Macroeconomic Report & Economic Updates

March 1, 2017

Africa Economic Update (Issue 1)

Sub-Saharan Africa experienced its worst economic
performance in over two decades in 2016, with growth slowing to 1.5 percent.
The poor performance in South Africa and oil exporting countries is responsible
for attenuating regional growth rate, due to their high collective contribution
to regional GDP, despite robust performance in non-resource intensive countries.
Growth in Sub-Saharan Africa is projected to slightly improve in 2017 (2.9
percent) and further strengthen in 2018 (3.6 percent). At the sub-regional
level, growth prospect is estimated to be highest in West Africa (4.78
percent), attributable to 5.93 percent growth rate from West African Monetary
Union (WAEMU) Countries. East Africa is expected to grow at 4.5 percent,
Southern Africa 3 percent, and Central Africa 2 percent. Agricultural exporting
countries are projected to grow at around 7 percent, while oil producing
countries are estimated to grow at 1.9 percent, which indicates a recovery from
the negative growth recorded in 2016.

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Africa Economic Update (Issue 6)

Available data shows that headline inflation reduced in most countries in the region in May 2017 relative to preceding months. Notably, headline inflation decreased in Nigeria (16.25 percent), Ghana (12.26 percent), Tanzania (6.1 percent), Senegal (1.8 percent), Namibia (6.3 percent) and Rwanda (11.7 percent), while it grew in South Africa (5.4 percent), Kenya (11.7 percent), Ethiopia (8.7 percent) and Uganda (7.2 percent). Cote dIvoire (-0.4 percent) recorded consumer price deflation. The decrease in consumer price in Nigeria, Tanzania and Ghana can be attributed to decreases in both food and non-food components of inflation. Regionally, all countries in Southern Africa recorded single digits inflation, however consumer price marginally increased in South Africa, for the first time in 2017 owing to spike in food prices6, and Botswana (both by 0.1 percent).