March 16, 2017 / 1:33 PM / 8 months ago

Congo Republic says GDP growth to rise to 1 pct in 2017

BRAZZAVILLE, March 16 (Reuters) - Congo Republic’s economy is expected to grow by 1 percent in 2017, after contracting 2.1 percent last year, due to increased oil production, the government said late on Wednesday.

The statement by the national monetary and financial committee said growth would be lifted by this week’s start of production at Total’s Moho Nord oil field, which will have a production capacity of 100,000 barrels of oil equivalent per day.

Congo is set to leapfrog Equatorial Guinea this year to become sub-Saharan Africa’s third largest crude producer. (Reporting by Philon Bondenga; Writing by Aaron Ross; Editing by Matthew Mpoke Bigg and Alison Williams)

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