The dynamism of the economic activity of the West African Economic and Monetary Union (UEMOA), observed since the beginning of the year, strengthened in the third quarter of 2019, underlines the final communiqué released Wednesday at the end of the meeting. of the Monetary Policy Committee, held at the headquarters of the Central Bank of West African States (BCEAO).

The growth rate of the Gross Domestic Product (GDP) in real terms stood at 6.6% after 6.4% the previous quarter, notes the press release from the Governor of the BCEAO, President of the CPM, Tiémoko Meyliet Koné.

For the whole of 2019, Central Bank projections place the Union's economic growth rate at 6.6% as in 2018.

The execution of the financial operations of the Member States of the Union during the first months of the year was marked by ''a faster increase in budgetary revenue compared to expenditure with 18.3% against 12.5%' ', notes the press release from the CPM.

In view of these performances, the Monetary Policy Committee encourages the States to “continue the efforts undertaken to contain the budget deficit to a maximum of 3% of GDP in 2019 and to keep it below this threshold for the years to come, by line with Community objectives.

In addition, the Monetary Policy Committee decided to maintain unchanged the minimum interest rate for submission to liquidity injection call operations at 2.50% and the interest rate for the marginal lending window at 4, 50%.

Regarding the international situation, the Committee noted that “the growth of global economic activity in the third quarter of 2019 continues to be affected by uncertainties linked to trade disputes and geopolitical tensions”.

The growth of the world economy is expected, according to the International Monetary Fund, quoted by the press release, at 3% in 2019 after an achievement of 3.6% in 2018.

For 2020, IMF forecasts put global activity growth at 3.4% assuming these tensions ease.

The Monetary Policy Committee, which brings together representatives of WAEMU member states, meets quarterly to review, under the chairmanship of the Governor of the BCEAO, the main developments in the international and regional economic situation over the recent period. .

It is also for the members of the CPM to analyze the risk factors that could weigh on the medium-term outlook for inflation and economic growth in the Union.