1,633.2	1,341.4	1,373.8	1,225.7
				Non-oil sector	197.5	99.8	78.5	110.6	165.2	193.5	249.9
		Imports, f.o.b.			-378.7	-329.4	-321.8	-424.1	-499.5	-492.2	-471.8
				Oil sector	-65.4	-108.4	-48.6	-70.3	-179.3	-70.1	-70.1
				Government	-153.7	-83.1	-69.9	-91.9	-123.2	-108.4	-81.2
				Non-oil private sector	-159.6	-137.9	-203.4	-262.0	-197.0	-313.7	-320.4
	Balance of services				-378.7	-436.4	-444.9	-478.5	-462.8	-514.0	-492.8
		Oil sector			-302.0	-391.5	-388.5	-381.9	-358.8	-352.4	-352.3
		Non-oil sector			-76.6	-45.0	-56.4	-96.6	-104.1	-161.6	-140.5
Balance of goods and services					209.7	42.1	191.3	841.2	544.3	561.1	511.0
Income					-386.1	-277.3	-436.5	-672.6	-611.3	-570.7	-507.2
	Labor income				-16.2	-16.7	-19.2	-16.6	-19.2	-21.7	-13.2
	Investment income				-369.9	-260.6	-417.3	-656.0	-592.0	-549.0	-494.0
		Of which: interest on public debt			-164.3	-148.9	-151.1	-149.5	-145.1	-123.3	-88.3
Current transfers (net)					1.2	-1.8	-3.3	13.4	2.3	2.7	3.8
	Private				-2.4	-6.3	-3.6	5.0	-1.9	-1.7	-0.6
	Public				3.6	4.5	0.4	8.4	4.2	4.4	4.3
Capital account					211.4	31.3	14.9	14.3	69.2	10.7	8.5
	Official grants				1.4	3.6	6.3	6.8	3.7	3.7	9.9
	Debt cancellation				203.3	27.7	8.6	6.5	63.6	6.4	-2.6
	Other				6.7	0.0	0.0	1.0	1.9	0.7	1.2
Financial account					-34.3	253.7	256.7	-35.1	-107.2	20.8	-5.5
	Direct investment (net)				44.2	24.1	319.5	340.2	160.0	156.6	187.4
		Of which: oil sector			39.9	43.3	306.9	286.9	152.1	147.8	150.9
	Portfolio investment				-3.0	-7.5	-10.9	0.2	-5.3	-5.9	-3.7
	Other investment				-75.5	237.1	-51.9	-375.5	-262.0	-129.9	-189.2
		Medium and long term			-73.7	139.5	-343.7	-116.4	-206.5	107.3	-65.9
			Public sector		-16.1	158.0	76.8	36.6	-44.1	189.4	15.8
				Drawings	15.6	2.3	4.3	44.0	73.4	234.1	21.6
				Project	3.2	0.5	0.9	8.0	1.3	20.0	13.9
				Program	12.4	2.3	3.4	36.0	28.0	0.0	7.7
			Amortization		-245.1	-268.2	-258.8	-292.7	-233.6	-259.7	-174.5
			Net change in arrears		37.6	338.3	262.5	282.6	104.5	210.8	167.3
			Debt rescheduling		175.8	85.7	68.8	2.8	11.6	4.3	1.4

Table 26.

Republic of Congo: Balance of Payments, 1996–2002 ^1/ (concluded)

Sources: Bank of Central African States (BEAC); and staff estimates.

^{^1/}Data being revised extensively.

Table 26.

Republic of Congo: Balance of Payments, 1996–2002 ^1/ (concluded)

						1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
						(In billions of CFA francs)
			Private sector			-57.6	-18.5	-420.6	-153.0	-162.4	-82.1	-81.6
				Oil sector		0.4	26.6	139.4	0.0	41.5	38.6	34.4
				Non-oil sector		-58.0	-45.1	-560.0	-153.0	-203.9	-120.7	-116.1
		Short term				-1.8	97.6	291.8	-259.2	-55.4	-237.3	-123.4
			Public			0.0	51.0	0.0	0.0	12.7	12.7	6.4
			Private			-1.8	46.6	291.8	-259.2	-68.2	-250.0	-129.8
				Oil sector		2.2	0.6	245.3	-242.2	-86.0	-200.0	-103.8
				Non-oil sector		-3.9	46.0	46.5	-17.0	17.8	-50.0	-26.0
					Of which: commercial banks	-4.3	15.4	-3.9	-26.8	20.4	-35.8	37.5
Errors and omissions						-13.4	-94.4	13.5	-41.1	-1.8	-49.4	0.0
			Overall balance of payments			-11.6	-46.4	36.7	120.1	-104.4	-24.8	10.6
Financing						11.6	46.4	-36.7	-120.1	104.4	24.8	-10.6
Reserve financing						11.6	46.4	-36.7	-120.1	104.4	24.8	-10.6
	IMF (net)					-1.3	-0.5	-2.6	9.9	-0.9	-6.0	-5.2
		Purchases				0.0	5.8	0.0	9.9	0.0	0.0	0.0
		Repurchases				-1.3	-6.3	-2.6	0.0	-0.9	-6.0	-5.2
	Other reserves					6.0	61.3	-43.2	-136.9	124.0	-17.1	26.8
Financing gap						0.0	0.0	0.0	0.0	0.0	0.0	0.0
Memorandum items:						(In percent of GDP, unless otherwise indicated)
	Current account
		Excluding public transfers				-13.2	-21.0	-17.2	7.6	-3.4	-0.5	0.2
				Oil sector		8.4	9.9	7.4	14.0	12.5	26.3	19.3
				Non-oil sector		-21.4	-30.4	-24.3	-6.7	-15.8	-26.8	-19.1
		Including public transfers				-12.9	-20.6	-17.1	7.9	-3.2	-0.3	0.4
	Capital account					15.6	2.7	1.0	0.6	3.4	0.5	0.4
	Gross reserves (in billions of CFA francs)					37.8	2.3	27.8	158.6	53.6	22.2	21.4
		In months of imports of goods				0.6	0.0	0.4	1.9	0.6	0.2	0.2
	GDP (in billions of CFA francs)					1,355.7	1,150.1	1,449.3	2,292.5	2,043.4	2,103.0	2,040.0
	CFA francs per U.S. dollar
		Average				803.2	800.2	841.9	939.0	933.2	902.5	811.1
		End-of-period				807.9	791.6	896.2	918.5	935.4	850.4	755.7

Sources: Bank of Central African States (BEAC); and staff estimates.

^{^1/}Data being revised extensively.

Table 26.

Republic of Congo: Balance of Payments, 1996–2002 ^1/ (concluded)

						1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
						(In billions of CFA francs)
			Private sector			-57.6	-18.5	-420.6	-153.0	-162.4	-82.1	-81.6
				Oil sector		0.4	26.6	139.4	0.0	41.5	38.6	34.4
				Non-oil sector		-58.0	-45.1	-560.0	-153.0	-203.9	-120.7	-116.1
		Short term				-1.8	97.6	291.8	-259.2	-55.4	-237.3	-123.4
			Public			0.0	51.0	0.0	0.0	12.7	12.7	6.4
			Private			-1.8	46.6	291.8	-259.2	-68.2	-250.0	-129.8
				Oil sector		2.2	0.6	245.3	-242.2	-86.0	-200.0	-103.8
				Non-oil sector		-3.9	46.0	46.5	-17.0	17.8	-50.0	-26.0
					Of which: commercial banks	-4.3	15.4	-3.9	-26.8	20.4	-35.8	37.5
Errors and omissions						-13.4	-94.4	13.5	-41.1	-1.8	-49.4	0.0
			Overall balance of payments			-11.6	-46.4	36.7	120.1	-104.4	-24.8	10.6
Financing						11.6	46.4	-36.7	-120.1	104.4	24.8	-10.6
Reserve financing						11.6	46.4	-36.7	-120.1	104.4	24.8	-10.6
	IMF (net)					-1.3	-0.5	-2.6	9.9	-0.9	-6.0	-5.2
		Purchases				0.0	5.8	0.0	9.9	0.0	0.0	0.0
		Repurchases				-1.3	-6.3	-2.6	0.0	-0.9	-6.0	-5.2
	Other reserves					6.0	61.3	-43.2	-136.9	124.0	-17.1	26.8
Financing gap						0.0	0.0	0.0	0.0	0.0	0.0	0.0
Memorandum items:						(In percent of GDP, unless otherwise indicated)
	Current account
		Excluding public transfers				-13.2	-21.0	-17.2	7.6	-3.4	-0.5	0.2
				Oil sector		8.4	9.9	7.4	14.0	12.5	26.3	19.3
				Non-oil sector		-21.4	-30.4	-24.3	-6.7	-15.8	-26.8	-19.1
		Including public transfers				-12.9	-20.6	-17.1	7.9	-3.2	-0.3	0.4
	Capital account					15.6	2.7	1.0	0.6	3.4	0.5	0.4
	Gross reserves (in billions of CFA francs)					37.8	2.3	27.8	158.6	53.6	22.2	21.4
		In months of imports of goods				0.6	0.0	0.4	1.9	0.6	0.2	0.2
	GDP (in billions of CFA francs)					1,355.7	1,150.1	1,449.3	2,292.5	2,043.4	2,103.0	2,040.0
	CFA francs per U.S. dollar
		Average				803.2	800.2	841.9	939.0	933.2	902.5	811.1
		End-of-period				807.9	791.6	896.2	918.5	935.4	850.4	755.7

Sources: Bank of Central African States (BEAC); and staff estimates.

^{^1/}Data being revised extensively.

Table 27.

Republic of Congo: Balance of Payments of the Oil and Non-Oil Sectors, 1999–2003 ^1/

Sources: Bank of Central African States (BEAC); and staff estimates.

^{^1/}Data being revised extensively.

Table 27.

