The International Monetary Fund (IMF) projects Mauritania's economic growth will triple in 2025, estimating a 5.1% growth in 2024 and a significant rise to 14.3% in 2025.
Why is this important: The expected rise in economic growth is attributed to the first gas production and exports from the Grand Tortue Ahmeyim (GTA) development due to commence in the latter half of 2024. The transformative impact of the project and its expected gas revenue will drive the country’s GDP growth and increase gas exports to 11.6% of total exports. According to the IMF “ Mauritania’s economic growth remained strong in 2023. Inflation declined, the current account deficit narrowed, international reserves remained comfortable, and fiscal performance remained in line with the authorities’ medium-term goal of declining external debt.”
The Grand Tortue Ahmeyim (GTA) development, is a world-class gas province and a major LNG hub between Mauritania and Senegal's maritime border with 15 tcf of recoverable gas resource potential. Previously delayed due to contractual and COVID-related issues, the project led by BP Plc and Kosmos Energy Ltd is expected to produce 2.5 million tons of liquefied natural gas annually for exports.
The bottom line: The Government of Mauritania, is already thinking ahead and planning for the revenue generated by the GTA project to be reinvested in the country's green energy transition, fund infrastructure projects and ensure local capacity building through its Sovereign Wealth Fund the Fonds National des Revenus des Hydrocarbures (FNRH), positioning Mauritania as one of the fastest-growing economies in Africa in 2025.