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Africa Economy in October 2014

Source: OPEC 10/26/2014, Location: Africa

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The Reserve Bank of South Africa kept the repo rate unchanged in September at 5.75%. This followed August’s 25 bps hike. The annual inflation rate accelerated slightly to 6.4% in August from 6.3% in the previous month driven by higher food prices. On a monthly basis, consumer prices increased 0.4% in August, following a 0.8% rise in July. Private sector economic activity rebounded last month with the PMI at its highest reading in 21 months. The index rose to 52.6 in September, from 51.1 a month earlier. The survey reported strong growth in new orders together with a continued increase in employment.

The economy of Egypt posted a GDP growth rate of 2.5% y-o-y in 1Q14, its highest since 3Q12. Public sector expenditures quickened by 9.1% y-o-y, and private sector consumption increased 4.8% y-o-y. The recent PMI reading clearly suggests an accelerated rebound in the economy. The headline PMI figure rose to 52.4 in September, from 51.6 in August, indicating an obvious improvement in market sentiment. Firms reported ongoing solid output growth together with a robust increase in new orders. The private sector started to create more jobs for the first time since April 2012.

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