Republic of Congo: Balance of Payments of the Oil and Non-Oil Sectors, 1999–2003 ^1/

			1999		2000		2001		2002		2003
			Oil sector	Non-oil sector	Oil sector	Non-oil sector	Oil sector	Non-oil sector	Oil sector	Non-oil sector	Oil sector	Non-oil sector
			(In billions of CFA francs)
Current account			106.6	-355.0	321.1	-139.1	255.9	-320.5	554.0	-561.0	393.4	-385.8
	Trade balance		831.0	-194.8	1,562.9	-243.2	1,162.1	-155.0	1,303.7	-228.6	1,155.5	-151.7
		Exports, f.o.b.	879.6	78.5	1,633.2	110.6	1,341.4	165.2	1,373.8	193.5	1,225.7	249.9
		Imports, f.o.b.	-48.6	-273.2	-70.3	-353.9	-179.3	-320.2	-70.1	-422.1	-70.1	-401.6
	Services, net		-388.5	-56.4	-381.9	-96.6	-358.8	-104.1	-352.4	-161.6	-352.3	-140.5
	Balance on goods, services, and income		442.5	-251.1	1,181.0	-339.8	803.3	-259.0	951.3	-390.2	803.2	-292.2
	Income		-335.9	-100.6	-859.9	187.3	-547.5	-63.8	-397.3	-173.4	-409.8	-97.4
	Current transfers, net		0.0	-3.3	0.0	13.4	0.0	2.3	0.0	2.7	0.0	3.8
Capital account			0.0	14.9	0.0	14.3	0.0	69.2	0.0	10.7	0.0	8.5
Financial account			100.4	156.3	-90.7	55.6	-28.6	-78.6	147.9	-127.1	-6.5	1.0
	Direct investment		0.0	319.5	0.0	340.2	0.0	160.0	0.0	156.6	0.0	187.4
	Portfolio investment		0.0	-10.9	0.0	0.2	0.0	-5.3	0.0	-5.9	0.0	-3.7
	Other investment		100.4	-152.3	-90.7	-284.8	-28.6	-233.4	147.9	-277.9	-6.5	-182.8
		Medium and long term	-144.9	-198.8	151.5	-267.8	57.3	-263.9	347.9	-240.6	98.6	-164.4
		Short term	245.3	46.5	-242.2	-17.0	-86.0	30.5	-200.0	-37.3	-105.0	-18.4
Errors and omissions			0.0	13.5	0.0	-41.1	0.0	-1.8	0.0	-49.4	0.0	0.0
Overall balance			207.0	-170.3	230.4	-110.3	227.3	-331.7	702.0	-726.8	386.9	-376.3
Memorandum items:			(In percent of GDP)
	Exports		60.7	5.4	71.2	4.8	65.6	8.1	65.3	9.2	60.1	12.2
	Imports		-3.4	-18.9	-3.1	-15.4	-8.8	-15.7	-3.3	-20.1	-3.4	-19.7
	Services, net		-26.8	-3.9	-16.7	-4.2	-17.6	-5.1	-16.8	-7.7	-17.3	-6.9
	Current account		7.4	-24.5	14.0	-6.1	12.5	-15.7	26.3	-26.7	19.3	-18.9
	Capital account		0.0	1.0	0.0	0.6	0.0	3.4	0.0	0.5	0.0	0.4
	Overall balance		14.3	-11.7	10.0	-4.8	11.1	-16.2	33.4	-34.6	19.0	-18.4

Sources: Bank of Central African States (BEAC); and staff estimates.

^{^1/}Data being revised extensively.

Table 27.

Republic of Congo: Balance of Payments of the Oil and Non-Oil Sectors, 1999–2003 ^1/

			1999		2000		2001		2002		2003
			Oil sector	Non-oil sector	Oil sector	Non-oil sector	Oil sector	Non-oil sector	Oil sector	Non-oil sector	Oil sector	Non-oil sector
			(In billions of CFA francs)
Current account			106.6	-355.0	321.1	-139.1	255.9	-320.5	554.0	-561.0	393.4	-385.8
	Trade balance		831.0	-194.8	1,562.9	-243.2	1,162.1	-155.0	1,303.7	-228.6	1,155.5	-151.7
		Exports, f.o.b.	879.6	78.5	1,633.2	110.6	1,341.4	165.2	1,373.8	193.5	1,225.7	249.9
		Imports, f.o.b.	-48.6	-273.2	-70.3	-353.9	-179.3	-320.2	-70.1	-422.1	-70.1	-401.6
	Services, net		-388.5	-56.4	-381.9	-96.6	-358.8	-104.1	-352.4	-161.6	-352.3	-140.5
	Balance on goods, services, and income		442.5	-251.1	1,181.0	-339.8	803.3	-259.0	951.3	-390.2	803.2	-292.2
	Income		-335.9	-100.6	-859.9	187.3	-547.5	-63.8	-397.3	-173.4	-409.8	-97.4
	Current transfers, net		0.0	-3.3	0.0	13.4	0.0	2.3	0.0	2.7	0.0	3.8
Capital account			0.0	14.9	0.0	14.3	0.0	69.2	0.0	10.7	0.0	8.5
Financial account			100.4	156.3	-90.7	55.6	-28.6	-78.6	147.9	-127.1	-6.5	1.0
	Direct investment		0.0	319.5	0.0	340.2	0.0	160.0	0.0	156.6	0.0	187.4
	Portfolio investment		0.0	-10.9	0.0	0.2	0.0	-5.3	0.0	-5.9	0.0	-3.7
	Other investment		100.4	-152.3	-90.7	-284.8	-28.6	-233.4	147.9	-277.9	-6.5	-182.8
		Medium and long term	-144.9	-198.8	151.5	-267.8	57.3	-263.9	347.9	-240.6	98.6	-164.4
		Short term	245.3	46.5	-242.2	-17.0	-86.0	30.5	-200.0	-37.3	-105.0	-18.4
Errors and omissions			0.0	13.5	0.0	-41.1	0.0	-1.8	0.0	-49.4	0.0	0.0
Overall balance			207.0	-170.3	230.4	-110.3	227.3	-331.7	702.0	-726.8	386.9	-376.3
Memorandum items:			(In percent of GDP)
	Exports		60.7	5.4	71.2	4.8	65.6	8.1	65.3	9.2	60.1	12.2
	Imports		-3.4	-18.9	-3.1	-15.4	-8.8	-15.7	-3.3	-20.1	-3.4	-19.7
	Services, net		-26.8	-3.9	-16.7	-4.2	-17.6	-5.1	-16.8	-7.7	-17.3	-6.9
	Current account		7.4	-24.5	14.0	-6.1	12.5	-15.7	26.3	-26.7	19.3	-18.9
	Capital account		0.0	1.0	0.0	0.6	0.0	3.4	0.0	0.5	0.0	0.4
	Overall balance		14.3	-11.7	10.0	-4.8	11.1	-16.2	33.4	-34.6	19.0	-18.4

Sources: Bank of Central African States (BEAC); and staff estimates.

^{^1/}Data being revised extensively.

Table 28.

Republic of Congo: Composition of Exports, 1997–2003

(In billions of CFA francs, unless otherwise indicated)

Sources: Congolese authorities; and staff estimates.

Table 28.

Republic of Congo: Composition of Exports, 1997–2003

(In billions of CFA francs, unless otherwise indicated)

		1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Total exports, f.o.b.		967.1	808.0	958.0	1,743.8	1,506.6	1,567.3	1,475.6
	Oil	769.6	708.2	879.6	1,633.2	1,341.4	1,373.8	1,225.7
	Non-oil	197.5	99.8	78.5	110.6	165.2	193.5	249.9
Crude oil		763.6	707.5	878.8	1,619.3	1,287.6	1,375.7	1,109.8
	Volume (millions of tons)	11.5	12.5	13.0	12.9	11.1	11.6	11.1
	Unit value (thousands of CFA francs per ton)	66.4	56.6	67.6	125.5	116.0	118.8	112.3
	WEO oil price (U.S. dollar per barrel)	19.3	13.1	18.0	28.2	24.3	25.0	29.0
	Congolese oil export price (U.S. dollar per barrel)	17.6	11.3	16.8	26.2	21.9	23.0	27.4
Refined products		5.6	0.6	0.6	13.7	3.3	17.5	0.0
	Volume (millions of tons)	0.1	0.0	0.0	0.2	0.1	0.2	0.0
	Unit value (CFA francs per ton)	70.0	70.0	70.0	83.4	55.1	75.8	69.1
Wood		41.5	83.3	51.9	67.8	97.0	124.5	176.6
	Volume (thousands of cubic meters)	558.2	693.1	756.7	720.2	874.4	982.8	1,433.4
	Unit value (CFA francs per cubic meter)	74.4	120.2	68.5	94.1	111.0	126.6	123.2
Sugar		8.7	6.5	6.5	9.0	10.5	10.6	12.6
	Volume (tons)	33.0	27.6	21.7	30.4	33.8	33.2	33.2
	Unit value (CFA francs per kilogram)	264.4	236.0	300.2	295.6	310.0	319.7	379.0
	Other, value	147.2	10.0	20.1	33.9	57.7	58.4	60.7

Sources: Congolese authorities; and staff estimates.

Table 28.

