UEMOA: 7.1 % GDP growth projected in 2016


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.

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Report on the UEMOA Monetary Policy, September 2016 (French)