(Business in Cameroon) - According to a report published by the convergence committee, on October 5, in Paris (France), during a meeting of the ministers of finance of CEMAC member states, the zone’s oil output in 2016 decreased by 7.5% compared to the year before, standing at 44.3 million tons.
The report mentions that outputs of all the oil-producing countries have reduced. Cameroon’s output decreased by 3.7 % to reach 4.7 million tons. Congo recorded a 4.2 % slump, with a 11.4 million tons output. Next are Gabon, Equatorial Guinea and Chad whose outputs fell by 3.7%, 15.7% and 9.7% standing at 11.5 million tons, 10.2 million tons and 6.5 million tons, respectively.
Overall, CEMAC’s oil sector recorded a negative growth of 1.7%.
In 2016, the region’s GDP slumped by 0.4% against a 1.8% growth in 2015. This was the result of the decrease in the oil production and non-oil sectors slowing down, the convergence committee highlighted.