Economy | - Part 62

World Bank cuts Uganda’s GDP forecast, citing South Sudan

KAMPALA (Reuters) – The World Bank cut its 2016/2017 growth forecast for Uganda on Thursday to 5.5 percent from 5.9 percent, citing the impact of South Sudan’s conflict on its exports and sluggish investments due to slower economic activity globally. South Sudan is one of Uganda’s major export markets but roads between the two countries have been unsafe since an eruption of violence in South Sudan in July. “The current economic forecast … is ……

IMF Cuts 2017 GDP Growth Outlook for Africa’s Largest Economies

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LAGOS (Capital Markets in Africa) – The International Monetary Fund has cut its 2017 economic growth forecasts for Africa’s two largest economies as low commodity prices, policy uncertainty and weak investor confidence weigh on output. Gross domestic product in South Africa will probably expand 0.8 percent next year, compared with the 1 percent forecast in July, the Washington-based lender said in its World Economic Outlook Report Tuesday. Nigeria’s economy will contract 1.7 percent this year and expand 0.6 percent…

Sierra Leone President orders 30 percent government spending cut

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FREETOWN (Capital Markets in Africa) – Sierra Leone will cut the cost of running its government by 30 percent to try to tackle an economic crisis triggered by falls in commodity prices and the aftermath of an Ebola epidemic, President Ernest Bai Koroma said in a statement. The measures will come into effect immediately and continue for the rest of the year. The budget for the first half of 2017 will face similar cuts, the statement…

Kenya Economy Expands 6.2% in Second Quarter as Tourism Recovers

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NAIROBI (Capital Markets in Africa) – Kenya’s economic grew more quickly in the three months through June as tourism rebounded and agriculture grew at a faster pace. Gross domestic product expanded 6.2 percent from a year earlier in the second quarter compared with 5.9 percent in the previous three months, the Kenya National Bureau of Statistics said in a statement e-mailed from the capital, Nairobi. Growth was faster than the 5.9 percent recorded in the same period…

Kenyan Central Bank Head Sees Growth Shrugging Off Election

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NAIROBI (Capital Markets in Africa) – The Kenyan economy is “resilient and diversified” enough to shrug off any potential negative effects from elections next August, with growth likely to accelerate in 2017, Central Bank of Kenya Governor Patrick Njoroge said. The prospects for East Africa’s largest economy are “very good,” even as analysts flag investor concerns about a possible slowdown in output because of shrinking private-sector credit growth and the potential for unrest during the vote, he said…

Mozambique Needs More Rate Hikes to Counter Inflation, Says IMF

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MAPUTO (Capital Markets in Africa) – Mozambique needs to further increase its benchmark interest rate hikes to counter rising inflation and prevent its currency from depreciating, the International Monetary Fund said, following a visit to the southern African nation. The IMF visited the coal-producing country this week after government finances have come under pressure as global commodity prices plunged and financiers, such as the IMF, and donors froze funding due the disclosure of $1.4 billion in…

South Africa Posts 8.6 Billion-Rand Trade Deficit in August

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s trade balance swung to a deficit in August after three months of surpluses as shipments of precious metals and stones, which include gold and diamonds slumped. The 8.6 billion-rand ($619 million) deficit compares with a revised surplus of 5 billion rand in July, the Pretoria-based South African Revenue Service said in an e-mailed statement on Friday. The median of 10 economist estimates compiled by Bloomberg was for a surplus of 1.6…

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