The Republic of Congo will enter its second year of recession as the government said it expects a 1.9% contraction of its gross domestic product this year, against a 1% growth expected earlier on.

According to Reuters which cites a statement from the minister of finance, Calixte Nganongo, the lower forecast is explained by low oil output, which results from fields getting exhausted.

Nevertheless, authorities reveal new projects such as Total’s Moho Nord field which entered production phase last March, should improve the situation. Indeed, this field should boost Congo’s overall output by 25% to 350,000 barrels per day, making the country the third largest oil producer in Africa, ahead of Equatorial Guinea and behind Angola and Nigeria.

Recently, the World Bank said Congo is the country that relies the most on its natural resources, as they contribute to 60% of its GDP.

Aaron Akinocho