Republic of Congo: 2015 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary Fund. African Dept.

Volume/Issue: Volume 2015 Issue 263

Publication date: September 2015

ISBN: 9781513552248

$18.00

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Topics covered in this book

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Exports and Imports , Economics- Macroeconomics , Public Finance , Business and Economics - Statistics , ISCR , CR , right , deficit , debt , oil price shock , oil price volatility , oil revenue , exchange rate , disbursement process , revenue shortfall , government deposit , Oil prices , Budget planning and preparation , Global

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Summary

This 2015 Article IV Consultation highlights that Congo’s growth was strong in 2014 and inflation was moderated, but the country has been hit hard by the oil price shock. Growth rose to 6.8 percent in 2014, driven by a rebound in oil production. The fiscal deficit amounted to 8.5 percent of GDP in 2014, a near doubling from 2013, owing mostly to increased spending and the lower oil revenues. The near- and medium-term outlook will be shaped by developments in the oil sector and the path and quality of fiscal adjustment. GDP growth in 2015 is projected at 1 percent and to average about 3 percent per year during 2015–20.