Economy | - Part 70

Slowing South Africa CPI Gives SARB More Room to Pause on Rates

Johannesburg, South Africa, Capital Markets in Africa: South African inflation unexpectedly slowed for a third month in May as food-price growth decelerated, giving the Reserve Bank room to keep interest rates unchanged to support an economy at risk of falling into recession. The inflation rate dropped to 6.1 percent from 6.2 percent a month earlier, Pretoria-based Statistics South Africa said on its website on Wednesday. The median of 21 economist estimates compiled by Bloomberg was for an acceleration to 6.4…

Ghana GDP Growth Rate Climbs in First Quarter as Farming Expands

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s economic growth quickened in the first quarter as farming output and telecommunication services expanded. Gross domestic product in the West African nation rose 4.9 percent from a year earlier compared with a revised 4.1 percent in the fourth quarter, Philomena Nyarko, government statistician at the Ghana Statistical Service, told reporters in the capital, Accra, on Wednesday. The economy grew 1.1 percent from the previous quarter, she said. Economic growth…

World Bank Slashes Nigeria and South Africa 2016 Growth Forecast

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LAGOS, Nigeria, Capital Markets in Africa: The World Bank cut Nigeria’s economic growth forecast for this year, citing weakness from oil-output disruptions and low prices. The lender, in its semi-annual Global Economic Prospects report, said Africa’s biggest economy is expected to grow 0.8 percent, down from an estimate of 4.6 percent in January. Growth is projected to pick up to 3.5 percent in 2017, it said. Furthermore, forecast South Africa’s economy to expand 1.1% in 2017,…

South Africa’s Credit-Rating Outlook Kept at Stable by Fitch

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Johannesburg, South Africa, Capital Markets in Africa: Fitch Ratings Ltd. has maintained its outlook on South Africa’s credit rating at stable, giving the country more time to avoid having its debt assessment cut to junk, even as the economy contracted in the first quarter. South Africa’s foreign-currency rating was kept at BBB-, the lowest investment-grade level, Fitch said in a statement Wednesday. The assessment is better than that of S&P Global Ratings, which affirmed its BBB- level with a negative outlook on…

South Africa Needs Improvement in Next Six Months, S&P Says

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Johannesburg, South Africa, Capital Markets in Africa: South Africa’s government needs to implement the reforms it promised to boost growth between now and December, S&P Global Ratings sovereign analyst Gardner Rusike said. “We are looking at improvements between now and the next six months,” Johannesburg-based Rusike said on a conference call with reporters on Monday. If the “government moves on to clarify some of the policy areas, it helps on confidence and it helps on investment, which…

S&P Keeps South African Credit Rating One Level Above Junk

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Johannesburg, South Africa, Capital Markets in Africa: South Africa’s credit rating was kept unchanged by S&P Global Ratings, giving the nation a reprieve from a junk assessment, even as it warned it could lower the rating if the economy doesn’t recover. The foreign-currency rating was kept at BBB-, one level above junk, and the local-currency rating was affirmed at BBB+, S&P said in a statement on Friday. The outlook on the rating was kept negative….

Nigeria Records First Trade Deficit in at Least Seven Years

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria recorded its first quarterly trade deficit in at least seven years in the three months through March as exports of crude oil dropped, adding to the nation’s economic distress. The trade balance of Africa’s largest economy swung to a deficit of 184.1 billion naira ($925 million) from a revised surplus of 364.6 billion naira in the previous quarter, the Abuja-based National Bureau of Statistics said in an e-mailed statement on Tuesday….

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