2023-08-08 01:36:33
The July 2023 economic outlook note from the Central Bank of West African States (BCEAO) indicates that economic activity is expected to record annual growth of 6.0% in the third quarter of 2023 and 6.1 % in the fourth quarter of 2023, after growing 5.7% in the second quarter of 2023.
Abdul Wahab ADO
Economic activities could increase during the third quarter of 2023 according to BCEAO forecasts. The Union is expected to register an annual growth of 6.0% in the third quarter of 2023 and 6.1% in the fourth quarter of 2023, after a growth of 5.7% in the second quarter of 2023. The good performance of domestic demand would strengthen the economic growth in WAEMU countries. Over the rest of 2023, particularly in the third quarter, growth in economic activity should continue in the Union, in line with the execution of State programs and the dynamics of the private sector. The achievements of the WAEMU economies, driven by the good performance of services and the manufacturing industry, could potentially be affected by the current slowdown in certain partner countries, the rise in production costs and the postponement of the start-up until 2024. oil production in Senegal. The economic outlook note states that for the coming months, the economies of the Union should accentuate their recovery, mainly thanks to an expected increase in domestic demand and a continued improvement in certain sectors such as transport, tourism, hospitality and construction. However, the increase in production costs, the risks linked to insecurity and the slowdown in global demand could have a moderating effect. According to the results of the business survey conducted by the BCEAO, economic activity in all sectors is well oriented, and the business leaders surveyed anticipate better performance despite the deterioration in production conditions, in particular the increase the cost of credit. Commercial branches, manufacturing and extractive industries, as well as market and financial services should experience an acceleration. This is therefore good news for economic operators and investors in the Union.
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QA August 8, 2023
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