High Quality Content by WIKIPEDIA articles! The economy of the Republic of the Congo is a mixture of village agriculture and handicrafts, an industrial sector based largely on petroleum extraction, support services, and a government characterized by budget problems and overstaffing. The Congo`s growing petroleum sector is by far the country`s major revenue earner. In the early 1980s, rapidly rising oil revenues enabled the government to finance large-scale development projects with GDP growth averaging 5% annually, one of the highest rates in Africa. However, the government has mortgaged a substantial portion of its oil earnings, contributing to the government`s shortage of revenues. The Congolese oil sector is dominated by the French parastatal oil company Elf Aquitaine, which accounts for 70% of the country`s annual oil production. In second position is the Italian oil firm Agip. Chevron, independent CMS Nomeco, and Exxon Mobil are among the American companies active in petroleum exploration or production. Following recent discoveries and oil fields currently under development, Congo`s oil production is expected to continue to rise significantly in the next few years.