Economy

Nigeria’s Economy Expands to End the Worst Slump in 25 Years

LAGOS (Capital Markets in Africa) – Nigeria’s economy expanded in the second quarter, ending its worst slump in 25 years as agricultural and oil output increased. Gross domestic product of Africa’s largest crude producer grew 0.55 percent in the three months through June from a year earlier compared with a revised 0.9 percent contraction in the first quarter, the Abuja-based National Bureau of Statistics said in an emailed report Tuesday. The median of 10 economists’…

Worst May Be Over as Biggest Africa Economies End Growth Rut

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LAGOS (Capital Markets in Africa) – The worst may be over for Africa’s two largest economies as they likely emerged from a slump in the second quarter. Official data on Tuesday will probably show South Africa’s economy expanded in the three months through June, ending its second recession in less than a decade. Nigeria’s gross domestic product probably grew from a year earlier, and came out of its worst slump in a quarter of a century. South Africa…

Mozambique’s Caa3 rating captures risk of sizeable losses for private creditors from default

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MAPUTO (Capital Markets in Africa) – Mozambique’s Caa3 credit rating and negative outlook reflect Moody’s expectations that the ongoing default event will result in sizeable losses for private creditors, Moody’s Investors Service said in an annual report today. The report, “Government of Mozambique — Caa3 Negative, Annual credit analysis”, is now available on www.moodys.com. Moody’s subscribers can access this report via the link at the end of this press release. The research is an update…

No Quick Fix for South Africa’s Frail Economy When Zuma Goes

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JOHANNESBURG (Capital Markets in Africa) – Anyone who believes there’s a quick fix for South Africa’s political and financial malaise when President Jacob Zuma leaves office needs to think again. His successor will inherit an economy that slid into recession in the first quarter, mismanaged state companies that are bleeding cash and a network of officials implicated in looting taxpayer funds. Efforts to reignite growth and rein in a 27.7 percent unemployment rate will be hamstrung by the…

South Africa Has Longest Trade-Surplus Run in Six Years in July

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JOHANNESBUGH (Capital Markets in Africa) – South Africa had a surplus on its trade balance in July, the longest run of positive readings since 2011. The 9 billion-rand ($689 million) surplus compares with June’s revised 10.6 billion-rand surplus, the Pretoria-based South African Revenue Service said in an emailed statement Thursday. The median of nine economists’ estimates was for 7.1 billion rand. The surplus eases pressure on the current account, the broadest measure of trade in goods and services, while also boosting…

Kenyan Inflation Quickens First Month in Three in August

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NARIOBI (Capital Markets in Africa) – Kenyan inflation quickened for the first time in three months as food prices increased and has moved outside of the central bank’s target band. The annual inflation rate rose to 8 percent in August, compared with 7.5 percent in the previous month, the Kenyan National Bureau of Statistics said Thursday in a statement emailed from the capital, Nairobi. Prices increased 0.6 percent in the month. The economy of the world’s largest shipper…

IMF Extends Ghana Oversight as Bailout Plan Gets Another Year

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ACCRA (Capital Markets in Africa) – The International Monetary Fund approved a one-year extension of its credit-facility program with Ghana, lengthening the lender’s economic oversight of the West African nation which is battling to keep spending under control. The country’s Eurobonds rallied. The extension follows after the IMF completed a fourth review of an almost $1 billion assistance program with Ghana agreed to in April 2015, when chronic overspending and power cuts drained public finances and…

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