Congo - Growth - 4.2% growth

Located in the heart of Central Africa, the Republic of Congo possesses great natural and human resources. According to the Ministry of Finance, economic growth is expected to average 4.21% over the period 2023-2024.

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The strong performance of the oil and non-oil sectors is acting as a catalyst for the growth of the Congolese economy, which is expected to reach an average annual rate of 4.21 TDP/T over the period 2023-2024. Economic growth in the Republic of Congo is projected to reach 4.61 TDP/T in 2024, compared to an estimated rate of 2.31 TDP/T this year.

This momentum stems from the strong recovery in the oil sector and the very solid performance of non-oil GDP, which are projected to grow by average amounts of 5.5 and 3.9% respectively over the period (2023 and 2024). According to the Ministry of Finance, the growth in the oil sector is due to the start of production at the Bouatou field, with an annual output of 1.4 million barrels, and the drilling of new wells in existing fields.

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In the non-oil sector, the primary sector will increase from 3.9% this year to 6.4% in 2024, driven by the "Agriculture, livestock, hunting and fishing" branch, which will average 5.8% over the period studied.

The secondary sector is expected to grow to an average of 4.51 TFPs over the period 2023-2024 with an increase in building and public works activities (6.71 TFPs) due to the accelerated implementation of the National Development Plan 2022-2026.

Commercial, restaurant and hotel activities, meanwhile, will experience near stagnation, rising from 3.9% in 2023 to 4% in 2024, bringing the tertiary sector to an average of 3% over the same period.

For the Congolese government, the implementation of the economic and financial program under the International Monetary Fund's (IMF) Extended Credit Facility and the acceleration of the implementation of the National Development Plan (NDP) 2022-2026 are factors that will positively impact the aforementioned economic prospects.

Note that the IMF's growth forecasts for the Republic of Congo are slightly higher over the period studied, with 4.1% for 2023 and 4.6% for 2024.

In 2022, the dynamic of the recovery of the Congolese economy is already underway with positive growth of 0.4% compared to -1.5% in 2021.