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Economy of Central African Republic

Central African Republic 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, Central African Republic 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, Central African Republic exports around $0.14 billion and imports roughly $0.22 billion. 6% of population in the country are unemployed. The total number of unemployed people in Central African Republic is 284,245. Government expenditure on education is 1.3% of GDP. The Gini Index of the country is 61.3. Central African Republic is experiencing bad inequality. The gap between the richest and poorest citizens in this country is plainly obvious and highly significant, resulting in a dramatically different standard of living for rich and poor citizens. Central African Republic has a Human Development Index (HDI) of 0.341. Central African Republic 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 strength of legal rights index for Central African Republic 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 Central African Republic 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 Central African Republic.

Central bank

The prime lending rate of Central African Republic's commercial banks is 15. In Central African Republic, 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 Central African Republic is called Banque des États de l'Afrique Centrale, BEAC. The average deposit interest rate offered by local banks in Central African Republic is 2.6%.

Public debt

Central African Republic has a government debt of 50% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Central African Republic is set at 30%. The maximum personal income tax is%.VAT in Central African Republic is 19%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Central African Republic is $2865 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Central African Republic was last recorded at $1 million. PPP in Central African Republic 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 Central African Republic is 1,585 billion. Based on this statistic, Central African Republic is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Central African Republic was last recorded at $0 million. The average citizen in Central African Republic 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 Central African Republic averaged 1% in 2014. According to this percentage, Central African Republic is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Central African Republic.

Industry

Major industries in the country are gold and diamond mining, logging, brewing, sugar refining. The total labor force of Central African Republic is 1,891,180 people, wherein 6% of population in the country are unemployed. The total number of unemployed people in Central African Republic is 284,245. The Industrial Production growth rate of Central African Republic is 3%.To read more about industrial information within Central African Republic click on industry of Central African Republic.

Agriculture

There are 19313 km2 of arable land in Central African Republic, and it comprises 3% of the country's total territory. There are 20247 km2 of cultivated land in Central African Republic. The country's major agricultural crops and products are timber, cotton, coffee, tobacco, manioc, yams, millet, corn, bananas, timber.To read more about agriculture click on agriculture of Central African Republic.