Economic activity within the West African Economic and Monetary Union is experiencing a sharp slowdown, said the Central Bank of West African States.

"The Union's GDP grew, year-on-year, by 3.3% in the first quarter of 2020, after 6.5% a quarter earlier," the institution said in a statement issued after the meeting of its Monetary Policy Committee, held this Tuesday, June 23, 2020 in Dakar.

According to the BCEAO, this deceleration in economic activity is mainly marked by the tertiary sector, whose contribution to growth has halved compared to the previous quarter, reflecting the first impacts of the spread of the pandemic, particularly in the tourism sectors, hotels, transport and commerce.

For the whole of 2020, the forecasts made by the Central Bank expect an economic growth rate of the Union of 2.6% against an initial forecast of 6.6%.