Economy | - Part 78

Angolan Economy – An uphill struggle in 2015 says Chief Economist, Tiago Dionisio

Tiago Dionisio, Chief Economist with Eaglestone Securities Lower oil prices hit 2014 GDP growth and fiscal accounts Angola is Sub-Saharan Africa’s second largest oil producer after Nigeria and its economy remains highly dependent on the oil sector. Official figures show that the oil sector accounted for nearly 37% of the country’s GDP, 98% of its total exports and more than two-thirds of government revenues in 2014. As a result, it is…

Global slow down will boost Africa’s hopes of achieving development goals

Posted on by The Editorial Team

ADDIS ABABA (Capital Markets in Africa):- Africa is likely to benefit from weak global growth by attracting more investment that will drive its development, experts said at a financing conference in Ethiopia on Wednesday. Investors have been pouring money into Africa in recent years, buoyed by its strong economic growth and improved governance amid slow growth in Europe, China and the United States. “As the global economy continues to be sluggish and large emerging markets slow…

Sub-Saharan Africa’s growth slows: A look at Nigeria and Kenya by Renaissance Capital

Posted on by The Editorial Team

Lagos, Nigeria (Capital Markets in Africa) — Low commodity prices, soft global demand and domestic structural constraints have conspired to slow growth in Sub-Saharan Africa’s oil exporting and importing countries alike. We lower our 2015 growth forecast for Kenya to 5.2% (vs 6.0% previously), and highlight downside risks to Nigeria’s. Kenya: Quicker growth is deferred We expect the (investment-driven) acceleration in Kenya’s growth to be deferred, partly due to tighter monetary policy. Although growth quickened in 1Q15…

In Tunisia, Second Deadly Attack on Tourists in Four Months Is Credit Negative

Posted on by The Editorial Team

Tunis, Tunisia (Capital Markets in Africa) — Last Friday, a Tunisian student attacked foreign tourists at a beach resort in Sousse, Tunisia, killing at least 38. It was the second large-scale attack on foreign tourists in the country in just four months, following two Tunisian gunmen killing 22 people at a museum in Tunis in March. Although Tunisia’s (Ba3 stable) successful democratic transition between 2011 and 2014 and our outlook for its economic recovery prompted…

Egypt’s Draft Budget Hints at Slower Fiscal Consolidation, a Credit Negative

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa) — Last Thursday, Egypt’s (B3 stable) Ministry of Finance announced the draft budget for the 2016 fiscal year that starts 1 July. The draft budget, which the cabinet approved and awaits sign-off from President Abdel Fattah el-Sisi, projects a fiscal deficit of 9.9% of GDP, down from the revised budget deficit of 10.8% during the current fiscal year. However, the budget hints at a slower fiscal consolidation pace than…

Zambia’s Midyear Budget Deficit Is Double Original Projection, a Credit Negative

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Lusaka, Zambia (Capital Markets in Africa) — On 16 June, Zambia (B1 negative) Finance Minister Alexander Chikwanda released the midyear budget update, which revealed a deficit of ZMW20 billion (roughly $2.7 billion, or around 10% of GDP) for the first six months of this year, more than double the original projection. He also sought parliamentary approval to nearly double the external borrowing limit to access international capital markets to plug the deficit. The credit-negative larger-than-expected…

Democratic Republic of Congo: Economic outlook favorable over the medium term says IMF

Posted on by The Editorial Team

Kinshasa, DR Congo (Capital Markets in Africa) — The International Monetary Fund projected the Democratic Republic of Congo’s real GDP growth rate at 9.2% in 2015, unchanged from 2014, constituting one of the highest growth rates in the world. It anticipated economic activity to be supported by mining production, especially copper and gold. It indicated that the country’s medium-term outlook continues to be promising with low inflation and high economic growth, to be supported by…

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