Economy | - Part 62

Kenya Economy Expands 6.2% in Second Quarter as Tourism Recovers

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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…

African economic growth to dip to 1.6 pct this year: World Bank

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) —Growth in sub-Saharan African countries will stall to just 1.6% this year, the lowest in over two decades, a report said Thursday, as one of the world’s once fastest-growing frontiers continues to lose steam because of overdependence on oil and commodity exports, and poor policies. The disappointing rate of economic expansion is well below the global average of 2.3%, the World Bank said in its twice-annual “Africa’s Pulse” report. Just…

S&P Says Political Tension in South Africa ‘Must Be Watched’

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Political tension in South Africa is making economic reforms more challenging and must be watched, according to S&P Global Ratings. “We clearly stated that there is a concern that political tension stifles the reform effort, so that must be watched,” S&P Managing Director for sub-Saharan Africa Konrad Reuss said in an interview in Johannesburg on Thursday. “In the current climate of political tension and turmoil it’s certainly more challenging now to achieve all…

Ghana’s Second Quarter Economic Growth Slowest in Two Years

Posted on by The Editorial Team

ACCRA, Capital Markets in Africa: Ghana’s economy grew at the slowest pace in two years in the second quarter as mining and oil output slumped. Gross domestic product expanded 2.5 percent in the three months through June 30 from a year earlier, compared with a revised 4.8 percent in the previous quarter, Philomena Nyarko, government statistician at the Ghana Statistical Service, told reporters in the capital, Accra, on Wednesday. The economy grew 0.6 percent from the…

« 1 … 60 61 62 63 64 … 88 »