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Central Africa's CEMAC bloc revises down 2016 growth to 1 pct
December 21, 2016 / 11:58 AM / a year ago

Central Africa's CEMAC bloc revises down 2016 growth to 1 pct

YAOUNDE, Dec 21 (Reuters) - Central Africa’s six-nation CEMAC economic bloc will see economic growth of 1 percent this year, the regional central bank said, revising down an October forecast of 1.7 percent.

The slowdown is due primarily to a prolonged slump in oil prices, the BEAC bank said in a statement on Tuesday.

The resource-rich zone includes Cameroon, Gabon, Equatorial Guinea, Chad, Congo Republic and Central African Republic.

Growth was 1.6 percent in 2015, according to the International Monetary Fund (IMF). The IMF in August projected 1.9 percent growth in 2016 but said that from 2017 onward it was expected to reach 3.5 percent a year, as oil prices gradually recover.

Reporting by Sylvain Andzongo; Writing by Nellie Peyton; Editing by Emma Farge

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