WAEMU GDP growth rate estimated at 5.7% in 2022

The GDP growth rate of the West African Economic and Monetary Union (UEMOA) is estimated at 5.7% in 2022 against 6.1% in 2021. The economic activity of the eight Member States of the Union (Benin , Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo) remained strong despite a gloomy international situation and a fragile socio-political and security environment, announced Monday the the President of the Council of Ministers of Uemoa, Sani Yaya, during the 23rd ordinary session of the Conference of Heads of State and Government of Uemoa.

This good performance of economic activity, notwithstanding the various shocks suffered, is due to the intensification of investments by the Member States, as well as the good performance of manufacturing, commercial and service activities. “, explained Sani Yaya.

As for the inflation rate in the Union, continued Sani Yaya, it is estimated at 7.5% in 2022 against 3.6% in 2021, mainly due to the persistence of tensions on the prices of food and petroleum products. , as well as on increases in function (housing and transport).

In a context of implementation by our States, he noted, the measures aimed at preserving the purchasing power of the populations, through targeted actions against the high cost of living and the continuation of public investment programs in course, the budget deficit would stand at 6.1% in 2022 against 5.5% in 2021.

However, Sani Yaya assured that the vigorous measures implemented by the Member States of the Union should make it possible to contain inflationary pressures and preserve the purchasing power of the populations. This, in a global context marked by Covid-19 and the effects of the Russian-Ukrainian war.

Ivorian President Alassane Ouattara has announced that the economic outlook for the Union is favorable and foresees a growth rate estimated at 7.3% in 2023.