Finance

DR Congo : Central Bank scales down GDP growth forecasts to 2.5%

Tuesday, 27 December 2016 03:44

In the Democratic Republic of Congo, the Central Bank announced on Dec. 26 it scaled down GDP growth for 2016 to 2.5%, from 4.3% previously.

The institution revealed this in a report published on its website which was relayed by Reuters. According to the document, the scale down was mainly driven by a fall in prices of commodities.

DR Congo, Africa’s leading copper producer currently struggles amid price fall in the mining sector. Truly, the crisis drove mining firms to cut their investments in the sector, waiting for things to get better.

After recording a growth rate of 6.9% in 2015, the nation had its copper, cobalt, and gold outputs slump this year, bringing its GDP down. Let’s recall that mining and oil make about 95% of DRC’s export revenues.

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