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15 Feb 2023
IMF Staff Concludes Visit to the Democratic Republic of the Congo
“Preliminary data show significantly stronger real GDP growth in 2022 than previously anticipated. Growth is now estimated at 8.5 percent, as stronger-than-expected mining production (which grew at about 20 percent) more than compensated for a downward revision to non-extractive growth (to 3.2 percent from 3.9 percent). Annual inflation reached 13.1 percent at end-2022 on account of higher food, energy, and transport prices. Preliminary data also suggest that the current account deficit widened in 2022, due to strong import growth and deteriorated terms of trade. Despite this deterioration, the Central Bank of Congo (BCC) has reported gross international reserves at US$4.6 billion, about $300 million above the previous projection. The 2022 overall fiscal balance is estimated to have deteriorated as spending increased to address the security situation and arrears repayments.
