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Economy of Chad

Chad is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Chad may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Chad exports around $3.87 billion and imports roughly $2.7 billion. 5.9% of population in the country are unemployed. The total number of unemployed people in Chad is 905,838. In Chad, 46.7% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Chad is very high when compared with other nations. This situation is indicative of a variety of alarming economic and political factors. It is not advisable to make any investments in countries with this level of poverty. Government expenditure on education is 3.2% of GDP. The Gini Index of the country is 43.3. Chad is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Chad has a Human Development Index (HDI) of 0.372. Chad has a lower medium HDI score. This indicates that the majority of citizens will struggle to attain a desirable life due to flawed economic and social systems. The Global Peace Index (GPI) for Chad is 2.429. The strength of legal rights index for Chad is 6. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency

The currency of Chad is Central African CFA Franc. The plural form of the word Central African CFA Franc is CFA francs. The symbol used for this currency is Fr, and it is abbreviated as XAF. The Central African CFA Franc is divided into Centime; there are 100 in one CFA Franc.

Credit rating

Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Chad.

Central bank

The prime lending rate of Chad's commercial banks is 15.5. In Chad, the institution that manages the state's currency, money supply, and interest rates is called Bank of Central African States. Locally, the central bank of Chad is called Banque des États de l'Afrique Centrale, BEAC. The average deposit interest rate offered by local banks in Chad is 2.6%.

Public debt

Chad has a government debt of 8.5% of the country's Gross Domestic Product (GDP), as assessed in 2013.

Tax information

The corporate tax in Chad is set at 40%. VAT in Chad is 18%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Chad is $29641 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Chad was last recorded at $2 million. PPP in Chad is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Chad is 10,640 billion. Based on this statistic, Chad is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Chad was last recorded at $1 million. The average citizen in Chad has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Chad averaged 9.6% in 2014. According to this percentage, Chad is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Chad.

Industry

Major industries in the country are oil, cotton textiles, brewing, natron (sodium carbonate), soap, cigarettes, construction materials. The total labor force of Chad is 5,602,510 people, wherein 5.9% of population in the country are unemployed. The total number of unemployed people in Chad is 905,838. The Industrial Production growth rate of Chad is 3%.To read more about industrial information within Chad click on industry of Chad.

Agriculture

There are 35258 km2 of arable land in Chad, and it comprises 3% of the country's total territory. There are 35510 km2 of cultivated land in Chad. The country's major agricultural crops and products are cotton, sorghum, millet, peanuts, rice, potatoes, manioc, cattle, sheep, goats, camels.To read more about agriculture click on agriculture of Chad.