Africa Economy in May 2015

Source: OPEC 5/18/2015, Location: Africa

In Egypt, the central bank kept its benchmark interest rate unchanged in April at 8.75%. At the beginning of the year, the interest rate was lowered from 9.25% to 8.75%. Business conditions in the country’s non-oil private sector slowed for the fourth month running in April, with the PMI in the contraction territory. The PMI posted 49.8 in April, marginally up from 49.6 a month earlier. The survey pointed to modest growth in output, new orders and new export work, while job creation falls for the fifth month in a row.

In South Africa, trade balance stood in the surplus of 483 million rand in March 2015, compared to a revised deficit of 8.7 billion rand in February. Exports increased 19.3% from the previous month. Sales of precious metals and stones and machinery and electronics led the rise, followed by base metals, vehicle and transport equipment and mineral products. South Africa’s private sector economy grew for the second month running in April. The HSBC PMI posted 51.5 in April, from 51.6 in March. The survey pointed to increases in output and new orders but at a slower pace than the previous month. The rate of job creation recorded a six-month high.


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