Public Management

BCEAO sees economic growth in WAEMU at 6.4% in Q1 2024

BCEAO sees economic growth in WAEMU at 6.4% in Q1 2024
Friday, 08 March 2024 17:13

The West African Economic and Monetary Union (WAEMU) is projected to achieve a 6.4% growth rate in the first quarter of 2024, according to the Central Bank of West African States (BCEAO). This positive forecast aligns with the commencement of natural gas field exploitation and the initiation of a new oil pipeline by member countries, including Senegal, Côte d'Ivoire, and Niger.

The BCEAO attributes this expected growth to an increase in domestic demand and steady improvements in key sectors such as transport, tourism, hospitality, and construction. Subsistence agriculture, trade, the manufacturing and extractive sectors, along with market and financial services, are anticipated to be major drivers of this growth.

As a reminder, significant developments have recently occurred in the region, especially with the operational start of natural gas exploitation and oil pipelines in several member countries. These advancements signify important milestones for the economies.

The 6.4% growth projection for the current quarter extends the positive trend noted throughout 2023 within the WAEMU. By the end of November, the economic activity within the union had shown promising signs, supported by robust domestic demand and continuous public investments. Industrial production increased by 4% year-over-year, with retail sales and services in markets and finance also seeing significant gains. Activity in the construction and public works sector has improved across the region, excluding Burkina Faso and Niger.

Despite these positive developments, ongoing security and political crises pose risks to the economic forecast of the WAEMU region. The lifting of sanctions imposed on Niger marks a milestone whose regional impact remains to be seen.

Looking ahead, the BCEAO predicted a 6.1% economic growth rate for the WAEMU in the last quarter of 2023, up from 5.8% in the preceding quarter.

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
• Nile.ag secures $11.2 million in equity funding led by Cathay AfricInvest Innovation Fund• Capital to expand digital agriculture tools and...
• KCB Group is in discussions with Ethiopia’s central bank following a 2024 law that allows foreign banks to operate locally.• The group may obtain a...
• FirstRand receives approval to take over HSBC's South African assets, clients, and staff• Move supports expansion of investment banking and...
• CBN gives forex bureaus until December 31, 2025, to meet new capital rules• Fewer than 10% of operators were compliant as of June 2025, says ABCON• Over...
Most Read
01

• WAEMU’s inflation dropped from 2.2% in March to 1.5% in April 2025• BCEAO attributes the decline t...

WAEMU Inflation Rate Falls to 1.5% in April 2025
02

This launch is a significant milestone that highlights Rwanda's ongoing digital transformation. With...

MTN Rwanda Launches 5G Network in Kigali, Paving Way for Nationwide Expansion
03

BCEAO lowers main rate from 3.50% to 3.25% effective June 16, 2025 Inflation eased to 2.3% in...

BCEAO Cuts Key Rate to 3.25% to Stimulate Regional Growth
04

• FirstRand receives approval to take over HSBC's South African assets, clients, and staff• Move sup...

FirstRand to Acquire HSBC's Clients and Assets in South Africa
05

Egypt signs deals to import up to 290 LNG cargoes over 30 months, starting in July Trafigura,...

Egypt secures 290 LNG shipments ahead of peak summer electricity demand
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.