Republic of Congo: Composition of Exports, 1997–2003

(In billions of CFA francs, unless otherwise indicated)

		1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Total exports, f.o.b.		967.1	808.0	958.0	1,743.8	1,506.6	1,567.3	1,475.6
	Oil	769.6	708.2	879.6	1,633.2	1,341.4	1,373.8	1,225.7
	Non-oil	197.5	99.8	78.5	110.6	165.2	193.5	249.9
Crude oil		763.6	707.5	878.8	1,619.3	1,287.6	1,375.7	1,109.8
	Volume (millions of tons)	11.5	12.5	13.0	12.9	11.1	11.6	11.1
	Unit value (thousands of CFA francs per ton)	66.4	56.6	67.6	125.5	116.0	118.8	112.3
	WEO oil price (U.S. dollar per barrel)	19.3	13.1	18.0	28.2	24.3	25.0	29.0
	Congolese oil export price (U.S. dollar per barrel)	17.6	11.3	16.8	26.2	21.9	23.0	27.4
Refined products		5.6	0.6	0.6	13.7	3.3	17.5	0.0
	Volume (millions of tons)	0.1	0.0	0.0	0.2	0.1	0.2	0.0
	Unit value (CFA francs per ton)	70.0	70.0	70.0	83.4	55.1	75.8	69.1
Wood		41.5	83.3	51.9	67.8	97.0	124.5	176.6
	Volume (thousands of cubic meters)	558.2	693.1	756.7	720.2	874.4	982.8	1,433.4
	Unit value (CFA francs per cubic meter)	74.4	120.2	68.5	94.1	111.0	126.6	123.2
Sugar		8.7	6.5	6.5	9.0	10.5	10.6	12.6
	Volume (tons)	33.0	27.6	21.7	30.4	33.8	33.2	33.2
	Unit value (CFA francs per kilogram)	264.4	236.0	300.2	295.6	310.0	319.7	379.0
	Other, value	147.2	10.0	20.1	33.9	57.7	58.4	60.7

Sources: Congolese authorities; and staff estimates.

Table 29.

Republic of Congo: Services, Income, and Transfers, 1997–2003 ^1/

(In billions of CFA francs)

Sources: Bank of Central African States (BEAC); and staff estimates.

^{^1/}Data being revised extensively.

Table 29.

Republic of Congo: Services, Income, and Transfers, 1997–2003 ^1/

(In billions of CFA francs)

			1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Services			-378.7	-436.4	-444.9	-478.5	-462.8	-514.0	-492.8
	Oil		-302.0	-391.5	-388.5	-381.9	-358.8	-352.4	-352.3
	Non-oil		-76.6	-45.0	-56.4	-96.6	-104.1	-161.6	-140.5
	Credit		58.2	69.4	89.9	97.2	129.7	129.1	132.4
		Transport, insurance and other services	52.9	64.5	82.2	88.5	113.7	119.4	122.7
		Travel	5.3	4.9	7.7	8.6	16.0	9.7	9.7
	Debit		-436.9	-505.8	-534.8	-575.7	-592.5	-643.2	-625.2
		Transport, insurance and other services	-398.8	-474.2	-496.0	-540.4	-571.6	-619.1	-601.2
		Travel	-38.1	-31.6	-38.8	-35.3	-20.9	-24.0	-24.0
Income (net)			-386.1	-277.3	-436.5	-672.6	-611.3	-570.7	-507.2
	Oil		-199.6	-121.4	-289.7	-517.3	-428.5	-397.3	-409.8
	Non-oil		-187.4	-156.4	-146.8	-155.3	-182.7	-173.4	-97.4
	Labor income		-369.9	-260.6	-417.3	-656.0	-592.0	-549.0	-494.0
	Investment income		-16.2	-16.7	-19.2	-16.6	-19.2	-21.7	-13.2
Transfers (net)			1.2	-1.8	-3.3	13.4	2.3	2.7	3.8
	Private		-2.4	-6.3	-3.6	5.0	-1.9	-1.7	-0.6
		Oil sector	-3.1	-7.7	-8.2	-9.9	5.3	-4.9	0.0
		Non-oil sector	0.7	1.3	4.5	14.9	-7.2	3.2	-0.6
	Public		3.6	4.5	0.4	8.4	4.2	4.4	4.3

Sources: Bank of Central African States (BEAC); and staff estimates.

^{^1/}Data being revised extensively.

Table 29.

Republic of Congo: Services, Income, and Transfers, 1997–2003 ^1/

(In billions of CFA francs)

			1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Services			-378.7	-436.4	-444.9	-478.5	-462.8	-514.0	-492.8
	Oil		-302.0	-391.5	-388.5	-381.9	-358.8	-352.4	-352.3
	Non-oil		-76.6	-45.0	-56.4	-96.6	-104.1	-161.6	-140.5
	Credit		58.2	69.4	89.9	97.2	129.7	129.1	132.4
		Transport, insurance and other services	52.9	64.5	82.2	88.5	113.7	119.4	122.7
		Travel	5.3	4.9	7.7	8.6	16.0	9.7	9.7
	Debit		-436.9	-505.8	-534.8	-575.7	-592.5	-643.2	-625.2
		Transport, insurance and other services	-398.8	-474.2	-496.0	-540.4	-571.6	-619.1	-601.2
		Travel	-38.1	-31.6	-38.8	-35.3	-20.9	-24.0	-24.0
Income (net)			-386.1	-277.3	-436.5	-672.6	-611.3	-570.7	-507.2
	Oil		-199.6	-121.4	-289.7	-517.3	-428.5	-397.3	-409.8
	Non-oil		-187.4	-156.4	-146.8	-155.3	-182.7	-173.4	-97.4
	Labor income		-369.9	-260.6	-417.3	-656.0	-592.0	-549.0	-494.0
	Investment income		-16.2	-16.7	-19.2	-16.6	-19.2	-21.7	-13.2
Transfers (net)			1.2	-1.8	-3.3	13.4	2.3	2.7	3.8
	Private		-2.4	-6.3	-3.6	5.0	-1.9	-1.7	-0.6
		Oil sector	-3.1	-7.7	-8.2	-9.9	5.3	-4.9	0.0
		Non-oil sector	0.7	1.3	4.5	14.9	-7.2	3.2	-0.6
	Public		3.6	4.5	0.4	8.4	4.2	4.4	4.3

Sources: Bank of Central African States (BEAC); and staff estimates.

^{^1/}Data being revised extensively.

Table 30.

Republic of Congo: Capital and Financial Accounts, 1997–2003

(In billions of CFA francs)

Sources: Congolese authorities; and staff estimates.

Table 30.

Republic of Congo: Capital and Financial Accounts, 1997–2003

(In billions of CFA francs)

					1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Capital account					211.4	31.3	14.9	14.3	69.2	10.7	8.5
	Government grants				1.4	3.6	6.3	6.8	3.7	3.7	9.9
	Debt cancellation				203.3	27.7	8.6	6.5	63.6	6.4	-2.6
		Current debt service cancelled			67.0	27.7	8.6	6.5	4.7	6.4	-2.6
		Arrears cancelled			136.4	0.0	0.0	0.0	58.9	0.0	0.0
	Other				6.7	0.0	0.0	1.0	1.9	0.7	1.2
		Oil sector			0.0	0.0	0.0	0.0	0.0	0.0	0.0
		Non-oil sector			6.7	0.0	0.0	1.0	1.9	0.7	1.2
Financial account					-34.3	253.7	256.7	-35.1	-107.2	20.8	-5.5
	Direct investment (net)				44.2	24.1	319.5	340.2	160.0	156.6	187.4
		Oil sector			39.9	43.3	306.9	286.9	152.1	147.8	150.9
		Non-oil sector			4.2	-19.2	12.6	53.3	7.9	8.8	36.5
	Portfolio investment				-3.0	-7.5	-10.9	0.2	-5.3	-5.9	-3.7
	Other investment				-75.5	237.1	-51.9	-375.5	-262.0	-129.9	-189.2
	Medium and long term				-73.7	139.5	-343.7	-116.4	-206.5	107.3	-65.9
		Public sector			-16.1	158.0	76.8	36.6	-44.1	189.4	15.8
			Drawings		15.6	2.3	4.3	44.0	73.4	234.1	21.6
			Amortization		-245.1	-268.2	-258.8	-292.7	-233.6	-259.7	-174.5
			Change in arrears		37.6	338.3	262.5	282.6	104.5	210.8	167.3
			Debt rescheduling		175.8	85.7	68.8	2.8	11.6	4.3	1.4
		Private sector			-57.6	-18.5	-420.6	-153.0	-162.4	-82.1	-81.6
			Drawings		2.5	32.6	144.2	4.8	45.6	42.7	39.7
				Of which: oil sector	0.4	26.6	139.4	0.0	41.5	38.6	34.4
			Amortization		-60.6	-51.3	-564.4	-157.7	-208.0	-124.9	-121.3
				Of which: oil sector	-59.4	-47.8	-559.8	-132.8	-200.0	-115.7	-103.3
			Other private investments		0.5	0.3	-0.3	-0.1	0.1	0.1	0.0
	Short term				-1.8	97.6	291.8	-259.2	-55.4	-237.3	-123.4
		Public sector			0.0	51.0	0.0	0.0	12.7	12.7	6.4
			Drawings		0.0	51.0	0.0	0.0	0.0	10.2	2.6
			Amortization		0.0	0.0	0.0	0.0	0.3	0.1	0.1
			Other		0.0	0.0	0.0	0.0	12.5	2.5	5.0
		Private sector			-1.8	46.6	291.8	-259.2	-68.2	-250.0	-129.8

Sources: Congolese authorities; and staff estimates.

Table 30.

