DR Congo Private Consumption (ann. var. %)

GDP growth strengthened in H1 2022 due to a double-digit expansion in the mining sector and elevated commodity prices. In H2, activity growth likely softened: Annual expansions in copper and cobalt production waned compared to H1. Cobalt output was particularly weak, with double-digit contractions in every month of Q4. This, along with declining commodity prices, weighed on government revenue in H2. Moreover, elevated inflation between July and December should have depressed private consumption, while business sentiment averaged lower in July–August, suggesting subdued investment. Meanwhile, the escalation of the conflict in the east of the country at the end of 2022 likely dented economic activity. The region remains strife-torn: Militia and Islamic State attacks are intensifying, while a cease-fire negotiated on 4 February broke down within hours.