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Macroeconomic News

Comoros growth unlikely to top 1 pct in 2009-IMF

Tue, 17th Mar 2009 17:58

NAIROBI, March 17 (Reuters) - Economic growth in the Comoros islands will
not surpass 1 percent in 2009, the International Monetary Fund (IMF) said on Tuesday.

The Indian Ocean nation's economy expanded by 1 percent in 2008, up from 0.5 percent in the previous year, underpinned by donor-funded public works projects, subsistence farming and private sector construction, the IMF said.

'Short-term prospects point to continuing sluggish economic activity in 2009, with real GDP growth unlikely to exceed 1 percent,' the IMF said in a statement on Tuesday.

Average inflation in 2008 was at 5 percent, the statement said.

The archipelago's current account deficit widened to 9.2 percent of gross domestic product, compared with 6.7 percent in the previous year, because of high oil prices in 2008, the IMF said.

The heavily-indebted country said last month it would need $25.1 million in 2009 to meet debt service obligations.

(Reporting by Helen Nyambura-Mwaura; Editing by Andy Bruce) Keywords: COMOROS ECONOMY/

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