Natural Resources
The country has rich but largely unexploited natural resources in the form of diamonds, gold, uranium, and other minerals. Diamonds constitute the most important export of the CAR, frequently accounting for 40-55% of export revenues, but an estimated 30-50% of the diamonds produced each year leave the country clandestinely. There may be petroleum deposits along the country's northern border with Chad (Two billion barrels of oil are present in private estimates). Diamonds are the only of these mineral resources currently being developed; reported sales of largely uncut diamonds make up close to 60% of the CAR's export earnings. Industry contributes less than 20% of the country's GDP, with artesian diamond mining, breweries, and sawmills making up the bulk of the sector. Services currently account for 25% of GDP, largely because of the oversized government bureaucracy and high transportation costs arising from the country's landlocked position.
Read more about this topic: Economy Of The Central African Republic
Famous quotes containing the words natural and/or resources:
“Old age cannot be cured. An epoch or a civilization cannot be prevented from breathing its last. A natural process that happens to all flesh and all human manifestations cannot be arrested. You can only wring your hands and utter a beautiful swan song.”
—Renee Winegarten (b. 1922)
“The poor tread lightest on the earth. The higher our income, the more resources we control and the more havoc we wreak.”
—Paul Harrison (b. 1936)