DR Congo: government revises 2015 growth prospects downwards, to 8.4%

(Agence Ecofin) - The Congolese government announced, in a communiqué published on 24 August, having revised downward its growth prospects for 2015 to 8.4% against a previous figure of 9.2% when prices for copper have reached their lowest level in 6 years.

The economy of the largest producer of the red metal in Africa registered a growth of 9.5% in 2014, according to official data. “The raw materials market, dominated by copper for DR Congo, is still affected by the drop in prices for this metal” clarified a communiqué published by the Offices of Prime Minister Augustin Matata Ponyo (photo).

The prices for copper on the international market have dropped following fears of a slowdown in the Chinese economy, which have been intensified after the publication on 21 August of the Chinese manufacturing benchmark index. This index reached its lowest level in 6 years, flagging a violent tightening of the Chinese manufacturing activity in August.

Though extremely rich in natural resources (farm lands, ores, wood, water among others), DR Congo is second to last in the human development ranking published by the UN.