(Business in Cameroon) - This year, the non-oil sector is set to be the main driver of GDP growth within the CEMAC zone. This was revealed by the Bank of Central African States (BEAC) in its “Monetary Policy Report” issued last July.

In this updated growth forecast, the bank set GDP growth at 2.5%, up from the 1.9% initially estimated.

“With regards to contributions to growth, the oil sector would provide + 1.0 point in 2018 while the non-oil sector would now provide + 1.5 points (against 1.3 points initially forecasted),” the document indicated.

BEAC pointed out the significant recovery of the oil sector in recent months is mainly attributable to the upturn in crude oil barrel’s prices on the international market. Indeed, the sector’s contribution to GDP growth was initially set at -0.7 point in Q1 2018 down from -0.4 points in 2017.  

Let’s note that CEMAC’s member countries include Cameroon, Congo, Gabon, Chad, Central African Republic, and Equatorial Guinea.

BRM