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Africa Economy in December 2014

Source: OPEC 12/11/2014, Location: Africa

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South Africa’s GDP grew 1.4% y-o-y in the 3Q14 after platinum mines restarted production following a five-month strike. On a quarterly basis, GDP grew 0.4% in the 3Q from the previous quarter, compared with -0.4% and -0.1% in the 1Q and the 2Q, respectively. The latest improvement signals a recovery in the mining sector after a long interruption that ended in June and a four-week strike at factories a month later. Average GDP growth for the first three quarters stands at 1.5% y-o-y, notably lower than the annual growth of more than 2.2% in the past two years. Despite slight improvements, such a rate of growth remains too slow to significantly reduce the high rate of unemployment of more than 25% reported during January-September 2014.

In Egypt, the annual inflation rate increased to 11.8% in October of 2014 from 11.1% in September. It is the highest value since November of 2013, mainly due to a rise in food prices. In line with further political stability, the country’s GDP growth started improving in the 4Q13, rising from 1.0% y-o-y growth in the 3Q13 to 1.4% and 2.5% in both the 4Q13 and the 1Q14, respectively. The economy expanded 3.7% y-o-y in the 2Q14, its fastest growth rate since the 2Q12.

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