https://www.miningweekly.com

Congo averts recession in 2020 thanks to mining sector strength

16th February 2021

By: Reuters

  

Font size: - +

GOMA, Democratic Republic of Congo – Democratic Republic of Congo's economy averted an expected pandemic-induced recession in 2020 to grow 0.8% on the back of strong mining activity, a central bank official said on Tuesday.

Growth is expected to rise to 3.2% this year, the official, Plante Kibadhi, said in a tweet.

The International Monetary Fund projected last April that Congo's economy would contract by 2.2% in 2020 because of a fall in prices for key exports like copper and the impact of the coronavirus pandemic.

The price of copper, of which Congo is Africa's biggest producer, has rallied by 93% since last March. It briefly touched its highest point since 2012 on Tuesday, driven by optimism over Chinese demand and the global economic recovery.

Edited by Reuters

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION