Main Menu

Congo Republic says economy to contract 1.9 pct in 2017

BRAZZAVILLE, July 4 (Reuters) – The economy of Congo Republic is likely to shrink for a second consecutive year, the oil-producing nation’s government said on Tuesday, forecasting a 1.9 percent contraction in 2017, a downgrade from its earlier projection of 1 percent growth.

In a statement, Finance Minister Calixte Nganongo said the economy had been hit by lower than expected oil production, although output is expected to rise next year as new projects ramp up production. (Reporting By Christian Elion; Writing by Aaron Ross; Editing by Hugh Lawson)