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Located in the heart of Central Africa, the Republic of Congo boasts significant natural and human resources. According to the Ministry of Finance, economic growth is expected to average 4.21 billion pounds over the period 2023-2024.
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The strong performance of the oil and non-oil sectors is serving as a catalyst for the growth of the Congolese economy, which is expected to reach an average annual rate of 4.2% over the period 2023-2024. The Republic of Congo's economic growth is expected to reach 4.6% in 2024, compared to an estimated rate of 2.3% this year.
This dynamic is due to the strong recovery of the oil sector and the very good performance of non-oil GDP, which will show an average growth of 5.5 % and 3.9% respectively over the period (2023 and 2024). According to the Ministry of Finance, the growth of the oil sector is explained by the entry into production of the Bouatou field, with a production of 1.4 million barrels per year and the completion of new drilling on the old 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” sector, which will average 5.8% over the period studied.
The secondary sector is expected to grow by 4.5% on average over the period 2023-2024 with an increase in construction and public works activities (6.7%) due to the acceleration of the implementation of the National Development Plan 2022-2026.
Commercial, catering and hotel activities, for their part, will experience virtual stagnation, going 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 Extended Credit Facility of the International Monetary Fund (IMF) and the acceleration of the implementation of the National Development Plan (NDP) 2022-2026 are factors that will positively impact the aforementioned economic outlook.
Note that the IMF's growth forecasts for the Republic of Congo are slightly up over the period studied with 4.1% for 2023 and 4.6% for 2024.
In 2022, the dynamics of the recovery of the Congolese economy are already underway with positive growth of 0.4% compared to -1.5% in 2021.
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