Africa Economy in March 2015

Source: OPEC 3/29/2015, Location: Africa

Economic growth in South Africa slowed to 1.3% y-o-y in 4Q14 from 1.6% in the previous period. For the whole of 2014, GDP posted growth of 1.5% y-o-y, signalling the slowest pace of expansion since 2009. Gross fixed capital formation contracted in 2Q14 and 3Q14, while disaggregate data on 4Q14 has still not been published by South Africa’s Reserve Bank. Inflation slowed to 4.4% in January, its smallest increase since April 2011.

The non-oil private sector in Egypt showed further signs of weakness in February with the PMI dropping to a 17-month low of 46.8. This suggests a solid deterioration in operating conditions last month, with output and new orders falling at faster paces. The private sector shed jobs at its sharpest rate since September 2013, while currency depreciation led to intensifying cost pressures. The Egyptian pound lost 4.8% m-o-m of its value against the US dollar last month, the sharpest depreciation since January 2013. Inflation grew 9.4% y-o-y.


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