Republic of Congo: Capital and Financial Accounts, 1997–2003

(In billions of CFA francs)

					1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Capital account					211.4	31.3	14.9	14.3	69.2	10.7	8.5
	Government grants				1.4	3.6	6.3	6.8	3.7	3.7	9.9
	Debt cancellation				203.3	27.7	8.6	6.5	63.6	6.4	-2.6
		Current debt service cancelled			67.0	27.7	8.6	6.5	4.7	6.4	-2.6
		Arrears cancelled			136.4	0.0	0.0	0.0	58.9	0.0	0.0
	Other				6.7	0.0	0.0	1.0	1.9	0.7	1.2
		Oil sector			0.0	0.0	0.0	0.0	0.0	0.0	0.0
		Non-oil sector			6.7	0.0	0.0	1.0	1.9	0.7	1.2
Financial account					-34.3	253.7	256.7	-35.1	-107.2	20.8	-5.5
	Direct investment (net)				44.2	24.1	319.5	340.2	160.0	156.6	187.4
		Oil sector			39.9	43.3	306.9	286.9	152.1	147.8	150.9
		Non-oil sector			4.2	-19.2	12.6	53.3	7.9	8.8	36.5
	Portfolio investment				-3.0	-7.5	-10.9	0.2	-5.3	-5.9	-3.7
	Other investment				-75.5	237.1	-51.9	-375.5	-262.0	-129.9	-189.2
	Medium and long term				-73.7	139.5	-343.7	-116.4	-206.5	107.3	-65.9
		Public sector			-16.1	158.0	76.8	36.6	-44.1	189.4	15.8
			Drawings		15.6	2.3	4.3	44.0	73.4	234.1	21.6
			Amortization		-245.1	-268.2	-258.8	-292.7	-233.6	-259.7	-174.5
			Change in arrears		37.6	338.3	262.5	282.6	104.5	210.8	167.3
			Debt rescheduling		175.8	85.7	68.8	2.8	11.6	4.3	1.4
		Private sector			-57.6	-18.5	-420.6	-153.0	-162.4	-82.1	-81.6
			Drawings		2.5	32.6	144.2	4.8	45.6	42.7	39.7
				Of which: oil sector	0.4	26.6	139.4	0.0	41.5	38.6	34.4
			Amortization		-60.6	-51.3	-564.4	-157.7	-208.0	-124.9	-121.3
				Of which: oil sector	-59.4	-47.8	-559.8	-132.8	-200.0	-115.7	-103.3
			Other private investments		0.5	0.3	-0.3	-0.1	0.1	0.1	0.0
	Short term				-1.8	97.6	291.8	-259.2	-55.4	-237.3	-123.4
		Public sector			0.0	51.0	0.0	0.0	12.7	12.7	6.4
			Drawings		0.0	51.0	0.0	0.0	0.0	10.2	2.6
			Amortization		0.0	0.0	0.0	0.0	0.3	0.1	0.1
			Other		0.0	0.0	0.0	0.0	12.5	2.5	5.0
		Private sector			-1.8	46.6	291.8	-259.2	-68.2	-250.0	-129.8

Sources: Congolese authorities; and staff estimates.

Table 31.

Republic of Congo: External Trade Indices, 1997–2003

(Index, 1990=100, unless otherwise indicated)

Sources: Congolese authorities; and staff estimates.

Table 31.

Republic of Congo: External Trade Indices, 1997–2003

(Index, 1990=100, unless otherwise indicated)

					1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Total exports, f.o.b.
	Value index				255.8	213.7	253.4	461.3	398.5	414.6	390.3
		In percent change			14.3	-16.5	18.6	82.0	-13.6	4.0	-5.9
	Volume index				143.0	155.1	165.8	166.2	138.1	149.8	142.8
		In percent change			14.2	8.5	6.9	0.2	-16.9	8.4	-4.7
	Unit value index				178.9	137.8	152.8	277.6	288.5	276.8	273.3
		In percent change			0.0	-23.0	10.9	81.6	3.9	-4.0	-1.2
	Crude oil
		Value index			252.5	234.0	290.6	535.5	425.8	455.0	413.1
			In percent change		4.2	-7.3	24.2	84.3	-20.5	6.8	-9.2
		Volume index			153.8	167.2	173.9	172.5	148.5	154.9	141.8
			In percent change		15.0	8.7	4.0	-0.8	-14.0	4.3	-8.5
		Unit value index			164.2	140.0	167.2	310.4	286.8	293.8	291.4
			In percent change		-9.4	-14.8	19.4	85.7	-7.6	2.4	-0.8
	Refined products
		Value index			58.3	5.8	5.8	142.9	34.1	182.3	…
			In percent change		-15.2	-90.0	0.0	2,352.9	-76.1	434.6	…
		Volume index			24.8	2.5	2.5	51.1	18.4	71.7	…
			In percent change		-46.7	-90.0	0.0	1,958.8	-63.9	288.6	…
		Unit value index			234.9	234.9	234.9	279.9	184.9	254.4	…
			In percent change		59.1	0.0	0.0	19.1	-33.9	37.6	…
	Non-oil products
		Value index			261.0	131.9	103.7	146.2	218.3	255.7	330.2
			In percent change		91.4	-49.5	-21.4	41.0	49.3	17.1	29.2
		Volume index			104.6	70.8	77.1	87.3	102.4	105.5	134.5
			In percent change		42.6	-32.4	8.9	13.3	17.2	3.1	27.4
		Unit value index			249.4	186.4	134.5	167.4	213.3	242.3	245.6
			In percent change		34.3	-25.3	-27.8	24.5	27.4	13.6	1.4
		Wood
			Value index		94.4	189.3	117.8	154.0	220.5	282.9	401.4
				In percent change	12.9	100.5	-37.7	30.7	43.2	28.3	41.9
			Volume index		48.3	60.0	65.5	62.3	75.7	85.1	124.1
				In percent change	1.0	24.2	9.2	-4.8	21.4	12.4	45.8
			Unit value index		195.4	315.5	179.9	247.0	291.3	332.4	323.4
				In percent change	11.8	61.5	-43.0	37.3	17.9	14.1	-2.7
		Sugar
			Value index		466.6	348.3	348.0	480.5	560.0	567.6	672.9
				In percent change	43.9	-25.3	-0.1	38.1	16.5	1.4	18.6
			Volume index		183.3	153.3	120.4	168.9	187.7	184.4	184.4
				In percent change	52.1	-16.4	-21.5	40.2	11.1	-1.7	0.0
			Unit value index		254.5	227.2	289.0	284.5	298.4	307.7	364.8
				In percent change	-5.4	-10.7	27.2	-1.5	4.9	3.1	18.6
		Other
			Value index		317.9	21.6	43.4	73.2	124.6	126.1	131.1
				In percent change	144.1	-93.2	101.0	68.7	70.2	1.2	3.9
			Volume index		115.8	106.7	93.0	115.6	131.7	134.8	154.3
				In percent change	37.6	-7.9	-12.8	24.4	13.9	2.3	14.5
			Unit value index		274.5	20.2	46.7	63.3	94.6	93.6	85.0
				In percent change	77.5	-92.6	130.6	35.6	49.4	-1.1	-9.2
Terms of trade index					85.6	63.2	86.9	134.5	120.2	119.9	122.3
	In percent change				2.9	-26.2	37.4	54.9	-10.7	-0.3	2.0
Terns of trade index, excluding oil					128.4	80.3	73.0	80.1	77.9	125.3	152.7
	In percent change				59.9	-37.5	-9.1	9.8	-2.8	60.9	21.9

Sources: Congolese authorities; and staff estimates.

Table 31.

Republic of Congo: External Trade Indices, 1997–2003

(Index, 1990=100, unless otherwise indicated)

					1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
Total exports, f.o.b.
	Value index				255.8	213.7	253.4	461.3	398.5	414.6	390.3
		In percent change			14.3	-16.5	18.6	82.0	-13.6	4.0	-5.9
	Volume index				143.0	155.1	165.8	166.2	138.1	149.8	142.8
		In percent change			14.2	8.5	6.9	0.2	-16.9	8.4	-4.7
	Unit value index				178.9	137.8	152.8	277.6	288.5	276.8	273.3
		In percent change			0.0	-23.0	10.9	81.6	3.9	-4.0	-1.2
	Crude oil
		Value index			252.5	234.0	290.6	535.5	425.8	455.0	413.1
			In percent change		4.2	-7.3	24.2	84.3	-20.5	6.8	-9.2
		Volume index			153.8	167.2	173.9	172.5	148.5	154.9	141.8
			In percent change		15.0	8.7	4.0	-0.8	-14.0	4.3	-8.5
		Unit value index			164.2	140.0	167.2	310.4	286.8	293.8	291.4
			In percent change		-9.4	-14.8	19.4	85.7	-7.6	2.4	-0.8
	Refined products
		Value index			58.3	5.8	5.8	142.9	34.1	182.3	…
			In percent change		-15.2	-90.0	0.0	2,352.9	-76.1	434.6	…
		Volume index			24.8	2.5	2.5	51.1	18.4	71.7	…
			In percent change		-46.7	-90.0	0.0	1,958.8	-63.9	288.6	…
		Unit value index			234.9	234.9	234.9	279.9	184.9	254.4	…
			In percent change		59.1	0.0	0.0	19.1	-33.9	37.6	…
	Non-oil products
		Value index			261.0	131.9	103.7	146.2	218.3	255.7	330.2
			In percent change		91.4	-49.5	-21.4	41.0	49.3	17.1	29.2
		Volume index			104.6	70.8	77.1	87.3	102.4	105.5	134.5
			In percent change		42.6	-32.4	8.9	13.3	17.2	3.1	27.4
		Unit value index			249.4	186.4	134.5	167.4	213.3	242.3	245.6
			In percent change		34.3	-25.3	-27.8	24.5	27.4	13.6	1.4
		Wood
			Value index		94.4	189.3	117.8	154.0	220.5	282.9	401.4
				In percent change	12.9	100.5	-37.7	30.7	43.2	28.3	41.9
			Volume index		48.3	60.0	65.5	62.3	75.7	85.1	124.1
				In percent change	1.0	24.2	9.2	-4.8	21.4	12.4	45.8
			Unit value index		195.4	315.5	179.9	247.0	291.3	332.4	323.4
				In percent change	11.8	61.5	-43.0	37.3	17.9	14.1	-2.7
		Sugar
			Value index		466.6	348.3	348.0	480.5	560.0	567.6	672.9
				In percent change	43.9	-25.3	-0.1	38.1	16.5	1.4	18.6
			Volume index		183.3	153.3	120.4	168.9	187.7	184.4	184.4
				In percent change	52.1	-16.4	-21.5	40.2	11.1	-1.7	0.0
			Unit value index		254.5	227.2	289.0	284.5	298.4	307.7	364.8
				In percent change	-5.4	-10.7	27.2	-1.5	4.9	3.1	18.6
		Other
			Value index		317.9	21.6	43.4	73.2	124.6	126.1	131.1
				In percent change	144.1	-93.2	101.0	68.7	70.2	1.2	3.9
			Volume index		115.8	106.7	93.0	115.6	131.7	134.8	154.3
				In percent change	37.6	-7.9	-12.8	24.4	13.9	2.3	14.5
			Unit value index		274.5	20.2	46.7	63.3	94.6	93.6	85.0
				In percent change	77.5	-92.6	130.6	35.6	49.4	-1.1	-9.2
Terms of trade index					85.6	63.2	86.9	134.5	120.2	119.9	122.3
	In percent change				2.9	-26.2	37.4	54.9	-10.7	-0.3	2.0
Terns of trade index, excluding oil					128.4	80.3	73.0	80.1	77.9	125.3	152.7
	In percent change				59.9	-37.5	-9.1	9.8	-2.8	60.9	21.9

Sources: Congolese authorities; and staff estimates.

