Economy | - Part 58

Nigeria Plans 20% Budget Rise to End Nigeria’s Economic Slump

LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari presented plans to lawmakers to boost the nation’s spending by 20 percent next year in a bid to revive an economy set for its first full-year contraction in more than two decades. Buhari asked lawmakers to allow the government to spend 7.3 trillion naira ($23 billion) in 2017, compared with this year’s budget of 6.1 trillion naira. The proposal is based on a projected price of $42.50 per…

IMF halves Mozambique’s growth, expects inflation rise

Posted on by The Editorial Team

MAPUTO (Capital Markets in Africa) – IMF staff team headed by Michel Lazare visited Mozambique from December 1-12, 2016 to assess recent economic developments and discuss policies to support macroeconomic stability. As highlighted in a November 28 statement (see Press Release No.16/528) , the team also initiated discussions on a new economic program that could be supported by the IMF. At the end of the visit, Mr. Lazare issued the following statement: “There have been several positive economic…

South Africa needs Reform to Lift Growth, says IMF

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Since 1994, economic growth and sound policies have been mutually reinforcing, fostering economic transformation and improving living conditions. However, the long-run economic growth rate has gradually slowed over the years. Following the onset of adverse shocks such as the decline in commodity prices, economic activity has come to a near-standstill in 2016 and the projected recovery to almost 1 percent in 2017 remains insufficient to keep pace with population…

Nigeria: Contraction in Household Spending Drags Half Year 2016 GDP by Expenditure

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The National Bureau of Statistics (NBS) late last month released Q1 and Q2 2016 GDP by expenditure data. Expectedly, the data showed the economy on a sticky wicket, which is in line with observations from supply side computations released for the two-quarters much earlier in the year. However, the statistics give us a better view of structural and cyclical demand-side drivers of the business cycle. For the two quarters,…

Egypt’s inflation reaches highest level since 2008, to further increases

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Annual inflation has reached its highest point in eight years, increasing to 20.2 percent in comparison to the figures posted in November 2015. Monthly inflation has also produced a noticeable spike, increasing to 5 percent, according to data published by the Central Agency for Public Mobilization and Statistics on Thursday. November’s annual core inflation rate – which represents long-term price trends, excluding volatile items – surged to 20.73 percent, up from…

Namibia’s economic growth to slow sharply in 2016 – IMF

Posted on by The Editorial Team

WINDHOEK (Capital Markets in Africa) – Namibia’s economy growth will slow to 1.6 percent this year from more than 5 percent in 2015 after a contraction in the mining sector and reduced government spending, the International Monetary Fund said on Thursday. “Growth is projected to temporarily weaken in 2016 to 1.6 percent as the construction of large mines ends and the government starts consolidating,” the lender in a statement at the end of a visit…

Zimbabwe halves 2016 growth forecast, budget deficit widens

Posted on by The Editorial Team

HARARE (Reuters) – Zimbabwe’s economy will grow by 0.6 percent in 2016, half the previous forecast, but will recover next year, Finance Minister Patrick Chinamasa said in a budget speech on Thursday. Chinamasa said the budget deficit for the 2017 fiscal year was estimated at $400 million, equivalent to 3 percent of GDP, up from 1.1 percent in this year. In addition, Zimbabwe expects its 2016 fiscal budget deficit to widen to $1.18 billion, nearly…

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