Economy | - Part 60

Nigerian recession deepens in Q3, oil output falls

LAGOS (Capital Markets in Africa) – Nigeria’s recession deepened in the third quarter and oil production fell, the National Bureau of Statistics (NBS) said on Monday, as a dollar shortage kept Africa’s biggest economy in a stranglehold. Gross domestic product contracted by 2.24 percent year-on-year, the NBS said. That was even worse than the 2.06 decline in the second quarter when Nigeria fell into recession for the first time in 25 years. The data came on…

Nigeria GDP could expand 2.5% in 2017 says Moody’s

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LAGOS (Capital Markets in Africa) – Nigeria’s economy can expand by 2.5 percent next year, rebounding from a recession entered in the second quarter, as long it can keep oil output at 2.2 million barrels per day, a senior Moody’s analyst said. Africa’s largest economy faces its worst crisis in 25 years, brought on by low oil prices which have slashed government revenue, hammered its currency and caused chronic dollar shortages frustrating businesses. Third quarter gross…

Morocco Jan-Oct trade deficit rises 15.8 pct year/year

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RABAT (Capital Markets in Africa) – Morocco’s trade deficit rose 15.8 percent to 149.17 billion Moroccan dirhams ($14.87 billion) in the first 10 months of 2016 compared with the same period a year ago, due to higher imports, the foreign exchange regulator said on Monday. Equipment imports rose 23.8 percent to 95.30 billion dirhams, while auto imports were 35.5 percent higher at 11.98 billion dirhams, the data showed. Wheat imports also jumped as bad weather hurt…

September’s Inflation Trends Across the Continent

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LAGOS (Capital Markets in Africa) – Angola’s inflation quickened to 39.44 percent in September from 38.18 percent in August, data from the national statistics agency showed. Prices increased at a slower pace month-on-month, rising 2.14 percent in September from 3.3 percent the prior month. Key contributors to the rise were food and non-alcoholic beverages; miscellaneous goods and services; clothing and footwear; furnishing and household equipment. Botswana’s consumer inflation quickened to 2.8 percent in September from…

Africa’s Economic Growth: It’s Not All Doom and Gloom

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LAGOS (Capital Markets in Africa) – Angola unveils $44 billion 2017 budget, sees economic growth of 2.1 percent. Angola, which has been hard hit by depressed oil prices, on Friday unveiled a 2017 budget of 7.3 trillion kwanza ($44.22 billion) with a budget deficit of 5.9 percent of gross domestic product. Aia–Eza Silva, the budget state secretary, told reporters the budget forecasts sub-Saharan Africa’s third-largest economy to grow 2.1 percent next year compared with estimates…

Liberia Seeks $1.3 Billion to Revive Economy

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MONROVIA (Capital Markets in Africa) – Liberia will need $1.3 billion to revive an economy that was ravaged by a slump in its key export commodities and the worst-ever Ebola epidemic, Finance and Development Planning Minister Boima Kamara said. The West African nation will invest in energy projects to spur its manufacturing sector while prioritizing agriculture after economic expansion almost came to a standstill over the past three years, Kamara said in an interview in the capital, Monrovia….

IMF sees Zambia’s 2016 economic growth steady at 3 percent

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LUSAKA (Capital Markets in Africa) – Zambia’s economy should grow by 3 percent this year, largely unchanged from last year as electricity shortages and subdued private sector investment weigh, the International Monetary Fund (IMF) said on Tuesday. The IMF’s forecast was similar to the government’s own growth estimate for 2016. The economy expanded by 2.9 percent in 2015. The IMF Mission Chief to Zambia Tsidi Tsikata said resolute policy action such as the removal of…

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