Bank of Central African States reports CEMAC activity index held at 4.9% in the first quarter, sees 6.7% in the second quarter

The Bank of Central African States published an update on the CEMAC Composite Index of Economic Activity showing that regional economic activity grew 4.9% year on year in the first quarter of 2026, unchanged from the fourth quarter of 2025 but slower than the 9.0% recorded a year earlier. The note says growth remained broadly stable with the private sector as the main support, while weaker public sector demand limited the pace of expansion. Cameroon was the largest contributor to first quarter growth at 2.5 percentage points, followed by Congo and Chad at 1.0 point each. Gabon and the Central African Republic made smaller positive contributions, while Equatorial Guinea detracted slightly. The public sector weighed on activity as public procurement weakened in some countries, especially Cameroon and Gabon, after the completion of major infrastructure works and a slow start to public works early in the year. Private-sector activity was supported by telecommunications, breweries and, to a lesser extent, construction, with higher bank financing helping services, agro-industry and construction. At the same time, agro-industry and financial services slowed in most CEMAC states, while energy access problems and logistics constraints limited the recovery in the non-oil economy. For the second quarter of 2026, BEAC services project the ICAE will accelerate to 6.7% year on year. The improvement is expected to be driven mainly by Cameroon and Chad, alongside positive contributions from Congo, Gabon, the Central African Republic and a return to positive territory for Equatorial Guinea, supported by stronger commodity prices, oil and mining activity, the start of Cameroon’s cocoa campaign, domestic demand and infrastructure projects.