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Economy of Democratic Republic of the Congo

Sparsely populated in relation to its area, the Democratic Republic of the Congo is home to a vast potential of natural resources and mineral wealth. Its untapped deposits of raw minerals are estimated to be worth in excess of US$24 trillion. Despite this, the economy has declined drastically since the mid-1980s.

At the time of its independence in 1960, the Democratic Republic of the Congo was the second most industrialized country in Africa after South Africa. It boasted a thriving mining sector and its agriculture sector was relatively productive. Since then, corruption, war and political instability have been a severe detriment to further growth, today leaving DRC with a GDP per capita among the world's lowest.

Sectors

Agriculture


Agriculture is the mainstay of the economy, accounting for 57.9% of the GDP in 1997. Main cash crops include coffee, palm oil, rubber, cotton, sugar, tea, and cocoa. Food crops include cassava, plantains, maize, groundnuts, and rice. In 1996, agriculture employed 66% of the work force.

Fishing

Fish are the single most important source of animal protein in the DRC. Total production of marine, river, and lake fisheries in 2003 was estimated at 222,965 tons, all but 5,000 tons from inland waters. PEMARZA, a state agency, carries on marine fishing.

Forestry

Exports of forest products in 2003 totalled $25.7 million. Foreign capital is necessary in order for forestry to expand, and the government recognizes that changes in tax structure and export procedures will be needed to facilitate economic growth.

Mining

The Congo is the world's largest producer of cobalt ore, and a major producer of copper and industrial diamonds. The Congo has 70% of the world's coltan, and more than 30% of the world's diamond reserves. mostly in the form of small, industrial diamonds. The coltan is a major source of tantalum, which is used in the fabrication of electronic components in computers and mobile phones.

Copper and Cobalt

Katanga Mining Limited, a London-based company, owns the Luilu Metallurgical Plant, which has a capacity of 175,000 tonnes of copper and 8,000 tonnes of cobalt per year, making it the largest cobalt refinery in the world.

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