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Central African Bloc's Economy To Grow 5.3 Pct In 2014: Cenbank
19/12/2013
YAOUNDE (Reuters) - The economy of the six-nation Central African CEMAC bloc is set to expand by 5.3 percent in 2014, more than double this year's projected rate, largely on the back of rebounding oil production, the region's central bank governor said.
The zone, which shares the CFA franc currency, revised down its 2013 growth forecast to 2.6 percent from 4.1 percent last month due to a decline in public investments and oil production.
"The growth rate will bounce back in the sub-region, but the rate of 5.6 percent does not seem satisfactory," Lucas Abaga Nchama said in comments broadcast on Cameroon's state radio on Wednesday.
He called for increased diversification of the economy to insulate against fluctuations caused by oil dependence.
The figure brings the central bank's estimate in line with the International Monetary Fund's 2014 forecast.
Inflation is forecast to rise to 3.2 percent in 2014, up from 2.5 percent in 2013, Nchama said.
The CEMAC zone is made up of Cameroon, Central African Republic, Chad, Congo-Brazzaville, Equatorial Guinea and Gabon. Five of them produce oil, which accounts for 36 percent of the region's GDP and 87 percent of total exports.
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