The good performance of the oil and non-oil sectors will be the catalyst for Congo's economic growth, which is expected to reach an average annual rate of 4.2% during the period 2023-2024.
The Republic of Congo's economy is projected to grow by 4.4% in 2024, compared to an estimated rate of 4% for this year. This emerges from the report on the economic outlook of the Ministry of Finance, published on Wednesday, July 19.
According to the report, these developments will be the result of the solid performance of the oil and non-oil sectors, which will show an average annual growth of 5.5% and 3.9%, respectively, during the period studied.
The growth of the oil sector would be explained by the entry into production of the Bouatou field, with a production of 1.4 million barrels per year and the construction of new wells in old fields, according to the same source.
Regarding the non-oil sector, the primary sector will go from 3.9% this year to 6.4% in 2024, driven by the "Agriculture, animal husbandry, hunting and fishing" branch, which will average 5.8% during the period studied.
It is also observed that the secondary sector should grow by an average of 4.5% during the 2023-2024 period, with an increase in construction and public works activities (6.7%) due to the acceleration in the implementation of the National Plan. Development 2022-2026.
Article source: ECOM NEWS Afrique