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DR Congo lowers economic growth forecast for the third time this year

DR Congo lowers economic growth forecast for the third time this year

Democratic Republic Of Congo

The Democratic Republic of Congo has slashed its economic growth forecast for 2016 to 4.3 percent, compared with 6.9 percent in 2015.

According to a statement released the prime ministers office, the lower forecast is due to the impact of low commodity prices.

The latest downgrade is the third this year after the government in June lowered the growth forecast to 5.3 percent from an earlier prediction of 9 percent.

The government also slashed its budget by 22 percent in June as a result of low commodity revenues.

DRC is Africa’s top copper producer and relies on its mining industry for about 95 percent of its exports earnings.

Copper output slumped 14 percent in the first half of this year while cobalt production slid by 13 percent over the same period.
Reuters

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