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UEMOA: 7.1 % GDP growth projected in 2016

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The Monetary Policy Committee (MPC) of the Central Bank of West African States (BCEAO) announced that the average UEMOA GDP is expected to grow by 7.1% in 2016. This is less than the growth rate that was forecast during the first two trimesters, but it is slightly above the 2015 growth rate of 7%. In line with global trends, the prices of UEMOA’s main export commodities – including crude oil, rubber, palm oil, coffee and cashew nuts – increased during the second part of 2016. Lower fuel and food prices kept the inflation rate moderate, 0.5% at the end June, down from 0.8% at end March. During the first half of 2016, the budget implementation of UEMOA member states resulted in an overall deficit (CFA francs 678.1 billion or 2.3% of the GDP, compared to CFA francs 879.8 billion or 3.4% of the GDP in 2015). It is critical that UEMOA countries mobilise their tax revenues and streamline their public spending in order to reduce budget deficits below the 3% ceiling by 2019. The region’s prospects for growth in the medium-term are positive overall, despite consistent security concerns in member countries such as Mali or Niger.

Find out +: http://www.bceao.int/Communique-de-presse-BCEAO-3754.html
Report on the UEMOA Monetary Policy, September 2016 (French)

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