Table 32.

Republic of Congo: External Public Debt and Debt Service, 1997–2003

Table 32.

Republic of Congo: External Public Debt and Debt Service, 1997–2003

		1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
		(In billions of CFA francs)
Total medium- and long-term debt outstanding		2,982.4	3,041.4	3,357.0	3,741.9	4,010.3	3,767.3	3,766.9
	Of which: arrears	678.6	1,016.9	1,279.4	1,793.5	2,282.6	2,242.5	2,405.6
Total medium- and long-term debt outstanding (excluding IMF)		2,962.3	3,022.2	3,338.1	3,712.8	3,981.5	3,744.4	3,749.1
	Multilateral creditors	348.4	356.3	397.9	421.4	376.6	382.3	366.3
	Paris Club creditors	1,730.4	1,810.3	1,976.9	2,104.8	2,231.1	2,116.8	2,173.2
	Other official creditors	137.9	136.9	154.0	206.2	152.6	141.8	142.5
	Commercial banks	333.7	330.3	347.3	547.5	852.0	726.6	726.6
	Collateralized debt	351.9	330.7	353.1	319.9	247.5	258.2	220.7
	Other private creditors	60.0	57.8	108.9	113.0	121.6	118.7	119.6
Outstanding IMF credit		20.1	19.1	18.9	29.1	28.8	22.9	17.8
Debt service due		410.7	423.3	412.5	442.3	379.6	389.1	269.6
	Principal	246.4	274.5	261.4	292.7	234.5	265.7	179.7
	Interest	164.3	148.9	151.1	149.6	145.1	123.3	89.9
	Multilateral (including IMF)	43.0	49.4	46.5	49.3	42.7	44.5	35.7
	Bilateral	277.8	270.9	251.1	235.0	192.2	177.5	168.4
	Commercial banks	1.3	1.6	5.6	7.4	0.0	0.0	0.0
	Collateralized debt	95.2	100.9	102.9	134.9	129.3	151.4	54.4
	Other	-6.6	0.5	6.4	15.7	15.5	15.7	11.1
Debt rescheduling		175.8	85.7	68.8	2.8	11.6	4.3	1.4
	Debt service	78.6	53.0	55.9	1.2	3.3	4.3	1.4
	Arrears	97.2	32.7	12.9	1.6	8.3	0.0	0.0
Debt cancellation		203.3	27.7	8.6	6.5	63.6	6.4	0.1
Debt service due after debt relief		265.1	342.7	348.0	434.6	371.6	378.4	268.1
	Principal	157.8	200.9	197.0	285.9	227.8	262.2	178.2
	Interest	107.3	141.8	151.0	148.7	143.8	116.2	89.9

Table 32.

Republic of Congo: External Public Debt and Debt Service, 1997–2003

		1997	1998	1999	2000	2001	2002 Est.	2003 Prel.
		(In billions of CFA francs)
Total medium- and long-term debt outstanding		2,982.4	3,041.4	3,357.0	3,741.9	4,010.3	3,767.3	3,766.9
	Of which: arrears	678.6	1,016.9	1,279.4	1,793.5	2,282.6	2,242.5	2,405.6
Total medium- and long-term debt outstanding (excluding IMF)		2,962.3	3,022.2	3,338.1	3,712.8	3,981.5	3,744.4	3,749.1
	Multilateral creditors	348.4	356.3	397.9	421.4	376.6	382.3	366.3
	Paris Club creditors	1,730.4	1,810.3	1,976.9	2,104.8	2,231.1	2,116.8	2,173.2
	Other official creditors	137.9	136.9	154.0	206.2	152.6	141.8	142.5
	Commercial banks	333.7	330.3	347.3	547.5	852.0	726.6	726.6
	Collateralized debt	351.9	330.7	353.1	319.9	247.5	258.2	220.7
	Other private creditors	60.0	57.8	108.9	113.0	121.6	118.7	119.6
Outstanding IMF credit		20.1	19.1	18.9	29.1	28.8	22.9	17.8
Debt service due		410.7	423.3	412.5	442.3	379.6	389.1	269.6
	Principal	246.4	274.5	261.4	292.7	234.5	265.7	179.7
	Interest	164.3	148.9	151.1	149.6	145.1	123.3	89.9
	Multilateral (including IMF)	43.0	49.4	46.5	49.3	42.7	44.5	35.7
	Bilateral	277.8	270.9	251.1	235.0	192.2	177.5	168.4
	Commercial banks	1.3	1.6	5.6	7.4	0.0	0.0	0.0
	Collateralized debt	95.2	100.9	102.9	134.9	129.3	151.4	54.4
	Other	-6.6	0.5	6.4	15.7	15.5	15.7	11.1
Debt rescheduling		175.8	85.7	68.8	2.8	11.6	4.3	1.4
	Debt service	78.6	53.0	55.9	1.2	3.3	4.3	1.4
	Arrears	97.2	32.7	12.9	1.6	8.3	0.0	0.0
Debt cancellation		203.3	27.7	8.6	6.5	63.6	6.4	0.1
Debt service due after debt relief		265.1	342.7	348.0	434.6	371.6	378.4	268.1
	Principal	157.8	200.9	197.0	285.9	227.8	262.2	178.2
	Interest	107.3	141.8	151.0	148.7	143.8	116.2	89.9

Table 33.

Republic of Congo: Exchange Rate Indices, 1997–2003

(Index, 1990 = 100)

Source: IMF, Information Notice System.

Table 33.

Republic of Congo: Exchange Rate Indices, 1997–2003

(Index, 1990 = 100)

	Real Effective Exchange Rate	Nominal Effective Exchange Rate
1997	81.70	64.62
I	75.77	65.12
II	76.42	64.49
III	84.60	63.68
IV	90.01	65.17
1998	83.49	65.72
I	85.04	64.94
II	82.49	65.33
III	81.51	66.10
IV	84.90	66.50
1999	83.93	64.84
I	85.42	65.97
II	83.59	64.85
III	83.59	64.56
IV	83.11	63.97
2000	78.96	61.94
I	83.94	62.93
II	80.10	62.02
III	77.15	61.62
IV	74.63	61.20
2001	78.62	62.59
I	77.16	62.74
II	77.73	62.13
III	79.02	62.62
IV	80.57	62.86
2002	81.56	63.97
I	80.22	62.54
II	82.08	63.34
III	81.48	64.53
IV	82.46	65.49
2003	83.53	66.72
I	82.49	66.29
II	82.56	67.02
III	83.05	66.73
IV	86.01	66.82

Source: IMF, Information Notice System.

Table 33.

Republic of Congo: Exchange Rate Indices, 1997–2003

(Index, 1990 = 100)

	Real Effective Exchange Rate	Nominal Effective Exchange Rate
1997	81.70	64.62
I	75.77	65.12
II	76.42	64.49
III	84.60	63.68
IV	90.01	65.17
1998	83.49	65.72
I	85.04	64.94
II	82.49	65.33
III	81.51	66.10
IV	84.90	66.50
1999	83.93	64.84
I	85.42	65.97
II	83.59	64.85
III	83.59	64.56
IV	83.11	63.97
2000	78.96	61.94
I	83.94	62.93
II	80.10	62.02
III	77.15	61.62
IV	74.63	61.20
2001	78.62	62.59
I	77.16	62.74
II	77.73	62.13
III	79.02	62.62
IV	80.57	62.86
2002	81.56	63.97
I	80.22	62.54
II	82.08	63.34
III	81.48	64.53
IV	82.46	65.49
2003	83.53	66.72
I	82.49	66.29
II	82.56	67.02
III	83.05	66.73
IV	86.01	66.82

Source: IMF, Information Notice System.

Republic of Congo: Summary of Tax System, 2004

(Index, 1990 = 100)

Source: General Directorate of Taxes, Ministry of Economy, Finance, and the Budget. Note: The personal income tax (item 1.1), the corporate income tax (item 1.2), and the VAT (item 2.1) generate about 90 percent of tax revenue.

