Central Africa experienced accelerated growth in 2022, recording a real GDP growth rate of 5.0% in 2022, up from 3.4% in 2021, according to African Development Bank statistics. This renew economic activity was driven by favourable commodity prices, particularly in a region with net exporters of not only crude oil, but also minerals and other commodities. This regional growth momentum was mainly sustained by the Democratic Republic of Congo which recorded a real GDP growth rate of 8.5% in 2022.

In 2022, the Central African region experienced pent-up inflation and consolidated fiscal and external positions compared with other regions. Although the region’s public finance situation improved in 2022, it remains in deficit. The overall budget balance, including grants, was -0.6% of GDP, that is an improvement of 0.4 percentage point compared to 2021.

Despite the improvement in the prices of the region’s main exports, the observed deficit was driven by an increase in overall primary expenditure linked to budget support measures implemented by the region’s governments in response to the persistent negative effects of the invasion of Ukraine by Russia 1 on energy and food prices. Central Africa’s current account balance improved in 2022 compared to 2021, but remained in deficit, reflecting the region’s need for financing. It was -1.5% of GDP as against -1.8% in 2021.

Report by the African Development Bank