The Republic of Congo government expects the country’s GDP growth to rise from 2.6 percent this year to 3.4 percent in 2017. This due to several new oil blocks which are expected to come online, government spokes person Thierry Moungalla, said in a statement.
However, the government plans to cut its budget by 24.3 percent in 2017 to 2.74 trillion CFA Franc which translates to $ 4.7 billion, as it seeks to rein in public spending following the elections that were held in March this year.
According to the World Bank, the central Africa nation is the most resource dependent nation in the world, with commodities account for nearly 60 percent of economic output and with about half of its just over 4 million people living in poverty.
It is however on track to reverse a decline in oil production and overtake Equatorial Guinea to become sub-Saharan Africa’s third-largest crude producer by next year.
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