Republic of Congo: Summary of Tax System, 2004

(Index, 1990 = 100)

Taxes			Scope	Exemptions	Rate	Taxable Base
1. Taxes on income
	1.1 Personal income tax (impôt sur le revenu des personnes physiques (IRPP).		Individuals, irrespective of nationality, resident in Congo for tax purposes and individuals not domiciled in Congo but earning income there.	Individuals whose net income is less than CFAF 200,000.
Income (CFA francs)	Rate (Percent)
200,000<800,000	15
800,000<2,500,000	30
2,500,000<8,000,000	45
Over 8,000,000	50
Income split system, with a maximum of 6.5 shares: the taxpayer’s family situation is taken into account splitting income into parts (quotient familial); one part for the taxpayer; one part for the spouse; and one-half of a part for each dependent child up to a limit of nine.
		1.1.1 Real estate income tax (impôt sur les revenus fonciers).	Income from improved or unimproved property; fees pertaining to rights of ownership; concession of carrier exploitation rights; lease of advertising rights.	Real estate not leased, or occupied free of charge by descendants or forebears.	As indicated in 1.1	Rents collected, with a deduction of 30 percent; 95 percent of advertising revenue is taxed.
		1.1.2 Tax on wages, salaries, pensions, and annuities (impôt sur les traitements, salaires, pensions et rentes viagères).	Salaries, allowances, remittances, gratuities, wages, fees, pensions, and annuities.	Allowances intended to defray expenses related to a job or employment, family allowances, unemployment benefits, and war pensions.	As indicated in 1.1	Income collected with a lump-sum deduction of 20 percent. Including benefits in kind.
		1.1.3 Tax on industrial, commercial, and agricultural earnings (impôt sur les bénéfices industriels, commerciaux et agricoles).	Profits from commercial, industrial, artisanal, or agricultural operations; profits from lease of furnished rooms.	Profits from a new entity (enterprise or plantation, for the first two fiscal years).	As indicated in 1.1	Net profit = difference between net asset value at the beginning and end of the period. Presumptive earnings for those taxpayers with turnover not exceeding the following limits: CFAF 30 million for sales, CFAF 20 million for craftsmen, and CFAF 10 million for the rendering of services.
		1.1.4 Tax on profits from independently operating professionals (impôt sur les bénéfices des professions noncommerciales).	Income earned by attorneys, notaries/solicitors, and architects.		As indicated in 1.1	Profit = surplus of total receipts over business expenses. Profit calculated with a lump- sum deduction for those taxpayers whose total gross income is less than CFAF 10 million.
		1.1.5 Tax on compensation earned by directors with majority shareholdings (impôt sur les rémunérations des gérants majoritaires).	Salaries and lump-sum payments granted to directors (with majority shareholdings) of limited liability corporations (SARLs) or the managers of limited equity partnerships.		As in indicated in 1.1	Compensation earned after deduction of business-operating expenses actually incurred by the beneficiary.
		1.1.6 Investment income tax (impôt sur les revenus des capitaux mobiliers).	Proceeds from stocks, shares, bonds, deposits, other claims, and profit-sharing schemes.	Income from agricultural credit unions. Interest on treasury securities.	As indicated in 1.1	The entire amount of income distributed or earned.
		1.1.7 Capital gains tax on real estate (impôt sur les plus-values immobilières).	Capital gains realized upon the sale or exchange of real estate, whether improved or unimproved.		10 percent for local governments. 15 percent for Treasury.	Difference between the sales price and the purchase price/construction cost with a deduction of 3 percent (unimproved property) or 5 percent (improved property).
	1.2 Corporate income tax (impôt sur les sociétés).		Business corporations, cooperatives, and public entities and government agencies with financial autonomy; commercial activities of noncommercial companies and private clubs.	Agriculture cooperatives, and public low-cost housing providers, Agricultural credit unions. New companies (For the first two fiscal years, under certain conditions).	30 percent, for agriculture and housing companies. 35 percent for nonoil-foreign-owned companies. 38 percent for all the other companies.	Taxable profits. Taxable profits estimated at 22 percent of turnover.
	1.3 Withholding tax on income from securities (impôt sur le revenu des valeurs mobilières). This tax represents an advance payment on the IRPP category of “investment income.”		Dividends and other income from equities; interest and profits from shares in partnerships.	Income from government securities; shares in partnerships subject to real estate tax.	20 percent, 22 percent, or 30 percent, depending on the type of income involved.	Distributed earnings.
	1.4 Tax on real estate income (taxe immobilière sur les loyers). This tax is deductible from the IRPP.		Income from improved or unimproved property.	Embassies.	One-twelfth of rents.	Rents falling due during the year.
2. Indirect taxes
	2.1 Value added tax (VAT) (taxe sur la valeurajoutée).		Individuals or legal entities, including government entities engaging in taxable operations, i.e., operations associated with a business activity.	Sale of locally produced items by farmers, fishermen, and hunters. Sale of philatelic items (figurines postales), Printing and imports of newspapers. Art works Social, medical, or educational services, and basic necessity goods.	Normal rate: 18 percent. Zero rate for exports, international transportation, and the eucalyptus sector.	Sales value of nonexempted items, with tax credit for purchased inputs. Customs value plus duties and taxes assessed by customs, including excises.
	2.2 Excises (droits d’accises).		Tobacco, alcohol, jewelry, worked gold, passenger cars, and consumer electronics.	All other goods and all services.	24 percent.	Same tax base as the VAT.
	2.3 VAT surtax (centimes additionnels).		All goods and services subject to the VAT.	Goods and services exempt from the VAT.	5 percent.	VAT assessed on goods and services.
	2.4 Special tax on companies (taxe spéciale sur les sociétés); this tax is deductible from the corporate income tax.		Business corporations, limited liability corporations, and limited equity partnerships.	Same exemptions and waivers as with the corporate income tax.	1-2 percent.	Overall turnover, including miscellaneous income and profits.
	2.5 Tax on insurance policies (taxe sur les contrats d’assurance).		Insurance companies.	Reinsurance operations, insurance covering export credits, and insurance policies exempt from stamp tax and registration fees.	4 percent, 5 percent, 8 percent, or 25 percent depending on the type of policies underwritten.	Amounts payable to the insurer.
3. Taxes on professional activities
	3.1 Business license tax (contribution des patentes).		Individuals or legal entities engaging in an industrial, commercial, noncommercial, or artisanal activity.	The state, municipalities, and provident funds; partners in partnerships, business corporations, public or private institutions caring for poor children; painters, sculptors, and holders of mining concessions.	Fixed duties and/or variable rates depending on the activity, equipment, and personnel.	Activity engaged in, equipment used, or number of employees.
	3.2 Liquor license tax (contribution des licences).		Individuals or legal entities engaged in the sale of alcoholic beverages.	Nonalcoholic beverages.	Amount varies according to the license category.
	3.3 Special tax on importers (taxe spéciale importateur).		Parties subject to the business license tax engaging in imports of goods for domestic use.		Amount varies according to the items imported.
	3.4 Tax on the rental value of business premises (taxe sur la valeur locative des locaux professionnels).		Business establishments.	Establishments temporarily exempted from the business license tax.	15 percent.	Rent paid. Rental value.
4. Taxes on property
	4.1 Tax on improved property (contribution foncière des propriétés bâties).		Developed property built on masonry foundations; uncultivated land for commercial or industrial use; and equipment belonging to establishments permanently attached to the ground.	Real estate owned by central or local government; embassy hotels; buildings reserved for public worship; buildings reserved for education, athletic purposes, and rural farm buildings.	15-20 percent.	Rental value less 25 percent for properties used for business purposes. Land registry value less 25 percent in the case of properties used for residences.
	4.2 Tax on unimproved property (contribution foncière des propriétés nonbâties).		Miscellaneous undeveloped properties.	Roads, streets, and thoroughfares; property owned by central or local government; and surface area of mines or tracks.	Rates fixed by communal and departmental councils.	50 percent of the land registry value. Lump- sum market value for unimproved rural properties.
	4.3 Tax on company passenger cars (taxe sur les véhicules de tourisme des sociétés).		Entities subject to the corporate income tax.	Passenger cars that are more than 10 years old.	CFAF 200,000-300,000.	Type of vehicules.
	4.4 Land tax (taxe sur les terrains).		Common land. Land undeveloped or insufficiently developed. Unutilized land.	Land exempt from reale state tax; land not served by passable roads; and land on which construction is legally prohibited.	Fixed tax assessed on the basis of the type of land in question.	Surface area of the land.
	4.5 Tax on television sets (taxe sur les récepteurs de télévision).		Levied on owners of television sets and radios.	Public entities, schools owning television sets for eductional use.	CFAF 6,000.	Television set; radio station.
5. Payroll taxes
	5.1 Lump-sum payroll tax (taxe forfaitaire). Payable on the same due dates as the IRPP.		Employers and payers of annuities.	The state, diplomatic missions, local offices of international agencies, wages earned by the spouse of the individual smallholder, and financially independent government agencies.	5 percent on total wages, plus 4 percent on the fraction exceeding 1,500,000 per employee per year.	Gross amount of wages; and benefits in kind.
	5.2 Apprenticeship tax (taxe d’apprentissage)		Levied on public or private enterprises of one employee or more.	At the request of enterprises engaged in employees.	1 percent on total salaries and wages.	Wages and salaries.
6. Other taxes
	6.1 Registration fees (droits d’enregistrement)		Attorneys, notaries, inheritance rights, juridical acts, donations.	Acts aimed for free of charge registration and for registration in balance.	Fixed rates from 5,000 to 15,000.	Value of the property of inheritance rights or value declared at the juridical act.
	6.2 Stamp taxes (contribution du timbre)		Stamped paper for many legal documents in certain acts; passports; residence permits; identity cards; airline tickets.	Acts exempted or subjected to a special visa, or acts aimed for stamp in balance.	Fixed rates vary from CFAF 1,000 to CFAF 20,000.	Type of paper used.

