Overview of Central African Republic

The Central African Republic economy holds the 170th position according to the nominal GDP (Gross Domestic Product) in 2020. The agricultural sector rules the country's economy with a share of 43.2 %, followed by the service sector with 40.8% and the industrial sector with 16%. The majority of the population works in the agricultural industry for their livelihood.

Total population - 5,915,627 people (2024)

GDP - INT$5.000 Billions for 2024 in PPP terms.

Economic Overview

The GDP rate of the Central African Republic has decreased slightly and has reached a valuation of US $2.3 billion in 2020. It is expected to increase by 3.49% in 2021 and around 5.01% by 2022. The unemployment rate has been increased by 0.29% in 2020 and is around 4.33%. The unemployment rate is expected to reduce in the coming years.

Market Size

The Central African Republic has a lower income or least developed economy. The country faces many economic challenges but is slowly recovering from them. The country's main industries are agriculture, mining, fishing, timber industry, and banking and financial services. The IT sector and other sectors need an improved structure and development.

A brief glimpse of the industries

• The most prominent industry of the Central African Republic is the agricultural industry. It contributes more than 50% to the country's GDP and employs most of the labor force. The agricultural activities are mostly based on the farming of food crops. Most of the local people depend upon farming for their livelihood.
• Another industry of the Central African Republic is the finance and banking sector. It contributes to the economic growth of the country but in a limited way. The financial system is yet to be developed fully and is dominated by commercial banks. The country is still not improved in this sector, and the local population has limited access to these services.
• Mining is one of the major industries of the country that contributes to the export trades. The main export product is diamond which accounts for 40% of total exports in the Central African Republic. Gold, iron ore, manganese, copper, and uranium are other mineral deposits of the country.
• Fishing is another important industry in the Central African Republic. It mostly takes place on the sides of the rivers. The government has also started many programs to uplift this industry.

Cost of living in the Central African Republic

Living in the Central African Republic is quite economical as compared to other countries in the world. It is ranked 109th out of 197 in the best country to live in the list. The living cost for locals and expats vary slightly. The following table depicts the average cost of living in the Central African Republic.

Cost of Renting

The cost of renting in the Central African Republic may vary depending upon the apartment's location or its size. If you want more facilities, then the price may increase. A one-bedroom apartment has a rent of around $279, and for a three-bedroom apartment, the rent is $560. If you want a place in the cityside, then the price will increase accordingly.

The top sectors that are expected to hire in the Central African Republic are: -

Top skills in the Central African Republic

The Central African Republic economy is ruled by the agricultural sector with many subsectors. A person with a wide variety of skills can easily fetch a job in the Central African Republic. There are required hard skills and soft skills required for the job seekers, leading to many openings in the job market. The opportunities may range from an IT professional to a Health product manager.

Major skills and areas which have witnessed a recent growth rate

• IT
• Healthcare
• Finance
• Insurance
• Advertising
• Customer Service

Top skills city-wise occupation-wise

• Bangui: - It is the largest city of the Central African Republic and the capital of the country. It can be called the commercial and administrative hub of the country. The main industry in the city is exporting. Exports have contributed heavily to the economy of the country. The products of exports include cotton, coffee, rubber and diamonds. Another major industry in the city is manufacturing which includes the production of textiles, beer and soap.
• Berberati: - It is the second-largest city in the country. The mining industry is prominent in the city with the production of gold and diamond. The other industry includes exports and agriculture. There are openings in the job market for expats.

Hiring Cost

The cost of hiring is always a key factor to keep in mind while hiring an employee. The employer should take care of all the costs involved in the hiring process. This may include several factors. Some of them are: -

• Interview process
• Orientation cost
• Training expenses
• Time invested

Salary structure for various roles

The table below depicts the average salaries that are offered to employees in the Central African Republic according to different sectors: -

Employment Laws in the Central African Republic

The employment system in the Central African Republic has a legal and regulated system. Other factors like wage, working hours and so on are different for different fields. Employment and Labor Law in the Central African Republic regulates the following aspects: -

• 40 working hours per week
• Minimum wage
• Paid and unpaid leave
• Employment contract; oral or written
• Anti-discrimination
• Employee privacy
• Employee protection
• Security Laws

How Can Skuad Help You with Hiring in the Central African Republic?

When you are looking to hire the best personnel in the Central African Republic, you must be prepared for considerable time and investment on your part. But now, with Skuad as your hiring partner, all your worries for hiring the best talent in the Central African Republic are taken care of. Connect with Skuad Experts to know more.