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Economy in Africa

  • Kenya - Laying the Groundwork

    KENYA, 2016/02/11  

  • Tunisia: Fence Built On Border With Libya Completed

    LIBYA, 2016/02/09 Minister of National Defence Farhat Horchani announced Saturday the completion of the erection of a barrier on the border with Libya. Works, carried out over 250 kms (from Ras Jedir to Dhehiba), lasted only four months instead of a year, he noted. During a field visit to the buffer zone in the Tunisian south, Horchani said the defence system will be equipped in the coming months with an advanced electronic sensor system, in co-operation with the United States and Germany.

  • Egypt: PM - National Debt in Safe Position

    EGYPT, 2016/02/09 Prime Minister Sherif Ismail said his government will fulfill its promises to achieve a breakthrough in the Egyptians' standard of living in a year and half. In press statements, he said the volume of foreign deficit is in a safe position and that the National is capable of handling it without any negative impacts on development and services projects.

  • SOUTH AFRICA | Economy rebounds in Q3 on manufacturing output

    SOUTH AFRICA, 2016/01/24 In Q3, South Africa avoided falling into technical recession and GDP expanded 1.6% on a sequential basis, thus rebounding from the previous quarter’s 1.3% contraction. The expansion was attributed to a rebound in the manufacturing sector due to higher production of petroleum and chemical products. Conversely, the agricultural sector disappointed once again as adverse weather conditions took a toll on production and recorded a double-digit contraction for the third consecutive quarter.

  • NIGERIA | Growth accelerates in Q3 on strong oil supply

    NIGERIA, 2016/01/24 Despite the low-oil-price environment and scarcity of hard currency, the economy accelerated in Q3 on the back of stronger crude output. GDP at market prices expanded 2.8% annually in Q3, which marked a notable acceleration over Q2’s 2.3% increase. While the appointment of the new cabinet in November has provided a boost of optimism into the economy, an artificially strong naira and low oil prices continue to weigh on businesses sentiment.

  • Somber commodity outlook and domestic headwinds continue to weigh on regional growth

    AFRICA, 2016/01/24 Increase in the Sub-Saharan Africa (SSA) region stabilized in Q3 according to a preliminary set of data that accounts for around 65% of the region’s nominal GDP. The regional economy grew 3.3% annually, which matched the result tallied in Q2. Nevertheless, the pace of increase remained at levels last seen during the height of the financial crisis in 2009. Results of note in Q3 include a remarkable acceleration in Nigeria, which resulted from increased oil supply. That said, the ongoing low–oil–price environment and the Central Bank’s stubborn defense of the currency, which is reducing the availability of hard currency in the country, promises to keep increase subdued in the months approaching. In South Africa, increase rebounded in seasonally adjusted annualized terms in Q3 on stronger manufacturing output. That said, the outlook remains weak mainly due to severe domestic challenges.

  • Political Struggle Mounts Over the Economic Future of South Africa

    SOUTH AFRICA, 2016/01/11 During the second week of December the Minister of Finance Nhanhla Nene was summarily dismissed by the African National Congress (ANC) government in South Africa under President Jacob Zuma. Nene was restored instantly by David van Rooyen prompting an even deeper drop in the confidence in the Zuma government to address the decline in the key economic indicators. Next less than a week, Rooyen was relieved and restored by Pravin Gordhan, who had served in this position before from 2009-2014.

  • Global growth will be disappointing in 2016: IMF's Lagarde

    AFGHANISTAN, 2016/01/02 World economic increase will be disappointing next year and the outlook for the medium-term has as well deteriorated, the chief of the International Monetary Fund said in a guest article for German newspaper Handelsblatt published on Wednesday. IMF Managing Director Christine Lagarde said the prospect of rising interest rates in the United States and an economic slowdown in China were contributing to uncertainty and a higher risk of economic vulnerability worldwide. Added to that, increase in world trade has slowed considerably and a decline in raw material prices is posing problems for economies based on these, while the financial sector in a lot of nations still has weaknesses and financial risks are rising in emerging markets, she said.

  • Illicit outflows eating 5-10pc of Ethiopia's GDP

    ETHIOPIA, 2016/01/02 Illicit financial outflows are eating as much as 5 to 10 % of Ethiopia’s GDP, according to the World Financial Intelligence (GFI) statement released this month. This has prompted the country's Customs and Revenue Authority ECRA to step up the battle to stop the outflows of billions of dollars each year through trade ‘mis-invoicing’, which is done in collaboration with foreign partners. “As from last year, we are working hard to combat the practice, particularly the under-invoicing by importers and local traders,” said Sisay Baharu, a senior official with the Ethiopian Customs and Revenue Authority (ECRA).

  • Africa outperforms global economy despite downward revisions

    AFRICA, 2015/12/18 Africa continues to outperform other world regions despite falling commodity prices and rising conflict in 2015, according to revised GDP figures forecasted by the International Monetary Fund (IMF) accessed via Analyse Africa. Africa’s economy is predicted to grow by 3.62 % in real terms through 2015, significantly lower than the 4.17 predicted in the April edition but still above the world average of 3.12 %. Although increase figures have been revised downwards they remain relatively strong compared to other world regions, and second only to the Asia-Pacific region.
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