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Africa Economy – May 2013

Source: OPEC 6/1/2013, Location: Africa

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The African economy is continuing to expand quickly. In North Africa, the economy in Tunisia is expected to register a growth of 2.8% this year, compared with 2.5% in 2012, related mainly to a rebound in tourism. In Egypt, which is still being held back by political uncertainty, economic growth is expected to reach 2.0% in 2013, compared with 1.9% last year.

Sub-Saharan Africa is achieving higher growth levels currently, fuelled by increasing commodity exports. It will see growth pick up slightly to 4.7% in 2013, after reaching 4.0% in 2012. Several of the oil exporting countries in the region (including Angola, Cameroon, Chad, Equatorial Guinea and Ghana) will benefit from rising hydrocarbon output. New mining production in several countries will also be a positive factor for manufacturing. After lower production levels in March, which were also held back by China’s Lunar New Year holidays, the expansion should recover. The resurgence in Africa’s fortunes, and the uptick in its vital oil, gas and mining sectors has been linked to factors such as the rapid growth of China and other Asian economies.

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