Economy | - Part 59

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

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

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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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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…

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