REAL GDP GROWTH RATE, ESTIMATED AT +3.7%, AGAINST +1.5% IN 2023
24 Jul, 2024
“The macroeconomic situation, at the national level, consolidated in the first quarter of 2024. It was driven by the revival of investments in the oil sector. This development resulted in a surplus in the overall budget balance based on commitments, excluding grants, and an increase in the money supply. As a result, economic activity is expected to consolidate in 2024, with a real gross domestic product (GDP) growth rate of +3.7%, compared to +1.5% in 2023.” This is one of the conclusions of the 2nd ordinary meeting of the National Economic and Financial Committee (CNEF) of the Republic of Congo, for the year 2024, chaired at the headquarters of the Bank of Central African States (BEAC), in Brazzaville, by the Minister of Economy and Finance, Mr. Jean-Baptiste ONDAYE.
This note on the national economic, monetary and financial situation was the first of the four notes presented under the 3rd item on the agenda, out of the five listed.
The 2nd note, for its part, focused on the financing of the Congolese economy. In this regard, the Committee noted an increase of 11.8% in the outstanding gross credits granted to customers to 1,496.3 billion CFA francs as of April 10, 2024, and an increase in non-performing loans of 7.7% to 272.9 billion CFA francs.
On the treasury securities market of the Economic and Monetary Community of Central Africa (CEMAC), the outstanding amount of Congolese public securities reached 2,319.9 billion CFA francs, up 24.54%, representing 35.4% of the CEMAC total.
However, the debt stock in relation to GDP would fall to 84.4% in 2024, compared to 95.8% in 2023.
It should be noted that this CNEF meeting was held in a context marked by, among other highlights, "the validation by the Executive Board of the International Monetary Fund (IMF), on July 10, 2024, of the 5th review of the Economic and Financial Program, supported by the Extended Credit Facility (ECF), for the benefit of the Republic of Congo, as well as the holding in Brazzaville, from Friday, June 28 to Saturday, June 29, 2024, of the 3rd edition of the CEMAC Banker's Days", as recalled by the President of the CNEF, Mr. Jean-Baptiste ONDAYE, Monetary Authority of Congo. He was accompanied by Mrs. Ingrid Olga Ghislaine EBOUKA BABACKAS, Minister of Planning, Statistics and Regional Integration, and Mr. Ludovic NGATSE, Minister of Budget, Public Accounts and Public Portfolio.
The Communication Unit of the Ministry of Economy and Finance.
