Chad Economy Profile 2009

Economy - overview

Chad's primarily agricultural economy will continue to be boosted by major foreign direct investment projects in the oil sector that began in 2000. At least 80% of Chad's population relies on subsistence farming and livestock raising for its livelihood. Chad's economy has long been handicapped by its landlocked position, high energy costs, and a history of instability. Chad relies on foreign assistance and foreign capital for most public and private sector investment projects. A consortium led by two US companies has been investing $3.7 billion to develop oil reserves - estimated at 1 billion barrels - in southern Chad. Chinese companies are also expanding exploration efforts and plan to build a refinery. The nation's total oil reserves are estimated at 1.5 billion barrels. Oil production came on stream in late 2003. Chad began to export oil in 2004. Cotton, cattle, and gum arabic provide the bulk of Chad's non-oil export earnings.

GDP (purchasing power parity)

$15.86 billion (2008 est.)
$15.99 billion (2007 est.)
$15.78 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$8.39 billion (2008 est.)

GDP - real growth rate

-0.8% (2008 est.)
1.3% (2007 est.)
0.2% (2006 est.)

GDP - per capita (PPP)

$1,600 (2008 est.)
$1,600 (2007 est.)
$1,600 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 20.5%
industry: 48%
services: 31.5% (2008 est.)

Population below poverty line

80% (2001 est.)

Labor force

4.293 million (2007)

Labor force - by occupation

agriculture: 80% (subsistence farming, herding, and fishing)
industry and services: 20% (2006 est.)

Unemployment rate

NA%

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Investment (gross fixed)

13.7% of GDP (2008 est.)

Budget

revenues: $2.324 billion
expenditures: $1.91 billion (2008 est.)

Inflation rate (consumer prices)

10.3% (2008 est.)
4% (2007 est.)

Central bank discount rate

NA% (31 December 2008)
5.25% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
15% (31 December 2007)

Stock of money

$NA (31 December 2008)
$874.5 million (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$55.23 million (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$82.81 million (31 December 2007)

Industries

oil, cotton textiles, meatpacking, brewing, natron (sodium carbonate), soap, cigarettes, construction materials

Industrial production growth rate

2% (2008 est.)

Electricity - production

95 million kWh (2006 est.)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

88.35 million kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

156,000 bbl/day (2008 est.)

Oil - consumption

1,352 bbl/day (2006 est.)

Oil - imports

1,492 bbl/day (2005)

Oil - exports

176,700 bbl/day (2005)

Oil - proved reserves

1.5 billion bbl (1 January 2008 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

0 cu m (2007 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

$-805 million (2008 est.)
$-737.8 million (2007 est.)

Agriculture - products

cotton, sorghum, millet, peanuts, rice, potatoes, manioc (tapioca); cattle, sheep, goats, camels

Exports

$4.502 billion (2008 est.)
$3.674 billion (2007 est.)

Exports - commodities

oil, cattle, cotton, gum arabic

Exports - partners

US 90.7%, China 3.3%, Japan 2.2% (2008)

Imports

$1.862 billion (2008 est.)
$1.541 billion (2007 est.)

Imports - commodities

machinery and transportation equipment, industrial goods, foodstuffs, textiles

Imports - partners

France 19.2%, Cameroon 16.2%, China 10.4%, US 8.5%, Germany 6.1%, Saudi Arabia 5.1%, Netherlands 4.4% (2008)

Reserves of foreign exchange and gold

$1.347 billion (31 December 2008 est.)
$964.4 million (31 December 2007 est.)

Debt - external

$1.6 billion (2005 est.)

Stock of direct foreign investment - at home

$4.5 billion (2006 est.)

Stock of direct foreign investment - abroad

$NA

Market value of publicly traded shares

$NA

Economic aid - recipient

ODA, $379.8 million (2005)

Currency (code)

Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States

Currency (code)

XAF

Exchange rates

Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar - 447.81 (2008 est.), 480.1 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004)
note: since 1 January 1999, the Central African CFA franc (XAF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; Central African CFA franc (XAF) coins and banknotes are not accepted in countries using West African CFA francs (XOF), and vice versa, even though the two currencies trade at par

Fiscal year

calendar year