DRC - Growth - One of the strongest economic growth rates on the continent

The economic situation in the Democratic Republic of Congo (DRC) is improving significantly, with very positive prospects. 2022 saw stronger-than-expected growth of 8.51%.

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As proof of the resilience of the Congolese economy, after the successive crises of covid-19 and the rise in international prices, caused by the war in Ukraine, the IMF forecasts solid economic growth for the year 2023 projected at 8%, driven mainly by the extractive industry branch whose sectoral contribution should be 3.09 points of growth, 2.32 points and 2.03 points, respectively in 2023, 2024 and 2025. It would then be driven by the transport and telecommunications branch whose contribution would reach 1.05 points of growth in 2023, 1.08 points in 2024 and 1.10 points in 2025.

In 2022, growth was primarily driven by the mining sector, which was itself buoyed by the improvement in global prices for key export commodities. The DRC is Africa's leading copper producer and the world's leading producer of cobalt, a strategic metal used in the manufacture of batteries, in particular.

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With prices for both metals rising significantly in 2021, the IMF has also revised upwards its 2022 economic growth forecast for the Democratic Republic of Congo, reflecting high commodity prices and government reforms that have improved public finances.

Economic growth surged to 5.71t/3t in 2021 after slowing to 1.71t/3t in 2020 due to the pandemic. The mining sector was a key driver of growth, with copper and cobalt production increasing by 121t/3t and 7.61t/3t, respectively. Non-mining sectors (particularly agriculture and services) also recovered, recording growth of 3.91t/3t in 2021 despite the Covid-19-related economic restrictions.

The medium-term outlook for the DRC is favorable, with estimates predicting growth of 6.41t/t in 2023. The mining industry grew in 2022 and is expected to grow even more by 2024, as the Kamoa-Kakula copper mine entered its second phase of production in late 2022.