Economy | - Part 59

Nigeria’s President to submit 2017 fiscal budget to legislatures on Dec.14

LAGOS (Capital Markets in Africa) – Nigeria’s President Muhammadu Buhari plans to submit next year’s spending plan to lawmakers on Dec. 14, according to a letter read to parliament on Tuesday, with government sources saying the 2017 budget would be 7.2 trillion naira ($23.65 billion). The record spending plan will seek to boost spending to help pull Africa’s largest economy out of its first recession in 25 years, caused largely by low global oil prices….

South Africa’s economy barely grows in Q3 renewing downgrade fears

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s economy barely grew in the third quarter of the year as the manufacturing sector contracted sharply, renewing fears that the reprieve from ratings downgrades will only be temporary. Gross domestic product expanded by only 0.2 percent in the period between July to September compared with a revised 3.5 percent in the second quarter, Statistics South Africa said on Tuesday. The figure was just shy of the 0.5…

South Africa’s Escape From Junk Seen Short-Lived Without GDP Pickup

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s chances of repeating its escape from a junk credit rating in 2017 are in the balance as focus intensifies on tepid economic growth and simmering political tensions. S&P Global Ratings kept its assessment of the nation’s foreign-currency debt at one level above non-investment grade on Dec. 2. S&P’s affirmation followed a similar move by Fitch Ratings Ltd., while Moody’s Investors Service rates the debt one level higher. The reprieve may…

Nigeria Third Quarter 2016 Trade Deficit Narrows on Currency Controls and Weaker FX Rate

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The National Bureau of Statistics (NBS) released Q3: 2016 Foreign Trade Statistics on 1st December 2016. The report showed Q-o-Q improvement in trade deficit which narrowed to the lowest in 2016 as an impact of the weaker exchange rate in the period inflated exports data (reported in Naira) while currency controls pared growth in imports. Trade deficit improved 78.5% Q-o-Q to N104.1bn from N484.2bn in Q2:2016 while Merchandise trade (sum…

Fitch keeps S.Africa’s investment-grade rating but cuts outlook to negative

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Ratings agency Fitch affirmed South Africa’s investment-grade credit rating at one notch above ‘junk’ on Friday but changed its outlook to negative from stable, warning that political risks could hurt growth. With the economy expected to grow by only half a percent this year, South Africa has been racing to avert a downgrade of its sovereign debt to sub-investment status, which would raise its borrowing costs and deter investment. Africa’s…

Moody’s keeps South Africa’s sovereign rating at Baa2, negative outlook

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Credit ratings firm Moody’s Investors Service kept South Africa’s sovereign rating unchanged at Baa2 on Friday, two levels above subinvestment grade, with a negative outlook. Africa’s most industrialised country, which is expected to see economic growth of around 0.5 percent half a percent this year, has been trying to avert a sovereign rating downgrade to junk status that would raise borrowing costs and deter investment. “The negative outlook on South…

Nigerian recession deepens in Q3, oil output falls

Posted on by The Editorial Team

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…

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