The economy of the six-nation Central African CEMAC bloc is set to expand by 6.7 percent in 2014 because of a rise in domestic consumption and growth in the non-oil sector, according to the region's monetary policy committee. The forecast represents an upward revision since December, when the central bank governor of the bloc, which shares the CFA franc currency, said the economy would grow at 5.3 percent in 2014 on the back of growing oil production.The CEMAC zone is made up of Cameroon, Central African Republic, Chad, Congo-Brazzaville, Equatorial Guinea and Gabon.
Five of them produce oil, which accounts for 36 percent of the region's GDP and 87 percent of total exports."The 2014 sub-regional economic outlook assumes a significant increase of activity supported by a rise in domestic demand, renewed activity in the non-oil sector, buoyant building and construction and gradual recovery in the oil sector," the statement said.Price are expected to rise an average 3 percent in 2014, said the statement, signed by bank governor Lucas Abaga Nchama.It was issued last week after a committee meeting in Malabo, the capital of Equatorial Guinea, and sent to Cameroon on Monday.
The committee held its main policy rate at 3.25 percent.In November, the zone revised its 2013 growth forecast down to 2.6 percent from an earlier estimate of 4.1 percent due to a decline in public investments, public works and oil production.