Republic of Congo: Summary of Tax System, 2004

(Index, 1990 = 100)

Taxes			Scope	Exemptions	Rate	Taxable Base
1. Taxes on income
	1.1 Personal income tax (impôt sur le revenu des personnes physiques (IRPP).		Individuals, irrespective of nationality, resident in Congo for tax purposes and individuals not domiciled in Congo but earning income there.	Individuals whose net income is less than CFAF 200,000.
Income (CFA francs)	Rate (Percent)
200,000<800,000	15
800,000<2,500,000	30
2,500,000<8,000,000	45
Over 8,000,000	50
Income split system, with a maximum of 6.5 shares: the taxpayer’s family situation is taken into account splitting income into parts (quotient familial); one part for the taxpayer; one part for the spouse; and one-half of a part for each dependent child up to a limit of nine.
		1.1.1 Real estate income tax (impôt sur les revenus fonciers).	Income from improved or unimproved property; fees pertaining to rights of ownership; concession of carrier exploitation rights; lease of advertising rights.	Real estate not leased, or occupied free of charge by descendants or forebears.	As indicated in 1.1	Rents collected, with a deduction of 30 percent; 95 percent of advertising revenue is taxed.
		1.1.2 Tax on wages, salaries, pensions, and annuities (impôt sur les traitements, salaires, pensions et rentes viagères).	Salaries, allowances, remittances, gratuities, wages, fees, pensions, and annuities.	Allowances intended to defray expenses related to a job or employment, family allowances, unemployment benefits, and war pensions.	As indicated in 1.1	Income collected with a lump-sum deduction of 20 percent. Including benefits in kind.
		1.1.3 Tax on industrial, commercial, and agricultural earnings (impôt sur les bénéfices industriels, commerciaux et agricoles).	Profits from commercial, industrial, artisanal, or agricultural operations; profits from lease of furnished rooms.	Profits from a new entity (enterprise or plantation, for the first two fiscal years).	As indicated in 1.1	Net profit = difference between net asset value at the beginning and end of the period. Presumptive earnings for those taxpayers with turnover not exceeding the following limits: CFAF 30 million for sales, CFAF 20 million for craftsmen, and CFAF 10 million for the rendering of services.
		1.1.4 Tax on profits from independently operating professionals (impôt sur les bénéfices des professions noncommerciales).	Income earned by attorneys, notaries/solicitors, and architects.		As indicated in 1.1	Profit = surplus of total receipts over business expenses. Profit calculated with a lump- sum deduction for those taxpayers whose total gross income is less than CFAF 10 million.
		1.1.5 Tax on compensation earned by directors with majority shareholdings (impôt sur les rémunérations des gérants majoritaires).	Salaries and lump-sum payments granted to directors (with majority shareholdings) of limited liability corporations (SARLs) or the managers of limited equity partnerships.		As in indicated in 1.1	Compensation earned after deduction of business-operating expenses actually incurred by the beneficiary.
		1.1.6 Investment income tax (impôt sur les revenus des capitaux mobiliers).	Proceeds from stocks, shares, bonds, deposits, other claims, and profit-sharing schemes.	Income from agricultural credit unions. Interest on treasury securities.	As indicated in 1.1	The entire amount of income distributed or earned.
		1.1.7 Capital gains tax on real estate (impôt sur les plus-values immobilières).	Capital gains realized upon the sale or exchange of real estate, whether improved or unimproved.		10 percent for local governments. 15 percent for Treasury.	Difference between the sales price and the purchase price/construction cost with a deduction of 3 percent (unimproved property) or 5 percent (improved property).
	1.2 Corporate income tax (impôt sur les sociétés).		Business corporations, cooperatives, and public entities and government agencies with financial autonomy; commercial activities of noncommercial companies and private clubs.	Agriculture cooperatives, and public low-cost housing providers, Agricultural credit unions. New companies (For the first two fiscal years, under certain conditions).	30 percent, for agriculture and housing companies. 35 percent for nonoil-foreign-owned companies. 38 percent for all the other companies.	Taxable profits. Taxable profits estimated at 22 percent of turnover.
	1.3 Withholding tax on income from securities (impôt sur le revenu des valeurs mobilières). This tax represents an advance payment on the IRPP category of “investment income.”		Dividends and other income from equities; interest and profits from shares in partnerships.	Income from government securities; shares in partnerships subject to real estate tax.	20 percent, 22 percent, or 30 percent, depending on the type of income involved.	Distributed earnings.
	1.4 Tax on real estate income (taxe immobilière sur les loyers). This tax is deductible from the IRPP.		Income from improved or unimproved property.	Embassies.	One-twelfth of rents.	Rents falling due during the year.
2. Indirect taxes
	2.1 Value added tax (VAT) (taxe sur la valeurajoutée).		Individuals or legal entities, including government entities engaging in taxable operations, i.e., operations associated with a business activity.	Sale of locally produced items by farmers, fishermen, and hunters. Sale of philatelic items (figurines postales), Printing and imports of newspapers. Art works Social, medical, or educational services, and basic necessity goods.	Normal rate: 18 percent. Zero rate for exports, international transportation, and the eucalyptus sector.	Sales value of nonexempted items, with tax credit for purchased inputs. Customs value plus duties and taxes assessed by customs, including excises.
	2.2 Excises (droits d’accises).		Tobacco, alcohol, jewelry, worked gold, passenger cars, and consumer electronics.	All other goods and all services.	24 percent.	Same tax base as the VAT.
	2.3 VAT surtax (centimes additionnels).		All goods and services subject to the VAT.	Goods and services exempt from the VAT.	5 percent.	VAT assessed on goods and services.
	2.4 Special tax on companies (taxe spéciale sur les sociétés); this tax is deductible from the corporate income tax.		Business corporations, limited liability corporations, and limited equity partnerships.	Same exemptions and waivers as with the corporate income tax.	1-2 percent.	Overall turnover, including miscellaneous income and profits.
	2.5 Tax on insurance policies (taxe sur les contrats d’assurance).		Insurance companies.	Reinsurance operations, insurance covering export credits, and insurance policies exempt from stamp tax and registration fees.	4 percent, 5 percent, 8 percent, or 25 percent depending on the type of policies underwritten.	Amounts payable to the insurer.
3. Taxes on professional activities
	3.1 Business license tax (contribution des patentes).		Individuals or legal entities engaging in an industrial, commercial, noncommercial, or artisanal activity.	The state, municipalities, and provident funds; partners in partnerships, business corporations, public or private institutions caring for poor children; painters, sculptors, and holders of mining concessions.	Fixed duties and/or variable rates depending on the activity, equipment, and personnel.	Activity engaged in, equipment used, or number of employees.
	3.2 Liquor license tax (contribution des licences).		Individuals or legal entities engaged in the sale of alcoholic beverages.	Nonalcoholic beverages.	Amount varies according to the license category.
	3.3 Special tax on importers (taxe spéciale importateur).		Parties subject to the business license tax engaging in imports of goods for domestic use.		Amount varies according to the items imported.
	3.4 Tax on the rental value of business premises (taxe sur la valeur locative des locaux professionnels).		Business establishments.	Establishments temporarily exempted from the business license tax.	15 percent.	Rent paid. Rental value.
4. Taxes on property
	4.1 Tax on improved property (contribution foncière des propriétés bâties).		Developed property built on masonry foundations; uncultivated land for commercial or industrial use; and equipment belonging to establishments permanently attached to the ground.	Real estate owned by central or local government; embassy hotels; buildings reserved for public worship; buildings reserved for education, athletic purposes, and rural farm buildings.	15-20 percent.	Rental value less 25 percent for properties used for business purposes. Land registry value less 25 percent in the case of properties used for residences.
	4.2 Tax on unimproved property (contribution foncière des propriétés nonbâties).		Miscellaneous undeveloped properties.	Roads, streets, and thoroughfares; property owned by central or local government; and surface area of mines or tracks.	Rates fixed by communal and departmental councils.	50 percent of the land registry value. Lump- sum market value for unimproved rural properties.
	4.3 Tax on company passenger cars (taxe sur les véhicules de tourisme des sociétés).		Entities subject to the corporate income tax.	Passenger cars that are more than 10 years old.	CFAF 200,000-300,000.	Type of vehicules.
	4.4 Land tax (taxe sur les terrains).		Common land. Land undeveloped or insufficiently developed. Unutilized land.	Land exempt from reale state tax; land not served by passable roads; and land on which construction is legally prohibited.	Fixed tax assessed on the basis of the type of land in question.	Surface area of the land.
	4.5 Tax on television sets (taxe sur les récepteurs de télévision).		Levied on owners of television sets and radios.	Public entities, schools owning television sets for eductional use.	CFAF 6,000.	Television set; radio station.
5. Payroll taxes
	5.1 Lump-sum payroll tax (taxe forfaitaire). Payable on the same due dates as the IRPP.		Employers and payers of annuities.	The state, diplomatic missions, local offices of international agencies, wages earned by the spouse of the individual smallholder, and financially independent government agencies.	5 percent on total wages, plus 4 percent on the fraction exceeding 1,500,000 per employee per year.	Gross amount of wages; and benefits in kind.
	5.2 Apprenticeship tax (taxe d’apprentissage)		Levied on public or private enterprises of one employee or more.	At the request of enterprises engaged in employees.	1 percent on total salaries and wages.	Wages and salaries.
6. Other taxes
	6.1 Registration fees (droits d’enregistrement)		Attorneys, notaries, inheritance rights, juridical acts, donations.	Acts aimed for free of charge registration and for registration in balance.	Fixed rates from 5,000 to 15,000.	Value of the property of inheritance rights or value declared at the juridical act.
	6.2 Stamp taxes (contribution du timbre)		Stamped paper for many legal documents in certain acts; passports; residence permits; identity cards; airline tickets.	Acts exempted or subjected to a special visa, or acts aimed for stamp in balance.	Fixed rates vary from CFAF 1,000 to CFAF 20,000.	Type of paper used.

