The economic context of the Democratic Republic of Congo

Economic Indicators

The Democratic Republic of Congo (DRC), the largest country in sub-Saharan Africa, is rich in natural resources, including cobalt, copper, hydroelectric potential, vast arable land, diverse wildlife, and the world’s second-largest rainforest. Armed groups have turned mineral-rich regions into conflict zones, fueling an illicit economy and costing the government an estimated USD 900 million in lost revenue after losing control of North and South Kivu. The unrest affects 14% of the population, with severe human rights abuses and over 400,000 new IDPs in January 2025, adding to the 4.6 million already displaced in the Kivu area. The conflict worsens poverty and weakens basic services. According to the World Bank, the DRC’s economy grew by 6.5% in 2024, down from 8.6% in 2023, driven by a 12.8% rise in the extractive sector. Copper and cobalt output increased by 12.1% and 30.1%, mainly due to the Kamoa-Kakula project. Non-mining sectors grew by 3.2%, supported by construction and services. Growth is projected to slow to 5.1% in 2025–27 as mining expansion eases, with non-mining sectors expected to pick up, reaching 5.9% by 2027.

Despite higher mining revenue and tax collection, rising security and wage costs widened the fiscal deficit to 2.0% of GDP in 2024, up from 1.7% in 2023. Spending rose slightly to 16.8% of GDP, with military outlays stable at 2.0% and capital spending increasing to 3.9%. Domestic revenue grew to 14.4% of GDP, helping offset spending, while the rest was financed through domestic and concessional external borrowing. Public debt remained low at 22.1% of GDP, with a moderate risk of distress. High public-sector wages and security costs are expected to push the fiscal deficit to 3.8% of GDP in 2025, before narrowing to 1.9% by 2027 through spending controls and improved tax collection. Defence spending may exceed 2.5% of GDP in 2025, potentially limiting funds for social services and poverty reduction. Meanwhile, the Congolese franc (CDF) depreciated by 8.7% in 2024, while inflation eased to 11.3% as the central bank tightened monetary policy, raising its key rate from 8.25% to 25% over three years. A strong external position and no central bank financing of the deficit is expected to stabilise the currency and bring inflation toward the 7% medium-term target (data from the World Bank).

The DRC is one of the poorest countries in the world, with around 72.9% of the population living in poverty (World Bank, 2024). It is among the lowest-ranked in the human development index and violence is frequent, especially in the east of the country. According to the latest data from the World Bank, in 2024, the unemployment rate in the country stood at 4.5% - a slight decrease from the previous year, when that rate was 4.6%. However, among the employed share of the population, a high percentage of workers have informal jobs. Lastly, the country’s GDP per capita was estimated at USD 1,810 in 2024 by the IMF, one of the lowest in the world.

Main Sectors of Industry

The agricultural sector represents 17.4% of GDP and employs 55.1% of the population (World Bank, latest data available). With 80 million hectares of arable land, four million hectares under irrigation, and numerous rivers rich in fishery resources, the DRC holds significant potential to emerge as a global agricultural powerhouse. Key cash crops include coffee, palm oil, rubber, cotton, sugar, tea, and cocoa, with some progress made in developing cocoa and coffee for export. Staple food crops consist of cassava, plantains, maize, groundnuts, and rice. However, commercial agricultural output remains limited, as most producers are still focused on subsistence farming. In 2024, the country produced an estimated 3.9 million tonnes of cereals, a 3.2% increase from 2023, according to FAO. This included 1.6 million tonnes of rice and 2.3 million tonnes of other cereals such as maize, sorghum, and millet. Despite the growth, production fell short of domestic needs, requiring cereal imports of around 770,000 tonnes in 2024, up from 745,200 tonnes in 2023. The FAO continues to classify the DRC as one of the most food-insecure countries in Africa and Central Africa.

The industrial sector contributes to 46.5% of GDP and employs 9.8% of the active population. The country is presented with vast natural resources, with the mining sector playing a pivotal role in the economy and being the main source of export earnings. The Katanga region is particularly rich in minerals, including copper, cobalt, zinc, cassiterite, manganese, coal, silver, cadmium, germanium (a fragile element used as a semiconductor), gold, palladium (a metallic element used as a catalyst and in alloys), uranium, and platinum. The DRC also has deposits of gas (methane) and diamonds. The country is Africa's largest producer of copper and the world's largest producer of cobalt. Manufacturing plays an important role in the country's economy, despite the lack of skilled labour and machinery, accounting for 18% of GDP (World Bank). According to the same source, mineral rents account for 28.8% of GDP, the highest ratio in the world. As per data from S&P, the mining sector generated USD 4.36 billion in 2024, making up about 41.3% of the country’s USD 10.62 billion total revenue.

The services sector contributes 33.5% of GDP and employs 35.2% of the working population. The banking system is dominated by foreign companies, but only a fraction of the Congolese have a bank account. It consists of the Central Bank of Congo (BCC) and 18 commercial banks, along with savings/credit cooperatives, microfinance institutions, financial transfer services, and one development bank named SOFIDE. Tourism is also underdeveloped due to the prevailing security problems in the country.

 

Breakdown of Economic Activity By Sector	Agriculture	Industry	Services
Employment By Sector (in % of Total Employment)	55.1	9.8	35.2
Value Added (in % of GDP)	17.4	46.5	33.5
Value Added (Annual % Change)	2.2	14.6	3.1

Source: World Bank, Latest Available Data. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 

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Indicator of Economic Freedom

Definition

Definition:

The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labour freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms.}}

Score:

49/100

World Rank:

165

Regional Rank:

43

Economic freedom in the world (interactive map)
Source: Index of Economic Freedom, Heritage Foundation

 

 

Sources of General Economic Information

Ministries

Ministry of Mines
Ministry of Hydrocarbons
Ministry of Environment and Sustainable Development

Statistical Office

National Institute of Statistics (INS)

Central Bank

Bank of the Central African States

Stock Exchange

Central African Stock Exchange

Economic Portals

Financial Times
BBC News