Economy | - Part 84

Fitch Affirms Nigeria at ‘BB-‘; Outlook Revised to Negative

London, March 30 (Fitch): Fitch Ratings has affirmed Nigeria’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘BB-‘ and ‘BB’ respectively. The Outlooks on the Long-Term IDRs have been revised to Negative from Stable. The issue ratings on Nigeria’s senior unsecured foreign currency bonds are affirmed at ‘BB-‘. The Country Ceiling is affirmed at ‘BB-‘ and the Short-Term Foreign Currency IDR at ‘B’. Under EU credit rating agency (CRA) regulation, the publication of…

Tourism overtakes gold in foreign exchange earnings in Tanzania

Posted on by The Editorial Team

According to the East African News, tourism has now overtaken gold to become the chief foreign exchange earner for Tanzania. USD 2.05bn in earnings was generated in tourism in the 12 months to January 2015. This was an increase of 8.47% from the US$1.89bn earned in the 12 months ending January 2014, overtaking gold as Tanzania’s leading foreign exchange earner. The Bank of Tanzania’s February Monthly Economic Review indicates that gold exports plunged from USD…

Cote d’Ivoire forecasts double-digit growth for 2015

Posted on by The Editorial Team

Cote d’Ivoire, the world’s top cocoa producer whose economy was battered by a civil war and ensuing political unrest, should see double-digit growth this year according to Prime Minister Daniel Kablan. The West African country has seen its economy expand on average by 9.0% since 2012, and this year “we want to reach double-digit growth,” the Prime Minister added. “We are ambitious in Cote d’Ivoire,” he went on, adding that he expected the country to…

Zimbabwe domestic borrowing up 52 pct to $544 mln y/y in Jan

Posted on by The Editorial Team

HARARE (Reuters) – Zimbabwe government’s domestic borrowing jumped 52 percent to $544.03 in January year-on-year from $358.80 percent in the same period a year ago, the central bank said on Thursday. The southern African country is struggling with falling revenue from taxes, which stood at $469 million in January against a target of $542 million, as the economy stalls and businesses are forced to lay-off workers or shut down. The central bank said the government…

African Inflation Snapshot: February 2015

Posted on by The Editorial Team

Angola inflation rises to 7.73 percent: Angola’s consumer inflation edged up to 7.73 percent year-on-year in February from 7.44 percent in January, data from the statistics office. On a month-on-month basis, prices were up 0.76 percent after a 0.72 percent increase previously. Botswana’s inflation falls to 2.8 percent: The annual inflation rate in February 2015 was 2.8 percent, a drop of 0.8 of a percentage point on the January 2015 rate of 3.6 percent. Annual…

Moody’s downgrades Ghana’s sovereign rating to B3; outlook negative

Posted on by The Editorial Team

Moody’s Investors Service has today downgraded Ghana’s issuer and senior unsecured rating by one notch to B3 from B2. The outlook on the rating is negative. The key drivers of today’s rating action are the following: 1) Deteriorating debt dynamics as reflected by an increasing debt burden due to large fiscal imbalances and a sharp weakening of the country’s national currency, combined with reduced debt affordability stemming from a high cost of funding in the…

Moody’s ASIA PACIFIC Economic Outlook

Posted on by The Editorial Team

China’s data for the first two months of the year were fairly dismal. Most activity indicators suggest that there are large downward pressures on the economy, which means that the government will need to ease measures if it is to keep the economy growing close to its target. Industrial production grew just 6.8% y/y in the first two months of the year, down from a 7.9% increase in December. This was due to further weakness…

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