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Republic of Congo: Selected Issues and Statistical Appendix

Author:

International Monetary Fund

Volume/Issue:: Volume 2004: Issue 231

Publisher:: International Monetary Fund

ISBN:: 9781451808520

ISSN:: 1934-7685

Pages:: 99

DOI:: https://doi.org/10.5089/9781451808520.002

Keywords
VIII. Key Lessons and Challenges

Foresee

Republic of Congo: Summary of Tax System, 2004

(Index, 1990 = 100)

Taxes			Scope	Exemptions	Rate	Taxable Base
1. Taxes on income
	1.1 Personal income tax (impôt sur le revenu des personnes physiques (IRPP).		Individuals, irrespective of nationality, resident in Congo for tax purposes and individuals not domiciled in Congo but earning income there.	Individuals whose net income is less than CFAF 200,000.
Income (CFA francs)	Rate (Percent)
200,000<800,000	15
800,000<2,500,000	30
2,500,000<8,000,000	45
Over 8,000,000	50
Income split system, with a maximum of 6.5 shares: the taxpayer’s family situation is taken into account splitting income into parts (quotient familial); one part for the taxpayer; one part for the spouse; and one-half of a part for each dependent child up to a limit of nine.
		1.1.1 Real estate income tax (impôt sur les revenus fonciers).	Income from improved or unimproved property; fees pertaining to rights of ownership; concession of carrier exploitation rights; lease of advertising rights.	Real estate not leased, or occupied free of charge by descendants or forebears.	As indicated in 1.1	Rents collected, with a deduction of 30 percent; 95 percent of advertising revenue is taxed.
		1.1.2 Tax on wages, salaries, pensions, and annuities (impôt sur les traitements, salaires, pensions et rentes viagères).	Salaries, allowances, remittances, gratuities, wages, fees, pensions, and annuities.	Allowances intended to defray expenses related to a job or employment, family allowances, unemployment benefits, and war pensions.	As indicated in 1.1	Income collected with a lump-sum deduction of 20 percent. Including benefits in kind.
		1.1.3 Tax on industrial, commercial, and agricultural earnings (impôt sur les bénéfices industriels, commerciaux et agricoles).	Profits from commercial, industrial, artisanal, or agricultural operations; profits from lease of furnished rooms.	Profits from a new entity (enterprise or plantation, for the first two fiscal years).	As indicated in 1.1	Net profit = difference between net asset value at the beginning and end of the period. Presumptive earnings for those taxpayers with turnover not exceeding the following limits: CFAF 30 million for sales, CFAF 20 million for craftsmen, and CFAF 10 million for the rendering of services.
		1.1.4 Tax on profits from independently operating professionals (impôt sur les bénéfices des professions noncommerciales).	Income earned by attorneys, notaries/solicitors, and architects.		As indicated in 1.1	Profit = surplus of total receipts over business expenses. Profit calculated with a lump- sum deduction for those taxpayers whose total gross income is less than CFAF 10 million.
		1.1.5 Tax on compensation earned by directors with majority shareholdings (impôt sur les rémunérations des gérants majoritaires).	Salaries and lump-sum payments granted to directors (with majority shareholdings) of limited liability corporations (SARLs) or the managers of limited equity partnerships.		As in indicated in 1.1	Compensation earned after deduction of business-operating expenses actually incurred by the beneficiary.
		1.1.6 Investment income tax (impôt sur les revenus des capitaux mobiliers).	Proceeds from stocks, shares, bonds, deposits, other claims, and profit-sharing schemes.	Income from agricultural credit unions. Interest on treasury securities.	As indicated in 1.1	The entire amount of income distributed or earned.
		1.1.7 Capital gains tax on real estate (impôt sur les plus-values immobilières).	Capital gains realized upon the sale or exchange of real estate, whether improved or unimproved.		10 percent for local governments. 15 percent for Treasury.	Difference between the sales price and the purchase price/construction cost with a deduction of 3 percent (unimproved property) or 5 percent (improved property).
	1.2 Corporate income tax (impôt sur les sociétés).		Business corporations, cooperatives, and public entities and government agencies with financial autonomy; commercial activities of noncommercial companies and private clubs.	Agriculture cooperatives, and public low-cost housing providers, Agricultural credit unions. New companies (For the first two fiscal years, under certain conditions).	30 percent, for agriculture and housing companies. 35 percent for nonoil-foreign-owned companies. 38 percent for all the other companies.	Taxable profits. Taxable profits estimated at 22 percent of turnover.
	1.3 Withholding tax on income from securities (impôt sur le revenu des valeurs mobilières). This tax represents an advance payment on the IRPP category of “investment income.”		Dividends and other income from equities; interest and profits from shares in partnerships.	Income from government securities; shares in partnerships subject to real estate tax.	20 percent, 22 percent, or 30 percent, depending on the type of income involved.	Distributed earnings.
	1.4 Tax on real estate income (taxe immobilière sur les loyers). This tax is deductible from the IRPP.		Income from improved or unimproved property.	Embassies.	One-twelfth of rents.	Rents falling due during the year.
2. Indirect taxes
	2.1 Value added tax (VAT) (taxe sur la valeurajoutée).		Individuals or legal entities, including government entities engaging in taxable operations, i.e., operations associated with a business activity.	Sale of locally produced items by farmers, fishermen, and hunters. Sale of philatelic items (figurines postales), Printing and imports of newspapers. Art works Social, medical, or educational services, and basic necessity goods.	Normal rate: 18 percent. Zero rate for exports, international transportation, and the eucalyptus sector.	Sales value of nonexempted items, with tax credit for purchased inputs. Customs value plus duties and taxes assessed by customs, including excises.
	2.2 Excises (droits d’accises).		Tobacco, alcohol, jewelry, worked gold, passenger cars, and consumer electronics.	All other goods and all services.	24 percent.	Same tax base as the VAT.
	2.3 VAT surtax (centimes additionnels).		All goods and services subject to the VAT.	Goods and services exempt from the VAT.	5 percent.	VAT assessed on goods and services.
	2.4 Special tax on companies (taxe spéciale sur les sociétés); this tax is deductible from the corporate income tax.		Business corporations, limited liability corporations, and limited equity partnerships.	Same exemptions and waivers as with the corporate income tax.	1-2 percent.	Overall turnover, including miscellaneous income and profits.
	2.5 Tax on insurance policies (taxe sur les contrats d’assurance).		Insurance companies.	Reinsurance operations, insurance covering export credits, and insurance policies exempt from stamp tax and registration fees.	4 percent, 5 percent, 8 percent, or 25 percent depending on the type of policies underwritten.	Amounts payable to the insurer.
3. Taxes on professional activities
	3.1 Business license tax (contribution des patentes).		Individuals or legal entities engaging in an industrial, commercial, noncommercial, or artisanal activity.	The state, municipalities, and provident funds; partners in partnerships, business corporations, public or private institutions caring for poor children; painters, sculptors, and holders of mining concessions.	Fixed duties and/or variable rates depending on the activity, equipment, and personnel.	Activity engaged in, equipment used, or number of employees.
	3.2 Liquor license tax (contribution des licences).		Individuals or legal entities engaged in the sale of alcoholic beverages.	Nonalcoholic beverages.	Amount varies according to the license category.
	3.3 Special tax on importers (taxe spéciale importateur).		Parties subject to the business license tax engaging in imports of goods for domestic use.		Amount varies according to the items imported.
	3.4 Tax on the rental value of business premises (taxe sur la valeur locative des locaux professionnels).		Business establishments.	Establishments temporarily exempted from the business license tax.	15 percent.	Rent paid. Rental value.
4. Taxes on property
	4.1 Tax on improved property (contribution foncière des propriétés bâties).		Developed property built on masonry foundations; uncultivated land for commercial or industrial use; and equipment belonging to establishments permanently attached to the ground.	Real estate owned by central or local government; embassy hotels; buildings reserved for public worship; buildings reserved for education, athletic purposes, and rural farm buildings.	15-20 percent.	Rental value less 25 percent for properties used for business purposes. Land registry value less 25 percent in the case of properties used for residences.
	4.2 Tax on unimproved property (contribution foncière des propriétés nonbâties).		Miscellaneous undeveloped properties.	Roads, streets, and thoroughfares; property owned by central or local government; and surface area of mines or tracks.	Rates fixed by communal and departmental councils.	50 percent of the land registry value. Lump- sum market value for unimproved rural properties.
	4.3 Tax on company passenger cars (taxe sur les véhicules de tourisme des sociétés).		Entities subject to the corporate income tax.	Passenger cars that are more than 10 years old.	CFAF 200,000-300,000.	Type of vehicules.
	4.4 Land tax (taxe sur les terrains).		Common land. Land undeveloped or insufficiently developed. Unutilized land.	Land exempt from reale state tax; land not served by passable roads; and land on which construction is legally prohibited.	Fixed tax assessed on the basis of the type of land in question.	Surface area of the land.
	4.5 Tax on television sets (taxe sur les récepteurs de télévision).		Levied on owners of television sets and radios.	Public entities, schools owning television sets for eductional use.	CFAF 6,000.	Television set; radio station.
5. Payroll taxes
	5.1 Lump-sum payroll tax (taxe forfaitaire). Payable on the same due dates as the IRPP.		Employers and payers of annuities.	The state, diplomatic missions, local offices of international agencies, wages earned by the spouse of the individual smallholder, and financially independent government agencies.	5 percent on total wages, plus 4 percent on the fraction exceeding 1,500,000 per employee per year.	Gross amount of wages; and benefits in kind.
	5.2 Apprenticeship tax (taxe d’apprentissage)		Levied on public or private enterprises of one employee or more.	At the request of enterprises engaged in employees.	1 percent on total salaries and wages.	Wages and salaries.
6. Other taxes
	6.1 Registration fees (droits d’enregistrement)		Attorneys, notaries, inheritance rights, juridical acts, donations.	Acts aimed for free of charge registration and for registration in balance.	Fixed rates from 5,000 to 15,000.	Value of the property of inheritance rights or value declared at the juridical act.
	6.2 Stamp taxes (contribution du timbre)		Stamped paper for many legal documents in certain acts; passports; residence permits; identity cards; airline tickets.	Acts exempted or subjected to a special visa, or acts aimed for stamp in balance.	Fixed rates vary from CFAF 1,000 to CFAF 20,000.	Type of paper used.

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VIII. Key Lessons and Challenges

A. Avoiding Conflicts

B. Avoiding Pro-Cyclical Government Spending

C. Promoting Private Sector Growth

D. Alleviating the Debt Burden

STATISTICAL APPENDIX

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