IMF sees Comoros 2011 growth just over 2 pct

Reuters    Translate This Article
24 August 2011

MORONI (Reuters) - Comoros' economy will expand by a little over 2 percent this year, driven by an uptick in agriculture production that has helped to contain domestic price pressures, the International Monetary Fund said.

'Real gross domestic product growth is projected at slightly over 2 percent for 2011,' the IMF said in a statement late on Tuesday. 'Consumer price inflation ... will still likely not exceed 5 percent by the end of 2011.'

A pick-up in foreign direct investment and high oil prices had widened the Indian Ocean archipelago's current account deficit, but foreign reserves were expected to remain at a 'comfortable' equivalent of six months of imports, the IMF said.

The Washington-based body earlier this year predicted economic growth on the coup-prone islands, sandwiched between Madagascar and Mozambique, would reach 2.5 percent.

The economy in the poor Indian Ocean archipelago relies chiefly on agriculture and fishing. It is the world's largest producer of the essence ylang ylang and also exports vanilla and cloves.

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