Central African bloc to grow by up to 5.5 percent this year -IMF

Economic growth in the six-nation Central African CEMAC bloc is set to double to between 5 and 5.5 percent this year on the back of increased oil production, the International Monetary Fund said on Thursday.

The CEMAC zone is made up of Cameroon, Central African Republic, Chad, Congo-Brazzaville, Equatorial Guinea and Gabon.

Five of them produce oil, which accounts for 36 percent of the region's GDP and 87 percent of total exports.

Growth slipped to around 2.5 percent in 2013 due to a substantial decline in oil output. The CEMAC zone's central bank forecast 2014 GDP growth at 6.7 percent in March.

"The outlook for the remainder of 2014 points to a pick-up in economic growth. Regional real GDP growth is projected at 5 to 5.5 percent, as oil production will increase," the IMF said in a statement at the end of a two-week evaluation mission.

Inflation is expected to remain below 3 percent, the statement said.

The medium-term outlook appeared solid due to strong growth in non-oil sectors, but a projected decline in oil production in 2018/19 was expected to bring overall growth down.

A worsening security situation linked to a conflict in Central African Republic and attacks by the Boko Haram Islamist movement in Nigeria could also cut into growth, the IMF said.