Analysis by Region - Emerging Markets - Congo Republic

Analysis by Region - Emerging Markets - Congo Republic

After yielding to economic contraction since 2015, the economy reversed course last year. The non-oil sector of the economy was the driving force behind the 2.3% growth rate. Growth was supported by the complete removal of Covid-19 restrictions along with a boost from public investment spending. Despite the elevated prices for oil in 2022, the domestic oil sector remained under pressure due to falling oil production: delays in new investments into oil fields along with maturing fields contributed to the loss. That said, given the attractiveness of higher global energy prices, some oil fields managed to significantly boost production. The elevated oil prices helped to expand the current account surplus, while increased government revenue collections lifted the fiscal surplus to 10.9% of GDP in 2022.