IMF sees Comoros 2011 growth just over 2pc

MORONI : Comoros ' economy will expand by a little over 2 percent this year, driven by an uptick in agriculture product

Published August 24, 2011 Updated August 24, 2011 10:40am

1 min

By Imad Uddin

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"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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