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DR Congo's 2015 growth slows to 7.7%

DR Congo's 2015 growth slows to 7.7%

Democratic Republic Of Congo

Democratic Republic of Congo (DRC) recorded a decrease in its economic growth of 7.7% for 2015 from a high of 9.2% in 2014, the African Development Bank (ADB) said in a report released on Wednesday.

In its African Economic Outlook report, ADB said growth during the period was derived mainly from mining, transportation, telecommunications and manufacturing sectors.

The bank also projected the economy to continue with its downward trend in 2016 with growth decelerating to 7% before rebounding to 8% in 2017.

ADB said acceleration would be based on a gradual recovery in the mining industry, the revitalization of the agricultural sector with the implementation of agro-industrial parks and the rapidly expanding services sector.

A slump in global prices of commodities has hit DR Congo’s mining industry and which has been forced to scale back production in the crucial sector.

Mining contributed 4.7 percentage points to the country’s GDP growth in 2014 and a similar amount in 2010-2013, according to Congo’s Central Bank.

Uncertainty on whether the country will hold its elections this year has also alarmed foreign investors.

Democratic Republic of Congo has been one of Sub-Saharan Africa’s strongest performers in terms of real GDP growth over the past five years, as the economy recovered after a civil war that ended in 2003.